.jpg)
Hereford United are due back in the High Court in just seven days for the third round of the Martin Foyle winding up petition.
It is three weeks since the club faced it's former manager for the first time, initially getting a seven day adjournment before the current three week halt to proceedings.
The proceedings have seen Andy Porter and HMRC add their bills to the total demand, while the sum demanded by the programme printers that was originally added has been withdrawn - with the owner of the printers understood to be an acquaintance of Tommy Agombar.
The High Court are understood to have been told that the process to offer a CVA deal to creditors was to begin. That CVA proposal would, realistically, have to be sent out to creditors before next Monday to avoid the wrath of the Court.
Southern League rules call for any CVA agreement sought by Hereford United to be for 100% of the debt.
It is three weeks since the club faced it's former manager for the first time, initially getting a seven day adjournment before the current three week halt to proceedings.
The proceedings have seen Andy Porter and HMRC add their bills to the total demand, while the sum demanded by the programme printers that was originally added has been withdrawn - with the owner of the printers understood to be an acquaintance of Tommy Agombar.
The High Court are understood to have been told that the process to offer a CVA deal to creditors was to begin. That CVA proposal would, realistically, have to be sent out to creditors before next Monday to avoid the wrath of the Court.
Southern League rules call for any CVA agreement sought by Hereford United to be for 100% of the debt.
Whilst individual creditors can write off their debts outside of the agreement, and with football creditors supposedly being dealt with before Friday's Southern League deadline, those non-football creditors that expect payment can expect 100% of their money within three years or the club will face further sanctions.
The club will almost certainly incur a ten point deduction for entering a CVA deal, although the penalty is subject to any appeal, while a CVA of less than 100% of debt would also potentially see further sanction implemented.
League rules bar clubs from promotion without settling creditors 'in full' or within the remit of an agreed CVA, while there are also references to further demotion for failing to agree a CVA within the rules - although that demotion would likely not take place until the next AGM.
Any vote on the CVA proposal would be at least two weeks after the documents are sent out to creditors, meaning that the High Court hearing is only likely to be adjourned until after the CVA vote - if the club can get the relevant paperwork out to creditors in good time.
Any vote on the CVA proposal would be at least two weeks after the documents are sent out to creditors, meaning that the High Court hearing is only likely to be adjourned until after the CVA vote - if the club can get the relevant paperwork out to creditors in good time.
