Harlow Town's CVA plan has been approved by creditors
PUBLISHED: 18:03 17 September 2009 | UPDATED: 09:49 03 June 2010
HARLOW Town Football Club s financial plans have been approved by its creditors. The club s owner Carol Bothwell had proposed a Company Voluntary Agreement (CVA) in a bid to tackle the club s debts of £270,000. LD Financial Services and Hodgsons Chartered
HARLOW Town Football Club's financial plans have been approved by its creditors.
The club's owner Carol Bothwell had proposed a Company Voluntary Agreement (CVA) in a bid to tackle the club's debts of £270,000.
LD Financial Services and Hodgsons Chartered Accountants have worked with the Barrows Farm club to set up the CVA which is seen as a better alternative to liquidation, which offers little return for creditors.
A decision on the CVA was due to be made on Monday, but was delayed until today (Thursday) due to the postal strike in London.
Lee Venables from LD Financial Services said: "The CVA has been accepted. The winding up order now goes away and the VAT man is happy. There will probably be a 10-point deduction in the league, but the club can go forward now.
"The club will pay a monthly amount back over four or five years and things have been put in place to enable them to pay it off. A lot of new things are starting at the club and I don't think the repayments will be a problem.
"We have been in with Harlow for the last few months and have been going through everything with a fine tooth comb. I hope the club can move on from this point and I feel extremely positive about the future of Harlow Town Football Club.