ADMINISTRATORS AT PLYMOUTH ARGYLE have prevailed in pushing through a Company Voluntary Arrangement (CVA) at the club.
A CVA entails an organisation repaying a percentage of debt over a contracted period of time, but requires 75% or more of creditors (by value) to vote in its favour.
The administrators at Plymouth were able to obtain 82% of creditors to approve it.
Brendan Guilfoyle, (pictured) partner P&A Partnership and administrator, said: “This is all good news and the beginning of a new future at Plymouth Argyle.”
HMRC vetoed the CVA proposal which is likely to pay unsecured creditors less than a penny for every pound owed.
A spokesman said: “HMRC notes that the result of today’s vote was to accept the CVA proposals. We will now be carefully considering our position.”
They have 28 days to dispute the CVA.
Guilfoyle confirmed a preferred bidder was also announced and is likely to hand over a six figure sum next week to help pay for some outstanding debts such as player wages.
Christopher White, John Russell and Guilfoyle from the P&A Partnership were appointed joint administrators to the club earlier this year.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children