Desperate measures.....

[Mat.H]

Reads to me as if they will be discussing insolvancy at a meeting with thier trust tonight.

http://www.northamptonchron.co.uk/sport ... -1-3841155

[Bob's Bitch]

74 season tickets would equate to just under £20k, weren't their debts supposed to be around £400k? I'm not surprised that Sausage is looking at insolvency possibilities!

[Trek]

....weren't their debts supposed to be around £400k?

Yes they were back in February. Not much income since then and outgoings on NP continue and now 'historical' HMRC debts recently discovered going back to 2007.
I think they're well and truly in the 'do do'. ;)

[Pigman]

Could be a Beasantesque rallying call (again) asking fans to dig deep and pay upfront to bail out the club, or a plea to the Trust for their 24% of the tax bill? It was a 24% stake in the club they were given wasn't it? Maybe they get 24% of the tax bill as well?

Doesn't look good for them does it?

Before they part with their hard earned cash upfront for a ST in gawd knows what League, maybe they should speak to a few Weymouth fans???

[therushden]

looks like history repeating. can't say they weren't warned.

[Three of Diamonds]

Balledboy seems to think that a CVA was always the plan for GR.

[Pigman]

I think we've all thought that from day one haven't we?

Am I right in saying if they enter a CVA before the AGM they are automatically relegated 2 divisions? Anyone know what happens if they enter a CVA after the AGM?

I presume the Conference will ask for a formal declaration of their intent and maybe even a bond to be paid upfront to show they have the funds? Timing may prove to be the crucial thing for them here - they may take a hit of a 2 division relegation and a 10 point deduction to clear their debts for a few pence in the £, assuming they can get 75% of their creditors to agree to it of course .......... I wonder who their main creditor is? :roll: History repeating itself indeed !!

[davealbon]

I think we've all thought that from day one haven't we?

Am I right in saying if they enter a CVA before the AGM they are automatically relegated 2 divisions? Anyone know what happens if they enter a CVA after the AGM?

I presume the Conference will ask for a formal declaration of their intent and maybe even a bond to be paid upfront to show they have the funds? Timing may prove to be the crucial thing for them here - they may take a hit of a 2 division relegation and a 10 point deduction to clear their debts for a few pence in the £, assuming they can get 75% of their creditors to agree to it of course .......... I wonder who their main creditor is? :roll: History repeating itself indeed !!

My understanding is the relegation wouldn't be an automatic 2 division relegation, but rather a relegation from the Conference as a whole - so down to the Southern League, regardless of which division of the Conference they are/were in. That is, assuming the Southern League would accept them!

If they entered a CVA after the AGM, having already satisfied the Conference that they could compete in the BSN, then they would be docked 10 points and would have until the NEXT AGM to be out of the CVA otherwise would then be kicked out of the Conference. Don't quote me on any of that however!

[Biggles]

I still believe Sausage does not care about what division Kettrin play in as per his carefree attitude in the article about the insolvancy event, its the venue he wants and he will no doubt secure that whilst leaving the clubs creditors with pennies.

Look out for a tame insolvancy company from the south coast to make an appearence very soon.

[Trek]

http://www.twohundredpercent.net/?p=18648