Football Management

Commentary on the management of over 160 English football clubs by Dr John Beech, winner of the FSF Writer of the Year Award 2009/10 Twitter: @JohnBeech Curator of Scoop.it! Football Finance

Folkestone Invicta enter CVA

Posted by John Beech on February 16, 2010

What with being away and more focussed on clubs such as Portsmouth, Chester and Notts County, I’m afraid I missed an insolvency event on 5th February – Folkestone Invicta, of the Isthmian League Division 1, have opted to enter a CVA (Administration would have been the more drastic alternative) in order to meet debts of £170,000 (1 and 2).  £135,000 is owed to HMRC, the other major creditor being HSBC Bank.  Under the CVA the debts will be paid off in regular monthly installments over the next five years, and it would appear that HMRC have agreed to accept around 50p in the pound.

The club narrowly avoided Administration last June (3), and had struggled financially after failing to attract a main sponsor.  I would have to admit that my Folkestone Invicta file is on the thin side, and if any local blog reader can flesh out some more detail it would be much appreciated.

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