CVA Update

[mal316]

A statement has been released that can be viewed at http://www.wefc.co.uk/news/110107a.asp

[Rother]

"...a number of the outstanding papers..." suggests not all of them.

 

In the last meeting he said he had all the papers and would hand them over at the end of the meeting.

 

[Matt_WEFC]

The piece on the website said there would be a further update posted on Monday 10th January, any news on this?

[Rother]

 

 

[Windsor_Sec]

I'm supposed to be receiving an update to post on here today, as soon as I get it I'll put it up !

[Rother]

http://www.maidenhead-advertiser.co.uk/sport/article-19390-windsor-get-cva-boost/

 

Windsor & Eton’s plans to enter a Company Voluntary Arrangement (CVA) may still be alive after the club’s insolvency expert Robert Keyes revealed he had sufficient information to press ahead with the proposal.

 

The news comes as a major boost to the Royalists who are running out of time to save themselves as a third winding up hearing at the High Court approaches at the beginning of February.

 

But there could still be a problem in pressing ahead with the plan, as Keyes wants payment from chairman Peter Simpson before starting on the proposal.

 

Windsor’s potential new owner Kevin Stott, said: “Robert has sent me an email that says he believes that he now has the sufficient information to go ahead and prepare the CVA.

 

“However, he can’t do that until he is paid his fee for preparation of the proposal document.

 

“He has rang Peter to ask for his payment.”

 

Once Keyes is paid, he will call a creditors’ meeting where he will look to get 70 per cent to accept a proposal which would see the club pay off their debts at a rate of 25p to £1.

 

This would reduce the club’s debt from around £234,000 to £58,5000 – a figure which would be paid off over a period of three years.