The Club is pleased that the main point of its appeal, that it should not have to pay non genuine creditors, has been upheld.
Two other points of the League decision have also been varied by the appeal board.
The Club pleaded guilty and always accepted that by a variation of the CVA it would likely face a relegation and had offered this last summer to the Ryman League to save all this uncertainty, the League refused to discuss the matter.
The bottom line is for four years the previous and current owners have spent many hundreds of thousands of pounds in keeping the Club alive and now debt free. The CVA is finished and the whole matter is at last over so that the Club knows where it stands and can move forward.
A number of positive opportunities are now in front of the Club to decide on which will be released before the end of November after a complete review of the business which will be overseen directly by the owner.
Updated (at 13:30)
At the request of some of our fans we would like to clarify the position regarding the punishment for changing the CVA for those that were unaware of the original decision that was appealed.
- The Club will be relegated one level should it finish between position 3 and the relegation zone
- The Club will remain in Step 3 should it finish 1st or 2nd and will not play in any play offs
- Should the Club finish in the bottom four it will be relegated to Step 5.
This is on the basis that the Club does not pay proven assessed debts by the supervisor of the CVA. This is a clear change of the order of paying over £1.2m which includes many disputed debts as well as secured debts.
The appeal board noted the unpractical stance of this last point as the CVA is now concluded.
Keep up to date with your club on Social Media: