preview

Questions And Concerns Regarding Your Football Club Facing Problems

Better Essays

Further to your questions and concerns regarding your football club facing problems currently. This is a common in UK that football clubs faces financial problems due to their debts exceeds from their assets and in recent years many football clubs went in to administration. This situation arises where football clubs unable to pay their debts. Therefore, they went insolvent or in to liquidation. The company shareholders passed the special resolution to put the company in to bankruptcy or liquidation. All process done under the Insolvency Act 1986 , the Bankruptcy and Diligence etc. (Scotland) Act 2007 and Debt Arrangement Scheme (Scotland) regulations 2011. I start with your concerns about the arrestment of your corporeal and incorporeal moveable assets (Possessed by you or in the hands of a third party) by the creditors which you fear might they arrest due to the debts that your club unable to pay. Arrestment procedure set out in s 73A of the Debtors (Scotland) Act 1987( the “ 1987 Act”) this section provided that an arrestment in execution must follow a decree in respect of the debt due to the creditor and a schedule of arrestment must be served upon the debtor together with debt advice and information. Section 73E of the 1987 Act provides that the arrestment attaches the lesser of (i) the sum due by the arrestee to the debtor or (ii) the sum due by the debtor to the arrester, plus expenses, and interest. It is not possible for the creditor to arrest more than the

Get Access