CVA - Questions & Answers
posted by Alan Palmer on Tuesday 15th of June 2010 08:44:15 AM
Season Ticket Holders
Important Information on the CVA Meeting
The meeting for the approval of the CVA has now been set for 25th June and all creditors are entitled to vote. In order for the club to be bought by the new consortium, the creditors have to vote in favour of the CVA. All Season Ticket holders are creditors and you should make your vote count. There are two downloadable forms here uploads/CVA_Forms.pdf that need to be completed and posted or faxed to the Administrator at Joint Administrator of Crystal Palace F.C.(2000) Limited, 93 Queen Street, Sheffield, S1 1WF. Facsimile: 0114 276 8556. We are also answering some of the common questions people will have
a. What is a CVA and why is it important?
A CVA is a Company Voluntary Arrangement and is a legal device that arranges for creditors to receive a percentage of their debt. It has to be agreed by 75% of those that vote by value and 50% of those that vote by value who are not connected creditors (i.e. one of the directors/employees). Without a CVA the Football League will give further points deductions and CPFC (2010) have said they will not proceed.
b. What will I get out of it?
The amount available for unsecured creditors is very small. It has been stated that it will be around 1.93 pence in the pound. So if you were owed £100 you would only get £1.93
c. Will my Season Ticket be honoured?
The new buyers CPFC (2010) have confirmed to us that they will be honouring all the existing Season Tickets. In that event you will not receive any money but you would be able to attend the games as set out in the terms for your Season Ticket. It is not clear if any extras that came with some of the ST's would be honoured (the right to a free ticket if promoted, the ambassador's packages etc) and you may have to accept that they will not be offered by the new owners. They do not have to legally honour the Season Tickets and it is good of them to do so.
d. What about the Golden Eagles packages?
The new buyers have not said if these will be honoured or not and it might be safest to assume they will not be unless anything to the contrary is announced.
d. I am still paying for my Season Ticket Deal by way of a credit agreement/instalment payments. What should I do about that?
You should contact the Administrator as soon as possible about that in order to clarify the position direct as there are various different positions depending on the type of credit agreement you have
e. Do I need to fill in both forms?
If you have already completed a Creditors Statement of Claim you will not need to fill in another one. If you haven't done so then you need to complete one to prove your debt and make sure your vote is counted. You will need to attach evidence to show you are owed the money, this could be a copy of your credit card bill/bank statement or a letter/email from the club. If you are not sure how much you are owed there is a list at the end of the Joint Administrators Proposals which are on the Administrators website here http://www.cpfc.pandareports.com.
You will need to complete the Proxy (Company or Individual Voluntary Arrangements) form if you are not attending the meeting. This enables someone else to vote on your behalf in the way you tell them to. We have put in as the proxy Lesley Palmer who is the Secretary of the Crystal Palace Supporters Trust, Raj Chandarana, a Trust Director and the Chairman of the Meeting as alternatives. This way if any of them are not there then the next one named will ensure that your vote is cast. You need to make sure that you set out clearly that you are voting for the acceptance of the proposed voluntary arrangement
f. The amount of my debt is wrong, what should I do?
Some people's debt amount is incorrect, perhaps because something like the Golden Eagles package has been left off. You should provide proof of any additional debt to the Administrator on your Creditors Statement of Claim. It may be that one or two people have been missed off the list of creditors entirely, if that is the case you can still send your details in and prove your debt now
g. what happens if I don't vote?
You will be bound by the decision that is reached at the meeting anyway. It may well be that there are enough creditors who are owed a lot of money and have indicated that they will vote in favour for the CVA to be passed in any event, however voting in favour shows your agreement in a positive manner and does mean that you have done everything you can to ensure the CVA is passed.
h Where can I get further information?
The Administrators Report is online here www.cpfc.pandareports.com
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