Marc Landsman who is the Insolvency Practitioner appointed to produce a CVA for Hereford United has kindly given BN an exclusive update.
The proposal is now almost finished - there is just one section that needs a little bit more information.
We
always expected that there would be differences between the list of
creditors, that the company has given us and the final version that
votes in a couple of weeks’ time – invoices get lost in the post, more
interest is charged on a loan and so on. To be honest, with a few
groups of exceptions most of the claims have been pretty much what we
expected to see but I know that just by saying that I’ll be putting a
curse on the list!
The
offer itself is a good one – everyone will be paid in full over three
years, that part has been out there for a while, so we expect to see
some people increasing their claims – we will just be looking quite
carefully at the differences since any extra money the company pays a
creditor means there’s less money to spend on the football.
There
have been specific types of claims that are hard to adjudicate, and
we’ve tried taking a practical view – we’ve asked for any evidence
someone can provide but to be fair there is still time for the claims to
be received. We haven’t uploaded the proposal and the Nominee’s Report
and Comments onto the web, let alone sent the letters out yet saying
the proposal pack with claim forms and proxies can be downloaded from
www.hufc-cva.co.uk – I expect to send those out on Monday when we know
the position with the Winding Up Petition, we’ll also be sending out
emails to everyone that emailed our office about debts or shares to make
sure they know what’s happening. There’s plenty of time to submit
claims and proxies, but it’s a lot easier to deal with them at an early
stage in case we need to ask for more information. It also means that
if someone puts in proxy to vote to accept it the proposal but with a
change to something, there is time to see if that would work rather than
make a decision at the meeting that might be regretted later.