From the administrators' statement

1.1 The report is prepared pursuant to paragraph 49 of Schedule B1 of the Insolvency Act 1986, the purpose being to provide creditors with details of the administrators’ proposals to achieve the purpose of administration. The information provided herein has been largely provided by the directors of the company, at the request of the administrators.

1.2 The administrators propose a CVA for the company. If approved the CVA presents an opportunity for the company to be rescued as a going concern, thereby allowing the company to remain intact. This will perform a dual function of providing payment to creditors whilst allowing the company a ‘breathing space’ whilst new investors take control of the company and implement a new business model. Essentially it will promote the rescue of the company whilst at the same time protecting the interests of creditors and providing for a maximum possible return thereto.

1.3 If it is not possible to achieve the primary objective of administration by way of creditors approving the CVA proposals, the administrators will seek to achieve a better result for creditors than would be achieved through liquidation (without first being in administration). This will be achieved by realising the assets, either by seeking a buyer for the business, or part thereof, or taking whatever alternative steps to realise the company’s assets deemed appropriate, in conjunction with our advisors.

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Salisbury City Football Club Limited (04374422)

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