Insolvency for Terras? (From Dorset Echo)

Insolvency for Terras?

5:17pm Thursday 12th November 2009

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WEYMOUTH Football Club looks set to be made insolvent.

This follows the passing of the deadline imposed by the proposed administrator where no deal was forthcoming to save the club.

A statement from director Paul Cocks, on the club's website, reads: "The deadline for any proposed purchaser to reach an agreement prior to administration with the proposed administrator of WFC LTD has now passed.

The administrator, having set out his requirements to all interested parties, did not receive any offer that complied with those requirements.

“The administrator has to comply with general law, insolvency law and the requirements of the football authorities, as well as securing the best deal for creditors.

The situation surrounding WFC LTD is particularly complicated by (a) the complex situation relating to ownership of the land and (b) the possibility of a legal claim against former chairman Malcolm Curtis.

The deadline having passed, the directors of the club are now under an obligation to take formal insolvency proceedings, and will be meeting as soon as possible with a view to commencing that process."

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