May the 4th Be With Us

by Scott Thornberry - 19th April 2012

may the 4th be with us

Details of the proposed CVA which has been put together by Darlington 1883 has been sent to the Quakers creditors and a meeting has been arranged for May 4th to decide whether it will be accepted or not.

Should the CVA be accepted then we could be out of admiistration by the end of May.

Madden told The Northern Echo “The CVA proposal has now been to sent creditors for them to vote on whether they accept or decline it.”

The CVA proposal will give all footballing creditors the money they are owed in full immediatedly.  Non-footballing creditors would get all their money over three years but is dependent on former owner Raj Singh sticking to his word and waiving the money he is owed.  Which in reality shouldn't be a problem considering he has publicly stated many times that he would do so if a community based club took over.  The fact that the club was suppose to be debt free mind is another matter, but hey ho.

Harvey Madden explained “Without this, the sum would be too much for DFC 1883 to pay.  The future of the club very much depends on factors outside of our control.”

Comments

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MKDarlo - 19th April 2012 11:10:40

Do the proposed timescales allow for the rules of the league committee to be satisfied?

quakersam - 19th April 2012 11:40:06

As far as I can tell yes. The 28 day cooling period will take us to June 1st. There is then 8 days until the Conference AGM

MikeinBlack - 19th April 2012 13:10:17

quakersam wrote:As far as I can tell yes. The 28 day cooling period will take us to June 1st. There is then 8 days until the Conference AGM
Bags of time then!

LoidLucan - 19th April 2012 19:59:59

The equation is simple. There is either an agreement to pay off £510,802 to creditors under a CVA should Singh waive his right to payback. And if he doesn't waive his right the debt is nearly £1.4m and we go pop. Hopefully he will be as good as his word, which was given both verbally and in black and white.

At least this way the club won't be inflicting more losses on another long list of creditors which include the players, football clubs including Huddersfield, Bradford City, Newcastle and Middlesbrough, local motor dealers, the St John Ambulance, the Woodlands Hospital, Darlington Council, HMRC, a former manager and his assistant, kit manufacturers, Northumbrian Water, leccy companies and even Ringtons tea. It would take too long to list the lot.

Could've sworn I heard not very long ago that this club was stable and debt free...

MikeinBlack - 19th April 2012 20:03:27

Nothing to worry about then! Good grief springs to mind!

wellindarlo - 19th April 2012 20:15:06

LoidLucan wrote:The equation is simple. There is either an agreement to pay off £510,802 to creditors under a CVA should Singh waive his right to payback. And if he doesn't waive his right the debt is nearly £1.4m and we go pop. Hopefully he will be as good as his word, which was given both verbally and in black and white.

At least this way the club won't be inflicting more losses on another long list of creditors which include the players, football clubs including Huddersfield, Bradford City, Newcastle and Middlesbrough, local motor dealers, the St John Ambulance, the Woodlands Hospital, Darlington Council, HMRC, a former manager and his assistant, kit manufacturers, Northumbrian Water, leccy companies and even Ringtons tea. It would take too long to list the lot.

Could've sworn I heard not very long ago that this club was stable and debt free...
A lot of detail, was it published somewhere?

m62exile - 19th April 2012 20:52:51

Sounds like someone here is a creditor...

Christophano - 19th April 2012 20:55:12

LoidLucan wrote:Could've sworn I heard not very long ago that this club was stable and debt free...
And to think we believed it.

fat tony - 19th April 2012 22:32:07

Needs to be said... cracking headline pun.

mobi - 19th April 2012 22:46:04

LoidLucan wrote:The equation is simple. There is either an agreement to pay off £510,802 to creditors under a CVA should Singh waive his right to payback. And if he doesn't waive his right the debt is nearly £1.4m and we go pop. Hopefully he will be as good as his word, which was given both verbally and in black and white.

At least this way the club won't be inflicting more losses on another long list of creditors which include the players, football clubs including Huddersfield, Bradford City, Newcastle and Middlesbrough, local motor dealers, the St John Ambulance, the Woodlands Hospital, Darlington Council, HMRC, a former manager and his assistant, kit manufacturers, Northumbrian Water, leccy companies and even Ringtons tea. It would take too long to list the lot.

Could've sworn I heard not very long ago that this club was stable and debt free...
Where does the 510K figure come from? Is that non-footballing debts or all debts?

m62exile - 19th April 2012 22:49:20

Not 100% sure mobi, but the figure is close to that previously reported as the total debt so let's hope it's that.

fergies50yarder - 20th April 2012 06:53:38

Relying on Raj is like relying on a butcher to do your operation

LoidLucan - 20th April 2012 15:43:16

The £510K is the figure to pay off ALL the creditors (football and non football) in full should Singh waive his debt.

MikeinBlack - 20th April 2012 16:36:48

Well we're not going to be that far away from paying it off in one go then, or (if it's allowed) in less than three years. Not as bad as it seems, all things considered.