TWTD has learnt that Town and administrators Deloitte and Touche will go public with the proposal for the Company Voluntary Arrangement (CVA) on May 2nd.

The proposal will be sent to all creditors of the club with a meeting to follow at least 14 days afterwards. At the creditors' meeting a vote will be taken on whether to accept the proposal with 75% of creditors based on value required to be in favour.

After extensive meetings between the club and the major creditors - the banks, the Inland Revenue, Customs and the bond-holder - it seems almost certain that the CVA will receive the needed level of approval.

Shortly after going into administration on February 10th David Sheepshanks told TWTD that the CVA would be made up of three scenarios based on Town's performance over the next five years. The most pessimistic scenario sees Town in Nationwide Division One for the whole period, the most optimistic is based on the club spending five years in the Premiership while the third is a period where Town alternate between the divisions.

It seems likely that creditors will receive 10p in the pound based on the Natiowide League scenario and more if the club are in the Premiership.

The CVA proposal document will be around 50 pages long and will list all creditors as well as details of the club's assets and liabilities, and the future financial plans.

Photo: Action Images

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