ALL three of the remaining bidders for Rangers have refused to rule out liquidation
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Luton Town
What was the 30 point penalty for?
More spamming?
http://www.ja606.co.uk/articles/viewArticle/104565
Keep spinning your ****e.
Nobody here is buying it.
They were docked points for breaking the leagues insolvency rules. Basically for dissolving without clearing debts and agreeing a CVA.
No im correct actually.
The club was moved on from the company. HMRC was blocking the CVA, but the football league granted New Leeds their place, meaning that the HMRC were fecked.
"The administration process of LUFC will now be examined in detail.
The administrators KPMG were appointed on the 4th May 2007. They were appointed by the directors of LUAFC. The administrator quickly agreed to sell the business, for an undisclosed sum, to a newly formed company called Leeds United Football Club Ltd (company number 05765697) (Directors – K. Bates, S. Harvey and M. Taylor). The administrator had received bids from other parties but had decided that Bates' offer was the best option for the creditors and LUFC. The administrators proposed a CVA based on this offer and called a creditors' meeting in which the creditors would consider the offer and decide whether to approve it or not. If the CVA was approved this would comply with the FL's insolvency policy which states that a football club which is in administration must exit administration via a CVA.
On 1st June 2007 Bates' offer was narrowly accepted at a stormy creditors meeting. Bates needed 75% of creditors in value of the creditors present, in person or by proxy, and voting to accept the proposed CVA. He received 75.02%. A recount was ordered due to the extremely narrow acceptance. There were no reports of a meeting of the clubs members being held.
The CVA proposal was approved by the recount as 75.2% of creditors had voted in its' favour. Therefore as long as there were no challengers to the CVA acceptance in the statutory 28 day period and the FL approved the sale, the sale would be complete. The FL's approval was required in order for the ‘football share' to be transferred back to the new company which would hold LUFC.
On the 3rd July 2007, one hour before the end of the 28 day period to challenge the CVA, HMRC lodged a challenge to the CVA “based on procedural matters relating to the way which KPMG conducted the creditors' vote”. As a result of this, the administrators announced that they would be putting the club back up for sale on the 6th July 2007. This was due to the fact that the legal challenge would have stretched into the pending football season and LUFC may have been prohibited from starting the season whilst the club was in legal turmoil. The CVA challenge of HMRC was avoided due to the club being put back up for sale.
The Football League announced that Leeds could start the new season (the 2007/2008 season in the FL League One).
On the 8th of July Bates stated that he would take legal action if the club was sold to a rival bidder.
On the 11th July 2007 the administrators announced that they had sold the club to Newco (Bates' consortium) for an undisclosed sum. It was unknown how much of the club's debt Bates intends to pay off. The club's administrator stated “The approved deal represents the best result for creditors in the circumstances and we believe provides the club with the best chance of survival”.
On 3rd August 2007 the Newco was transferred the ‘football share' for LUFC by the FL, allowing LUFC to start the season. However, the FL gave LUFC a fifteen point deduction as they had failed to come out of administration via a CVA. LUFC appealed, but their appeal was rejected on 9th August 2007 by the FL chairmen at a meeting in London. However, LUFC did not accept this decision and decided to issue the FL with a High Court writ claiming that the FL acted ‘outside of their jurisdiction' in handing LUFC an additional fifteen point deduction. LUFC accepted an offer from the FL of a three man independent arbitration hearing in private. The matter is still ongoing."
http://www.lawteacher.net/company-law/essays/football-club-administration.php
You really are a thick ****. They can take the history with them but can't add to it as the company that won the titles no longer exists. So if you ever win the league (nae chance) it will be number 1 not whatever it is you have won +1.
Nah, your wrong mate. Sorry.
Its okay though. Ive explained it simply enough, your brain is just not developed enough to understand it.
No i was pretty much bang on the money.
The Hatters had already been deducted 10 points by the Football Association after being found guilty of misconduct for paying agents via a third party.
And the company which will take over the club has now been told it must accept a further 20-point deduction in order to be allowed in the League.
The penalty came after Luton failed to satisfy the League's insolvency rules.
The combined 30-point deduction is the biggest in Football League history, giving Luton an extraordinarily difficult task in trying to avoid relegation for the third season in a row. Bookmakers have already made them 10-1 on favourites to drop down to the Blue Square Premier.
But the club is appealing against the FA's 10-point deduction for financial irregularities in regard to its dealings with agents, with the case set to be heard next week.
The 20-point additional penalty related to the club's inability to agree a Company Voluntary Agreement (CVA) to exit administration, with the Football League pointing out that this is the third time in 10 years that Luton have been in such a position.
http://news.bbc.co.uk/sport1/hi/football/teams/l/luton_town/7500435.stm
And yet in your very next sentence....
So the club went nowhere without the team.
I am glad that we have now clarified this point.
rogueleader
suave gringo
If you have convinced yourself you are right, then who am I to tell you that you are wrong. I expect the club was wound up shortly after failing to agree a CVA?
Pretty much bang on the money
Your right, i've got you all wrong your actually this amazing businessman. We're all mugs for paying of our debt, all we need to do is just follow the mitre mouldmaster "how to win without paying road to sucess".
If you have convinced yourself you are right, then who am I to tell you that you are wrong. I expect the club was wound up shortly after failing to agree a CVA?
Pretty much bang on the money
No no,
The club is going strong.
http://en.wikipedia.org/wiki/Luton_Town_F.C.
The company was wound up after failing to agree to CVA though.
This one is a step ahead of the game
Denial — "I feel fine."; "This can't be happening, not to me."
Anger — "Why me? It's not fair!"; "How can this happen to me?"; '"Who is to blame?"
Bargaining — "I'll do anything for a few more years."; "I will give my life savings if..."
Depression — "I'm so sad, why bother with anything?"; "I'm going to die soon so what's the point... What's the point?"; "I miss my loved one, why go on?"
Acceptance — "It's going to be okay."; "I can't fight it, I may as well prepare for it."
Denial — "I feel fine."; "This can't be happening, not to me."
Anger — "Why me? It's not fair!"; "How can this happen to me?"; '"Who is to blame?"
Bargaining — "I'll do anything for a few more years."; "I will give my life savings if..."
Depression — "I'm so sad, why bother with anything?"; "I'm going to die soon so what's the point... What's the point?"; "I miss my loved one, why go on?"
Acceptance — "It's going to be okay."; "I can't fight it, I may as well prepare for it."
Great to hear that the CLUB was not liquidated. Imagine all the poor people of Luton had that happened.
I imagine I'd have lost this argument too if they were. Thanks for clarifying
Great to hear that the CLUB was not liquidated. Imagine all the poor people of Luton had that happened.
I imagine I'd have lost this argument too if they were. Thanks for clarifying
Nah, only companies can be liquidated. The clubs are just assets of the company. It would be like claiming you had liquidated a chair or a TV, it just wouldnt make sense.
Well what do you count as the entire club? I dont think they took the stadium. I think someone else bought that and they are renting it back. Im not 100% sure about that though, so dont quote me! lol