There are before creditors MUST receive their money

CVA

Below are documents relating the the CVA produced by administrators Begbies Traynor. Also included are some letters between Begbies Traynor and the Devils Trust.

Creditors accepted a proposal of 50 pence in the pound at a creditors meeting in August 2006 on the basis it would be paid within 60 days. That day came and passed without any sign of the money being paid.

The next creditors meeting was not set until January 2007. At that meeting creditors agreed to a revised proposal allowing Austin Gray until 30th April 2007 to sell Azwar Majeed's flat in Brighton. The flat is on the market for £1.4 million. Without the sale of this it is not known whether the CVA can be settled.

HMRC agreed to the proposal on the basis that the SA Group did not default on any payments to them, even by one day, or they would look to seize the flat and wind the club up. It is worth noting that in November 2006 HMRC issued winding up proceedings against SA Retail over a non-payment of corporation tax. This was subsequently paid after the first hearing was adjourned.

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