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RUFC - Creditors Meet Today

Rotherham United could learn soon if they will start next season with minus points or not as there is a creditors meeting today.

The people the club owe money to have been asked to take so many pence in the pound as part of the CVA (Company Voluntry Agreement). The club need to get a 75% approval of what is owed. If this isn't agreed it is possible that the Millers will be deducted up to fifteen points at the start of next season by the Football League.

The Millers owner, Tony Stewart, told The Advertiser, 'The creditors' meeting today won't resolve anything but it should give us a gut feeling about the way things will go.'

The biggest creditor is thought to be the Inland Revenue.




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The Journalist

Writer: Herringthorpe  Mail feedback, articles or suggestions

Date:Friday June 27 2008

Time: 8:28AM

Your Comments

As a Gills fan I hope you don't get your CVA. hahaha
Bert1982
Now that's not very nice, is it Bert???!!!!
herringthorpe
i, a gills fan, hope you dont suffer a points deduction... the FA arent doing enough to help smaller clubs... they are just concentrating on the top flight clubs... consider the 39th game rubbish... see they should be concentrating on helping yourselves and luton.
gfc-julian
Well thanks Julian. I have to agree, the big clubs get it all while the smaller clubs get more and more into bother. If the team had done something wrong (played an unregistered player for instance) then yes, deduct the points they got while the player was playing. But when its nothing to do with the team but the finances I find the points deduction a bit mystifying tbh
herringthorpe
Lets hope after everything you don't lose a further 15 points. Unfortunately I think the Football League have backed themselves into a corner by making an example of Leeds last season.
dazza71
Yes, I think they will find it very difficult to back track now
herringthorpe
Bert the gill fan there are lot of rumours flying around that you could be next to go into admin. I am sure then that you be hoping that Rotherham , Bournemouth and Luton come out of this with no more deductions . As the Tax man will be a major creditor to you as well. As a cherries fan I cannot see the Football League giving Luton a further 15 points deduction they would dead and burried even before the season started . I think we all will see a 5 points deduction which will give us all a fighting chance .
leaprobe
15 points is a lot - it means winning 5 games before the season really starts for us (or any team who get it). I know Leeds did it last season and I applaud them for it. If we should get the minus 15 I only hope we can do the same as them
herringthorpe
The main difference between leeds and the 3 clubs in this situation at the moment , they had the crowds & heavy backers once they came out of admin to build a very strong squad for FL1. However even with that they proved 15 points was to much
leaprobe
Is it 75% of the creditors that have to agree? Is each and every creditor worth the same percentage or are the IR for the sake of arguement worth a larger percentage because they are owed more money?
Dean1
I'm not really sure, Dean1. As they keep going on about the IR being the biggest creditor I suspect the other creditors will take their lead from what they do.
herringthorpe
Dean1 it is 75% of the money owed has to agree to he CVA. i.e. if the IR are owed 50,000 of 100,000 then they have 50% of the vote.
leaprobe
I don't know how we managed to get away without paying them for so long tbh.
herringthorpe
It was the fault of the IR for Boston's relegation the rules in the Blue Square being different. They dragged their heels and Boston missed the deadline by a few days.
Dean1
Oh, The Millers are quite able to drag their own heels! We 'forgot' to send the application to move stadiums to the FL you know! Not an important thing at all!!!
herringthorpe
Has the move ben approved now then or have the club forgot to tell the fans LOL
Dean1
Erm - we haven't heard anything, but there is nothing new in that!
herringthorpe
I hope you hear something soon then, as it would be nice to know where we are playing our first game of the season as well.
Dean1
I've been to a meeting tonight and someone told me that the creditors meeting was actually cancelled - but not sure how true that is.
herringthorpe
 

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