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The Big Tax Case


showtime69
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although its still to be ruled on, if it goes against us, is it added into the cva pot/offer?

i read in here, infact was told it wasnt and if it went against us Green and his consortium could be hit with another bill of up to £50m (worst case scenrio)

but one of my mates is adamant that if it goes against us it just goes into the pot and the creditors share/p in the £ takes a hit,, apparently says something in the proposal about no payments being made until all aspects are settled or something along those lines,, he says this refers to the big tax case

any of the guys that know alot more about it than me care to shed some light on it for me??

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It will be added to the pot if we lose. So say we are offering 15p in the pound just now and so a creditor may get £10,000 just now, if we lose the tax case they may end up getting something like £3000 for example.

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The CVA will be done and dusted by the time the tax case has been settled, so they do not relate to each other.

not so sure this is true mate, as far as i know, the big tax case wil be included in the CVA ( im guessing its beause we were given the bill before we went into admin and we are disputing it right now?)

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although its still to be ruled on, if it goes against us, is it added into the cva pot/offer?

i read in here, infact was told it wasnt and if it went against us Green and his consortium could be hit with another bill of up to £50m (worst case scenrio)

but one of my mates is adamant that if it goes against us it just goes into the pot and the creditors share/p in the £ takes a hit,, apparently says something in the proposal about no payments being made until all aspects are settled or something along those lines,, he says this refers to the big tax case

any of the guys that know alot more about it than me care to shed some light on it for me??

This is one area i have read up on a fair bit.

My understanding and i believe i am fairly close to bang on

Pot of money is without big tax case andwill not be used if we lose the case. What does happen though is the decision on the (P in £) is decided within the one CVA deal.

I.E. If we pay 9p in £1 now, this is written within the CVA contract to include all previous date, even debt yet to be decided under old governance and ownership.

We will NOT be hit with the bill and expected to pay in full. Anyone believing such, is insane and have not been reading or understanding the goings on.

Hopw this clears it up a bit.

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I really wish that the would hurry up and issue their findings reagrding the BTC !

I thought that it was due to be finalised on the 16th march this year ?

But maybe because we went into administration held it up ! But as someone said, we've done nothing wrong regarding the tax paymenst up till 2001/2010 !1 When the rules were changed I believe !

Its like paying your tax 1-15yrs ago, and then cause the rate of tax has went up, they ask you for more money based on the rates just now ?!?!?!

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Can you explain how please. Not that i doubt you of course. :)(tu)

It's all there in the CVA proposal. There's a pot of money available which will be split between the creditors. But the quantum of those creditors is not yet known, and indeed the quantum of the pot of money available is not yet finalised.

Let's keep the numbers simple for the purposes of an example:

- Say there was £10m available and the creditors were £50m, they'd each get 20p in the £.

- Say the BTC goes against us and the creditors end up being £100m, they'd each get 10p in the £.

- Say we win against Collyer Bristow and another £25m goes into the pot of money, they'd each get 35p in the £.

(I know these aren't the real numbers)

So the CVA can be approved by the creditors even although they can't know the payment in the pound they will finally get - they just know the range, in our example, 10p - 35p.

(In the example, it would also be possible for us to win the BTC and the Collyer Bristow case, in which case there would be £35m available to £50m of creditors, which is 70p in the £. But that's not going to happen!)

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It's all there in the CVA proposal. There's a pot of money available which will be split between the creditors. But the quantum of those creditors is not yet known, and indeed the quantum of the pot of money available is not yet finalised.

Let's keep the numbers simple for the purposes of an example:

- Say there was £10m available and the creditors were £50m, they'd each get 20p in the £.

- Say the BTC goes against us and the creditors end up being £100m, they'd each get 10p in the £.

- Say we win against Collyer Bristow and another £25m goes into the pot of money, they'd each get 35p in the £.

(I know these aren't the real numbers)

So the CVA can be approved by the creditors even although they can't know the payment in the pound they will finally get - they just know the range, in our example, 10p - 35p.

(In the example, it would also be possible for us to win the BTC and the Collyer Bristow case, in which case there would be £35m available to £50m of creditors, which is 70p in the £. But that's not going to happen!)

So its £10m? I thought it was different...

Just messing! :lol:

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It's all there in the CVA proposal. There's a pot of money available which will be split between the creditors. But the quantum of those creditors is not yet known, and indeed the quantum of the pot of money available is not yet finalised.

Let's keep the numbers simple for the purposes of an example:

- Say there was £10m available and the creditors were £50m, they'd each get 20p in the £.

- Say the BTC goes against us and the creditors end up being £100m, they'd each get 10p in the £.

- Say we win against Collyer Bristow and another £25m goes into the pot of money, they'd each get 35p in the £.

(I know these aren't the real numbers)

So the CVA can be approved by the creditors even although they can't know the payment in the pound they will finally get - they just know the range, in our example, 10p - 35p.

(In the example, it would also be possible for us to win the BTC and the Collyer Bristow case, in which case there would be £35m available to £50m of creditors, which is 70p in the £. But that's not going to happen!)

Thanks for that. Getting the big tax case off our "to pay" list will be worth a party in itself.

(tu)

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