Post by Sean O'Loinsigh on Jul 27, 2019 10:41:51 GMT
Correct me I am wrong but the 28 point deduction would only take place if all the creditors do not agree to the CVA. Carnegie state that 100% have signed up for it so this element (28 point deduction) is no longer a hinderance to Carnegie. The only problem will now be signing quality players, if this can be overcome they may be a competitive mid table team? Can the CVA be seen anywhere, I think the terms would give more detail around financial restrictions?
It has been pointed out on Rolling Maul that this 100% quoted may not mean all creditors have agreed. Quote from TC website 28/6
"We are pleased to confirm that the Company Voluntary Arrangement was approved this morning by a majority of 100%. This is a fantastic result and we are humbled by the 100% support of our creditors who voted to back the arrangement and cannot thank them enough."
The key words to me are "creditors who voted" - does that mean others have not. Someone on RM even said that Geech was the only one there!!
I thought the 8 pre-christmas contracted cavalry who must qualify as some sort of creditor refused any agreement.Can someone explain why a CVA exempts a club when bankrupt and why they shouldn't start again in Yorkshire Division 4.What is the basic difference between Leeds and London Welsh position? Any legal folk out there? The Leeds Board have been duplicitous and still are. Their "Yorkshire" arrogance has been hoisted with its own pétard.
And London Welsh fought the RFU and won - ergo first chance RFU had to get one over on them, they did, Leeds fits into a PRL / RFU agenda ergo they are twisting the rules to meet their own needs
In all honesty it just tarnishes the RFU reputation further
I’ve never seen any evidence that the RFU could give a toss about how the majority of clubs perceive their reputation, the privileged few that sit on the Board have their own agendas and since the league system started, as far as I can see, Leeds has always been one of the favoured few in the North as they are located in one of the major cities (like Sale - Manchester & Newcastle Falcons) due to the development/marketing /financial opportunities that large cities offer to the RFU.
You’re right they are twisting the rules and using get out clauses to put Leeds in ‘life support’. Morally the stance is wrong & not as the rules were intended to be used, & it’s clear to most reasonable people that Leeds should be out of the Championship next season - a) they have no money to safely sustain the club, even if the players play for nothing, b) there must be a ‘duty of care’ consideration for players slung together in less than 6 weeks, in particular if they use Academy players or disenchanted players (as has been suggested) and ‘hope’ that they can be competitive and fit enough to play safely in the second tier of professional rugby against squads who have been training & together for a couple of months already.
A reasonable compromise, if the RFU don’t want to relegate them to the bottom tier which clearly they don’t, might be to relegate them to National 1 instead of Richmond to a) punish them for breaching financial rules, as the 28pt penalty is an irrelevance next season & no punishment at all, b) to prove they have got their structure financially & operationally sorted out by the end of 19/20 season and c) to ensure their new - & currently non existent squad - is capable of playing in the a Championship, if they are they’ll get promoted anyway (if there is promotion that season). That would allow Richmond, who are financially stable to stay in the Championship. Maybe the Championship clubs should push for that?
On page 18 of the CVA the amount owing to HMRC was £185,898, the fifth largest creditor. This amount is still to be finalised but no time limits apply to HMRC to do this. Under the HMRC modification to the CVA no distribution can be made until HMRC submit their final claim.
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Ampthill vs Knights Saturday 25th January 2020