Ferocious Aardvark wrote:
Any arrangement would also need HMRC to go along with it, as majority creditor.
Perhaps better not to have arrangement or CVA given the HMRC situation.
What is being looked at it seems is a "newco" looking at making an offer for the existing Bull's company. Again, I can't see the advantage of this as HMRC will not be happy taking a reduction in the £300K+ they are apparently owed.
It seems obvious that the best solution - providing the RFL and SL Clubs are OK with this, to let the old company go into liquidation and its old debts die with it and Newco then buys the few assets worth buying, enters a new lease with the RFL, negotiates contracts with players and coaching staff and finishes the season and just carries on, albeit with a poinyts deduction ans possible fine.
I cant think why BG isn't taking this route a la Rangers. Perhaps the Bull's owe other clubs money which they would not be happy seeing being written off.
Companies go into liquidation all the time - there is no reason why the Bulls can't and rise from the ashes.
Whatever happens; good luck, you are a great bunch of fans and SL needs competitive clubs like the Bulls with your levels of support.