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Rugby Union
Premiership Rugby / Premiership Cup
We Need To Talk About Wasps
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<blockquote data-quote="Lé Ddanno" data-source="post: 1098093" data-attributes="member: 72465"><p>A CVA is a legally binding payment plan. The company makes an offer to pay, say 80p in the £ over X years, together with any lump sums from selling assets and such and asks creditors to vote to accept it. If 75% by value of them vote yes it goes into force. It's overseen by a supervisor but their powers are limited to enforcing the terms of the CVA and taking required steps in the event of default </p><p></p><p>Default on your CVA and it's probably administration time</p><p></p><p>Administration protects the business, as creditors can't enforce for payment during the admin period, which allows you to sell it as a going concern. Unlike liquidation, which is a fire sale for all intents and purposes. The Administrators can basically act as is they are the company provided their actions are in the best interests of creditors</p><p></p><p>(Source: me. 17 years in the field)</p><p></p><p>Be interested to know whether players have insolvency clauses in their contracts</p></blockquote><p></p>
[QUOTE="Lé Ddanno, post: 1098093, member: 72465"] A CVA is a legally binding payment plan. The company makes an offer to pay, say 80p in the £ over X years, together with any lump sums from selling assets and such and asks creditors to vote to accept it. If 75% by value of them vote yes it goes into force. It's overseen by a supervisor but their powers are limited to enforcing the terms of the CVA and taking required steps in the event of default Default on your CVA and it's probably administration time Administration protects the business, as creditors can't enforce for payment during the admin period, which allows you to sell it as a going concern. Unlike liquidation, which is a fire sale for all intents and purposes. The Administrators can basically act as is they are the company provided their actions are in the best interests of creditors (Source: me. 17 years in the field) Be interested to know whether players have insolvency clauses in their contracts [/QUOTE]
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We Need To Talk About Wasps
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