Does a CVA mean that we are debt-free?

[4MenHadADream 122]

Obviously we will have the money that we still owe to Ticketus, but aside from that,would we have any other long-term debt after exiting administration via a CVA.

As above, does a CVA mean that we have the £10m or so to pay off the debt and that if that figure is for example £50m, then we try to arrange a CVA at 20p in the pound, and if successful we pay off the debt all at once at the agreed figure? Or does the CVA simply reduce our debt and combine it all into "one easy, manageable monthly payment " that we are then left paying off for months/years?

[Edmiston Drive 3,846]

Obviously we will have the money that we still owe to Ticketus, but aside from that,would we have any other long-term debt after exiting administration via a CVA.

As above, does a CVA mean that we have the £10m or so to pay off the debt and that if that figure is for example £50m, then we try to arrange a CVA at 20p in the pound, and if successful we pay off the debt all at once at the agreed figure? Or does the CVA simply reduce our debt and combine it all into "one easy, manageable monthly payment " that we are then left paying off for months/years?

Not this one.......as we have the £10m that we know of to Ticketus.

We do not know how much they are putting into the cva pot to say to the creditors, here that is out whack and is worth this much to you .yes or no.

Surely they're not gong to say .look we will have a share issue you and put this in the pot or so much of this in the pot.

[Chesh 28]

Technically no - because we still owe until the CVA is paid off.

My old local Northwich Victoria have just been chucked out the Evo-Stick Northern Premier for not abiding by the CVA they had from a few years ago.

[RFC55 109,317]

I thought if they put up say 12 million to put in the pot that the 12 was paid amongst the creditors and then that would be them paid off! No?

[Edmiston Drive 3,846]

I thought if they put up say 12 million to put in the pot that the 12 was paid amongst the creditors and then that would be them paid off! No?

If they agree But, as I said they may think .what a minute you are giving another creditor (Ticketus) a much better % in the £ , so we want the same. It is very rare from a Company to come out of administration still having debt. And the £10m is debt!

[Redwhiteandblue 3,330]

as far as i'm aware, it gets paid back over time. I could be wrong. Just what I heard though.

[A.T.G 10,773]

And what about the big fucking tax case?

If the big tax case was a man I'd kick him straight in the baws

[4MenHadADream 122]

I thought if they put up say 12 million to put in the pot that the 12 was paid amongst the creditors and then that would be them paid off! No?

Thats what I thought, but I was reading the same thread over on FF and some people seemed to suggest that a CVA was only really agreeing a payment plan on a reduced debt for a period of time. Was really trying to see if anyone on here could clear it up.

[Chesh 28]

as far as i'm aware, it gets paid back over time. I could be wrong. Just what I heard though.

This is what I beleive and is what has happened in the case I mentioned with NVFC

[Edmiston Drive 3,846]

If they are offering 20p in the £ , would be looking for it up front.

[Chesh 28]

Thats what I thought, but I was reading the same thread over on FF and some people seemed to suggest that a CVA was only really agreeing a payment plan on a reduced debt for a period of time. Was really trying to see if anyone on here could clear it up.

As far as I am aware or would presume it would be like an IVA (Individual instead of Company) and paid back over three or five years I think. Although could be quite flexible on terms possibly to due to the amounts involved.

[4MenHadADream 122]

As far as I am aware or would presume it would be like an IVA (Individual instead of Company) and paid back over three or five years I think. Although could be quite flexible on terms possibly to due to the amounts involved.

Cheers

[4MenHadADream 122]

Double post

[TheFarmer 260]

once the CVA is paid off we are debt free. Unless we use a loan to fund the CVA (looks likley)

[LegendofCoop 17,405]

What happens if the CVA is agreed, then the BTC decision goes against us?

[Gillete 1,338]

What happens if the CVA is agreed, then the BTC decision goes against us?

I'm sure it's null and void as we would have HMRC involved in the CVA

Just guessing

[LegendofCoop 17,405]

I'm sure it's null and void as we would have HMRC involved in the CVA

Just guessing

I hope so mate. The way I understood things was that we had already been hit with the bill, and were contesting it. If that's true, then they should be a current creditor whether this drags on beyond us paying off the other creditors or not.

However, I've long since had a proper handle on what is/was the case now so i may be wrong. I just was worried that we pay off the current creditors then get hit with the bill that we end up back in massive debt!

[Cadman 342]

with the current debt level at a supposed level of £134 million and a CVA offer of 20p / £1 this means there will still be a debt level of £26.8 million. If the new owner has only say, £12 million set aside for CVA purposes where does the shortfall get paid from?

note : this is inclusive of the big tax case - just thought i'd get that in as they are a major creditor.

[foghorn leghorn 608]

I'm sure liquiation would mean we would be debt free,but we all have principles and don't want to go down that road.

Whyte should've paid the VAT and players PAYE and we all know that's what fecked us up.

I feel sorry for the small companies that are owed money by Rangers because I've been in that position myself and currently owed £180 by a small new company.

Remember the words "no one likes us".

[Ricky_ 893]

I'm sure it's null and void as we would have HMRC involved in the CVA

Just guessing

i dont think its null and void, i think it just gets involved in the CVA.

so for example if we owe 50m to all the creditors, and 10m is to HMRC, and we agree to a CVA of 10m, that means we are paying out 20p for every £ we owe.

say the result of the BTC is that we are liable for a further 10m to hmrc, then our entire debt becomes 60m now, but it doesnt really matter to us, because our figure of 10m being paid out via CVA remains the same, it just works out a lower p/£.

well, at least i think thats how it works if i've picked up correctly on how it would work.

[Ricky_ 893]

with the current debt level at a supposed level of £134 million and a CVA offer of 20p / £1 this means there will still be a debt level of £26.8 million. If the new owner has only say, £12 million set aside for CVA purposes where does the shortfall get paid from?

note : this is inclusive of the big tax case - just thought i'd get that in as they are a major creditor.

to buy into tabloid sensationalism. the bill we got served with for the BTC was 24m. the 134m is sensationalised to the maximum by throwing on every possible penalty, fee, and interest under the sun to bulk it up to 75m. Many tax & finance experts expect the final bill from the BTC to be around 10m.

[bailbo 9]

if rangers get the CVA whatever they pay into it is clear at the end of the agreement'Debt clear', it's the same as me or you taking a 'TrustDeed' all the debt is placed in a pot and you agree a fixed repayment for a fixed time scale, at the end of it you are discharged from it, no one can then come forward and say you owe me X-Amount the problem for us is your credit score is fucked, with rangers as long as they can prove they can repay any loans E.T.C there should be no Issues

[Gillete 1,338]

I take it the rangerstaxcase guy might need to look for a new job

Aaaaaaaaahahahahahahahahaha !

[Bluepeter9 5,167]

I thought if they put up say 12 million to put in the pot that the 12 was paid amongst the creditors and then that would be them paid off! No?

Can be but a Cva can be spread over time as well. Also the ticketus debt loks like it will be over an extended period and I wonder if tbk are going to put there cash in as debt!!! Devil is in the detail / which we don't know yet !

[Jimfanciesthedude 24,611]

What happens if the CVA is agreed, then the BTC decision goes against us?

it gets included apparently