Company voluntary Arrangement (CVA)
Swindon Town Football Club is currently operating under a Company Voluntary Arrangement (CVA) which was agreed in May 2002 and is due to complete in June 2007
A CVA is a formal procedure introduced by Part 1 of the Insolvency Act 1986 which enables a company to agree with its creditors on how their debts should be paid and in what proportions.
The aim of this page is to provide access to all publicly available information regarding the CVA, its structure, and progress to date. Below you will find links to a series of documents relating to the CVA. These documents are in pdf format, you will need Adobe Acrobat reader to be able to read them.
As can be seen from the latest supervisors report, as of May 2006 the club had made a payment of £130,000 in 2002, and three subsequent payments of £100,000 each in 2003,2004, and 2005.
At that time, only one distribution to creditors had been made, £100,000 to HM Revenue and Customs, no other distributions to creditors had been made at that time.
Football League Rules
The Football League Rules covering insolvency procedures state the following :
12.3.1 With effect from 10th May 2004, if any Club shall :-
a) have a manager, administrator, receiver or administrative receiver appointed in respect of that Club or any part of its undertaking or assets;
b) have an administration order made in respect of that Club;
c) have a winding-up order made in respect of that Club;
d) pass a resolution for the winding-up of that Club;
e) enter into any arrangement with its creditors or some part of them in respect of the payment of its debts or part of them as a company voluntary arrangement under the Insolvency Act 1986 ort Scheme of Arrangement under the Companies Act 1985; or
f) have an proceeding or step taken or any court order in any jurisdiction made which has a substantially similar effect to any of the foregoing;
that Club shall be deducted 10 points.
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