17 April 2013

Truro City Football Club to meet creditors next month

Source: West Briton (WBKatri) LINK

A NEW meeting to discuss Truro City Football Club's financial situation takes place next month.

The previous creditors meeting, scheduled to take place at the club on Friday morning last week, was called off at the eleventh hour.

This was, according to club chairman Peter Masters, because of late notifications from both Dilby Limited and three other companies.

The claim from Dilby was related to an alleged £125,000 debt made by Julia Sincock, the girlfriend of the club's bankrupt former chairman who is also a company director of Dilby. She had threatened to present a winding up petition against the club if the sum was not settled by Wednesday afternoon last week.
This meant the company voluntary arrangement (CVA) was withdrawn and needed to be amended and reissued at a later date for a new meeting to take place.
Mr Masters explained: “There was clarity needed from that one (Dilby) which I have now received.
“The administrators have confirmed that there is no debt and it is in the hands of our legal advisor. It is not the debt of the new Truro City Football Club.

“We will not be accepting Dilby’s claim but we are talking to the three new creditors and have their co-operation.

“We provide the CVA a cash flow forecast for the period of the CVA. We had submitted that to the Conference and how it’s going to be paid off. But when these late creditors came in we were unable to get an approval from the Conference in time.

“It is time to move on.”

Mr Masters confirmed the total amount being discussed with creditors is about £140,000 and that a new creditors meeting would take place at the club within the next three to four weeks time.

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