Terras' debt slashed as CVA approved
By Derek Bish
Saturday 27th March 2010
WEYMOUTH Football Club has slashed its debt by 81 per cent
in one fell swoop after successfully entering into a Company
Voluntary Arrangement (CVA).
Terras chairman George Rolls had warned fans ahead
of the crucial meeting in Chingford, Essex, that the club
could be forced into liquidation if less than 75 per cent
of creditors agreed with his proposal.
However, 80.9 per cent voted in favour, including major creditor
and former chairman Malcolm Curtis, who held almost a quarter
of the vote.
Rolls hopes the CVA can be the mark of a new beginning for
the Terras and added: I would like to thank all the
creditors that have accepted the proposal. I do feel sorry
for them that they will only get 9p in the pound of what they
are owed, but we inherited those debts.
We will make sure that we wont allow debts to
rise at the club and it will be run properly with the community
As a result of yesterday lunchtimes decision, Wey-mouth
will have to pay out around £1,500 per month to all
creditors over the next five years after their debt was cut
from in the region of £900,000 to just over £80,000.
No amendments were made to the CVA, as had been suggested
by Steve Beasant, who still harbours hopes of getting involved
with the Terras at boardroom level.
He revealed his fears in Thursdays Echosport that an
acceptance of the CVA without amendments would put a block
on investigations into past directors and the controversial
There is a 28-day window for anyone to appeal the CVA decision.
Rolls has invited supporters to attend a fans forum
at the Wessex Stadiums Weyline Lounge on Monday at 8pm
where the board will be discussing the future of the club.