Viewing Single Post From: Halifax Town In Administration

Viewing Single Post From: Halifax Town In Administration
Valley Parader	Mar 14 2008, 07:39 PM
Advanced Poster Posts: 5,219 Group: Bradford City Member #76 Joined: March 22, 2006	http://www.halifaxafc.premiumtv.co.uk/page...1264905,00.html The consortium attempting to take control of Halifax Town Association Football Club has filed notice of an administration following the failure of its bid to complete the purchase of shares held within the club. Peter Sargent and Rob Sadler from business rescue, recovery and restructuring specialists Begbies Traynor, have consented to act as administrators to ensure the longer term survival of the club and protect it from creditors. The notice of administration for Halifax Town AFC Limited means the petition due to be heard on Monday 17 March, after former club chairman and director, Raymond Moreland, issued a winding-up petition will now not take place. Whilst the Ł7,944.86 sum owed to Mr Moreland is relatively small, the debt has resulted in other short term financial demands being placed on the club, with the consortium being left with no alternative but to file for a notice of administration to protect the club. The consortium has previously provided substantial financial support and time to the club and has ensured its survival since January 2007. The consortium has expressed its disappointment that the acquisition has been unable to proceed as planned due to a number of historical trading issues and the company's structure.The decision was reluctantly taken that no purpose was served in providing further funds with no end in sight to resolving the outstanding issues. The consortium has, however, agreed to provide sufficient funds to pay the costs of the administration and all ongoing trading debts of the club both prior to and during an administration to ensure the club's survival. On the assumption that the court makes an order for administration, which is to take place on 26 March 2008, Begbies Traynor would advertise Halifax Town AFC Limited for sale. However, an expression of interest in acquiring the business assets and goodwill has already been made to the proposed administrators by the consortium.The consortium has made it clear that it has filed for administration to protect the club and that, if successful in acquiring the club, it wishes to introduce new initiatives designed to take the club forward with the aim of regaining Football League status. Peter Sargent, partner of Begbies Traynor, comments: "It is clearly very disappointing for all concerned with the club that the presentation of the winding up petition has meant that action has had to be taken to protect it in the short term.It is likely that the making of an administration order on 26 March 2008 will result in a 10 point penalty." "Now is the time for the fans of Halifax Town and the people of Calderdale generally to support the club.Until the court hearing takes place, it is very much business as usual for the club." Begbies Traynor is part of the Begbies Traynor Group plc, an AIM listed specialist professional services organisation, providing independent professional advice and solutions to businesses, financial institutions, the accountancy and other professions and individuals in areas of finance, recovery, investigation and risk management, specialist financial advice and commercial finance.


Halifax Town In Administration · Non-League