HMRC were owed 94 million!

BH is right....get a user name ya donut

75% of the debt has to be agreed for a CVA to pass. If HMRC accepted the CVA, then all the others could reject it. Blue Heaven is correct U.

I stand corrected, but if 75% is required, and hmrc accepted whilst everyone else rejected then surely it would be accepted.
I'm walking away, it's a sad day when my fellow bears turn on each other.

Miss Harriet Cousin

HMRC could be owed £94

COULD BE!

Right now they are only owed £18m, by Craig Whyte who they are pursuing!

"WERE" owed?

It's been settled then has it?

Any Tim out there confirm this?

For a CVA to be passed, the combined amount owed to the creditors that vote to approve the proposal must be 75% of the total figure.

It also requires the majority of shareholders to approve the proposal, and as we can see, 100% of the members accepted it.

If the disputed £72m was actually owed to HMRC, their debt was £94m in total, 75.8% of the total £124m debt figure.....so HMRC held ALL the cards in this scenario, a yes vote from them would have passed the CVA with the other creditors not even getting a say.

If the disputed £72m was not actually owed to HMRC, then the total debt figure would have fell to £52m, and HMRC's total debt would have been £22m, thats 42% of the total debt figure......so a yes vote from HMRC would not have been enough to get the CVA passed, they would have needed other creditors to approve up to the 75% mark.

In both situations though, HMRC had the power alone to get the CVA rejected....They had 75.8% of the vote in the first scenario and 42% of the vote in the second scenario......a no vote from them in either senario meant the CVA was dead in the water because it was impossible to get the 75% approval needed.....and thats what happened

Presumably the 200k to Palmero is for the Goian transfer.

Im on the list

Some interesting creditors on there.