18 May 2013

CVA Update - Friday 17th May

CVA Update

The revised date for the CVA is now the 4th June 2013. During the period up to this date we will be talking again to the Creditors who have not agreed to the assignment in a last ditch effort to persuade them to assist a successful outcome. Supporters will I am sure understand that debts incurred by the previous regime during their promotion drive at that time to reach the Conference South League will have to be addressed through the CVA process to make us eligible to enter the Southern Premier League.

It will therefore come as no surprise that given the level of debt at the point of Administration part of which can be attributed to management and players’ salaries difficult decisions had to be made. With this at least we can talk to the remaining Creditors who have in some cases lost in excess of 18k to ensure them that the errors of the previous regime have been corrected and this situation will never be repeated. This of course is no consolation to all of us that Truro City Football Club has lost the Freehold title of its Football Stadium at Treyew Road in circumstances what again appeared to have been its quest for success on the pitch at any cost.

To put it bluntly it would be immoral if we were to ask a Creditor on one hand to write off 18k and on the other offer new contracts to management and players at last season’s unsustainable levels. There is a comparison to be drawn however unpleasant it may be. A further review of the CVA will be undertaken before the meeting following the outcome of discussions with the remaining Creditors

Peter Masters


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