I am trying to find a list of creditors that Palace owed when they went into adminstration - famously included St Johns Ambulance - a general google search has not found a list.
Hope this helps, although I've yet to find the actual list of creditors:
"The effects of the provisions enabling priority to be given to football creditors in insolvencies have been striking. Two examples illustrate this. Crystal Palace FC went into administration on 26 January 2010, HMRC having presented a winding up petition on 2 December 2009. Total unsecured liabilities were approximately £27 million of which debts to football creditors amounted to about £1,925,000. A total of £2,415,552 was paid to unsecured creditors. The football creditors were paid in full and the other creditors received a dividend of less than 2p in the pound."
So does that mean we never got our 200k, or at least only a small percentage of it?
Not sure how it all panned out, but one of those reports suggests that the final return to Creditors was 1.92p in the £!
That would have seen us pick up £3,840!!
But surely we were a football creditor, therefore paid in full?
Not sure @Pedro45 as this was a CVA in the end and not a full liquidation.
The quote here is from Big Bad World -
"The effects of the provisions enabling priority to be given to football creditors in insolvencies have been striking. Two examples illustrate this. Crystal Palace FC went into administration on 26 January 2010, HMRC having presented a winding up petition on 2 December 2009. Total unsecured liabilities were approximately £27 million of which debts to football creditors amounted to about £1,925,000. A total of £2,415,552 was paid to unsecured creditors. The football creditors were paid in full and the other creditors received a dividend of less than 2p in the pound."
This suggests strongly that, as a football creditor, we got paid in full.
So does that mean we never got our 200k, or at least only a small percentage of it?
Not sure how it all panned out, but one of those reports suggests that the final return to Creditors was 1.92p in the £!
That would have seen us pick up £3,840!!
But surely we were a football creditor, therefore paid in full?
Not sure @Pedro45 as this was a CVA in the end and not a full liquidation.
The quote here is from Big Bad World -
"The effects of the provisions enabling priority to be given to football creditors in insolvencies have been striking. Two examples illustrate this. Crystal Palace FC went into administration on 26 January 2010, HMRC having presented a winding up petition on 2 December 2009. Total unsecured liabilities were approximately £27 million of which debts to football creditors amounted to about £1,925,000. A total of £2,415,552 was paid to unsecured creditors. The football creditors were paid in full and the other creditors received a dividend of less than 2p in the pound."
This suggests strongly that, as a football creditor, we got paid in full.
Right. I know HMRC have fought several times to have that preferred status for football creditors removed. So far, without success.
Have to say that if I were involved in providing services to a football club, I would be doing do on a cash in advance or on delivery basis, unless you're dealing with perhaps the top half of the Prem.
is this is response to the sign one of their fans was holding up at Anfield? Beyond Parody.
Is there a photo of this sign? If not, what did it say?
Can't find it but it wasa hard written sign which said something like
"No US Tycoon or rich Arab. All done on our own resources"
Which is true if you don't count the two admins
Hadn't seen that. Hope that josh Harris buys them and takes them down. Think I would get a special hand written sign made up for when we played them then!
Comments
I must have missed that.
"The effects of the provisions enabling priority to be given to football creditors in insolvencies have been striking. Two examples illustrate this. Crystal Palace FC went into administration on 26 January 2010, HMRC having presented a winding up petition on 2 December 2009. Total unsecured liabilities were approximately £27 million of which debts to football creditors amounted to about £1,925,000. A total of £2,415,552 was paid to unsecured creditors. The football creditors were paid in full and the other creditors received a dividend of less than 2p in the pound."
http://195.171.95.190/portal/ice/finalReports/30420101546131.pdf
Agilo (hedge fund who triggered the admin) - £4.5m
HMRC - £2m
Trade Creditors - £4m
Football Creditors (who get first call) - £1.5m
Warning: there is a picture of the Orange one in this link!!!
http://www.theguardian.com/football/2010/jan/28/simon-jordan-crystal-palace-rescue-plan
This is the p and a report and the company creditors are listed from p.78 (including £200k owed to us).
http://195.171.95.190/portal/ice/finalReports/10620101156531.pdf
That would have seen us pick up £3,840!!
"No US Tycoon or rich Arab. All done on our own resources"
Which is true if you don't count the two admins
"The effects of the provisions enabling priority to be given to football creditors in insolvencies have been striking. Two examples illustrate this. Crystal Palace FC went into administration on 26 January 2010, HMRC having presented a winding up petition on 2 December 2009. Total unsecured liabilities were approximately £27 million of which debts to football creditors amounted to about £1,925,000. A total of £2,415,552 was paid to unsecured creditors. The football creditors were paid in full and the other creditors received a dividend of less than 2p in the pound."
This suggests strongly that, as a football creditor, we got paid in full.
Have to say that if I were involved in providing services to a football club, I would be doing do on a cash in advance or on delivery basis, unless you're dealing with perhaps the top half of the Prem.
To be fair Palace fans paid off all debts to SJA. Just a shame so many small companies and their sub contractors got stuffed.