Quote:OldNick
The whole debacle has been a case of writing off this massive debt from both the books of Yorkshire Carnegie and Yorkshire Tykes, as a way of balancing their books, following the withdrawal of a major source of funding.
This has been done quite cynically and deliberately, with the attitude that the other 40 creditors can take it (the 15% of what they were owed) or leave it and get nothing. This applied as much to Leeds Cricket Football and Athletic Company ( the ground?) at £402,842.82, Sam Key at £33.20, or anyone in between.
Quote:leemingtykeQuote:OldNick
The whole debacle has been a case of writing off this massive debt from both the books of Yorkshire Carnegie and Yorkshire Tykes, as a way of balancing their books, following the withdrawal of a major source of funding.
This has been done quite cynically and deliberately, with the attitude that the other 40 creditors can take it (the 15% of what they were owed) or leave it and get nothing. This applied as much to Leeds Cricket Football and Athletic Company ( the ground?) at £402,842.82, Sam Key at £33.20, or anyone in between.
OK.
So, what should they have done instead?
Quote:MoosemagicQuote:leemingtykeQuote:OldNick
The whole debacle has been a case of writing off this massive debt from both the books of Yorkshire Carnegie and Yorkshire Tykes, as a way of balancing their books, following the withdrawal of a major source of funding.
This has been done quite cynically and deliberately, with the attitude that the other 40 creditors can take it (the 15% of what they were owed) or leave it and get nothing. This applied as much to Leeds Cricket Football and Athletic Company ( the ground?) at £402,842.82, Sam Key at £33.20, or anyone in between.
OK.
So, what should they have done instead?
Maybe not got them selves into that situation in the first place?
Quote:leemingtykeQuote:OldNick
The whole debacle has been a case of writing off this massive debt from both the books of Yorkshire Carnegie and Yorkshire Tykes, as a way of balancing their books, following the withdrawal of a major source of funding.
This has been done quite cynically and deliberately, with the attitude that the other 40 creditors can take it (the 15% of what they were owed) or leave it and get nothing. This applied as much to Leeds Cricket is and Athletic Company ( the ground?) at £402,842.82, Sam Key at £33.20, or anyone in between.
OK.
So, what should they have done instead?
Quote:HoboAl
......Also the RFU should treat a CVA the same way as a club going into Administration. The only way to promote good and responsible financial management is to punish the irresponsible and wreckless.. ......
Quote:OldNick
Read Nick Mayhew’s Tweet today, about how they were ‘mislead’ over the CVA. He was the 4th highest creditor, at £238,333.
He says they were told that the CVA legally needed approval from the creditors of 75% of the debt, and that as this was one company (YorkshireTykes) who had already approved it their vote was meaningless. So he, and other creditors did not vote against.
He then says that they were not told that the RFU had imposed a standard of requiring that 100% of those voting had to approve for YC to escape punishment, until it was too late to vote against, and break that 100% line.
Another reason why YC should have been treated as having gone into administration and been penalised, and why the RFU should hang it’s head in shame at helping them perpetrate this con.
Quote:OldNick
Read Nick Mayhew’s Tweet today, about how they were ‘mislead’ over the CVA. He was the 4th highest creditor, at £238,333.
He says they were told that the CVA legally needed approval from the creditors of 75% of the debt, and that as this was one company (YorkshireTykes) who had already approved it their vote was meaningless. So he, and other creditors did not vote against.
Quote:OldNick
He then says that they were not told that the RFU had imposed a standard of requiring that 100% of those voting had to approve for YC to escape punishment, until it was too late to vote against, and break that 100% line.
Quote:OldNick
Another reason why YC should have been treated as having gone into administration and been penalised, and why the RFU should hang it’s head in shame at helping them perpetrate this con.