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« on: August 06, 2009, 10:10:35 PM »
correct me if i'm wrong.
Both Boston and Chester go into administration following relagation from league 2. Boston's new owners work with thier creditors to try to agree a CVA. Chester's owner manufactures extra debts to his or his familys companies. This reduces the tax mans debt to below 25% therefore making his objection to the CVA irrelavent. The old owner pays off all the debt via a CVA for 15p in the £, a nice deal all done before the 2nd saturday in may to comply with conference rules. The taxman smells a rat, challenges and over turns the CVA. Therefore Chester are still insolvent, remember 2nd saturday in may rule. The FA/conference however choose to ignor all this and still allow them to stay in the conference. Oh yes remember Boston United demoted 2 divisions in 2 years whilst trying to come an honest deal with their creditors including the tax man. Correct me if i'm wrong