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Friday, 27 April 2012

Port Vale CVA proposal is accepted by creditors

I suppose it is fitting that our 1000th post on the Company Rescue Blog is to report the fact that a CVA has been approved by the majority of creditors.  In this case it was Port Vale's proposal and it was accepted by 87%.

 The club ran into trouble when it was unable to make a loan repayment to Stoke on Trent City council and was then placed under a transfer embargo.  In a separate instance HMRC had issued a winding up petition for unpaid taxes to the tune of £85k.  The loan from Stoke-on-Trent was for £2.25m.  We blogged about this back in February.

Since then the business was placed in administration and the administrators have found a likely buyer in Keith Ryder.  However the preferred route given that they wish to retain their  Football League registration is to exit the administration via a CVA.  The club can then be sold without having to re register.  In some ways it is similar to a pre pack administration.   The news paves the way for the transfer of Football League shares which the administrators anticipate will take place before the end of June.
At the time council leader Mohammed Pervez said: “The stark choice we were faced with was liquidation or administration "

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