CVA accepted!

[jkmaskell]

At the Press Conference earlier the news was confirmed, the CVA had been accepted by the creditors and that Margate FC should be out of administration by the end of September.

 

UP THE GATE!

[Margate Don]

yippee! now we can get on with the football! Thanks for the info James.

[Guest]

Great news!!! <img src="/forum/images/graemlins/bounce.gif" alt="" />

[Gate4TehWin]

excellent news Up Da Gate!!!

[Kevin M (CCFC)]

Well done! Best of luck for the season ahead.

[TonyM]

Hopefully the last thing in our way has now been cleared,this is great news,UP THE GATE.

[PhilC]

Nearly everything is in place now!! Thanks to all the hard work from KP and co. All those people who had been quick to get the knives out about KP...I hope you're ashamed of yourselves, either that or we'll never see them on this forum again!

 

Roll on the 20th!!!!

[Margate Martian]

Excellent!!!!

 

Well MFC!!!

 

Come on the gate!!!!!!!

[jkmaskell]

As is well known by the members here, Ive not been one of KPs greatest fans. However todays news brings to a culmination months of hard work. While credit must go to the other directors (remember KP isnt the Chairman), he has been the face of the directors in negotiating the CVA and pushing it through as well as navigating the plans for the permanent home for MFC through Council. He has put in large amounts of his own money into the club to save it from liquidation and it has paid off.

 

The news about new additions to the Board is definitely welcome and I hope that in future the Board can avoid problems such as the ones which could have led to the end of Margate FC.

 

So from me to Keith Piper, Thank you.

[TonyM]

Somthing good always comes out off somthing bad,I think that MFC now know the right road to go along to bring this GREAT club back and into the football league,may take a couple of years but I belive in will happen.Thank-you Margate Football Club.

[BlueGate Alan]

Well said James, good on you! Pleased to see you today for the first time, I was the person who handed you a colour poster!

[jkmaskell]

Ahhh. Good to see you, even if it was only for a matter of seconds.

[Cookie]

One question that came out at the meeting today was that of administration. The question was "If the club continue into the new season still in administration,in a different league to before,albeit it for a month or so,will that incur further penalty points in the new league". The answer from KP was a straight "NO". So if anyone was thinking about this but didnt ask the question themselves then this answer should allay any fears they may have had in connection with possible, further point deductions,according to the rules that clubs in administration are deducted points.

[jkmaskell]

Good point. I believe the only way points can be deducted is if a team spends a whole season in administration, clearly not the situation here since the debt will be paid off soon.

[Cookie]

Not sure that you are correct there James but am sure you have done your homework.However I too have done the same and have come up with this from 2003.

 

 

 

Crackdown on administration clubs 21/04/03

 

Clubs who go into administration could face penalties ranging from points deduction to relegation or even elimination from the Football League under new proposals from chairman Sir Brian Mawhinney.

 

The former Conservative Party chairman will put the plans before a meeting of the 72 league clubs at Leicester's Walkers Stadium on Thursday.

 

The move is in response to the concerns that new Government legislation will make it too easy for clubs to opt for administration.

 

Already, seven Football League teams have chosen that path this season including Leicester - who are headed back to the Barclaycard Premiership despite their financial troubles - and Division One play-off contenders Ipswich.

 

And League chiefs are concerned that unless the penalties are introduced, there will be no incentive for clubs to stay within their means.

 

"These proposals will enable clubs to use administration to restructure their businesses, but will also ensure fairness for those clubs who do not," spokesman John Nagle told The Press Association.

 

"We believe these measures will help put footballing finances on a firm footing in the long term."

 

The League hope to introduce the "sporting sanctions" - as they term them - in two stages. Clubs who go into administration twice in three years could have their membership withdrawn from the beginning of next season.

 

Penalties just for going into administration - ranging from six and 12-point deductions to automatic relegation - would be in force from the start of the 2004-05 season.

 

The League hope the measures will be the first step towards the kind of strong financial rules which exist in some leagues on the Continent.

 

In the 8th paragrah down concerning administration in the first stage it dosent mention anything about being in administration at the END of the season or at any other time for that matter. It is a straight forward twice in three years.And didnt Exeter have points deducted midway through the season though managed to have them re-instated on appeal?

 

But anyway,regardless, it dosent matter as the answer to the original question today was an emphatic "NO"

[jkmaskell]

Former Conservative Party Chairman...oh God help us! In all seriousness though I think its either 10 pts deducted or relegation. Bear in mind this is league teams not non-league In either case it matters not one iota.

[Cookie]

Just like to get things straight James. Sorry but you cant be right all the time.I did say in another post where I praised you that there maybe a future time when I might still disagreewith you,and this may be that time. But as you say,and I am in full agreement,it dosent really matter provided the answer of "NO" is indeed correct and I am in no doubt whatsoever that KP had also done his homework on the matter. End of discussion I think.

[michael]

Well done all,including the administrators who got it through.

 

Who are the new directors-chosen by MFC/M.and H. devpmnt. company-or put in place by the administration team?

i.e who has real control of mfc now ?

 

Bit surprised there is not more info on this significant day, as lets face it for all of our rants on here, and everyones hard work, if things went against us at last fridays meeting ,the club may well have folded.

 

Massively significant last 4/5 days imo.

 

Many thanks for 'staying on in there' KP

[jkmaskell]

I have to admit the reaction in the clubhouse to the announcement that the CVA had been accepted did seem a little subdued. There wasnt much info. Only one question was asked by the press about losing any more points over administration (as cookie and I have made reference to).

 

An announcemnt was made a while back (at the previous Q and A session for certain) that some new directors would be joining the Board but wouldnt join until the CVA business had been dealt with. That I can remember there are two accountants and a businessman joining. Forgotten the names though.

 

The current situation should continue (administrators overlooking directors) until all payments are completed and paperwork is complete. Then the club will go back to Directors having full control running the club.

[Cookie]

Alan Bown (ex local and now retired bookmaker)has come on board. Do you remember him giving a large lump sum to the UKIP party a while back. I have known him for years since when I actually managed one of his shops in Minster. Nice chap and its pleasing that he has taken an interest. A goos acquisition to the club.

Another is named "Malcolm" something (cant remember his surname) but I know he has been a regular follower and supporter for many years.Used to laugh and joke wih him in the stands on many occasions. Not sure of what his business is though but again a nice chap,very down to earth and yet another good Director to have on board. He is definately one of the fans that stand on the terraces. He May change that now but it wouldnt surprise me to see him out there on the terraces cheering with us.

Another a lawyer and the other a younger person but an accountant I think KP said. Handy people to have on board eh?