The company was facing severe financial problems and therefore a group of directors invited Quantuma and Verisona to attend an initial meeting in Woking to assist in identifying a way forward as an alternative to what was being proposed by the majority shareholder. Verisona Law later handled the appointment of the administrators by a debenture holder. Thereafter the firm was appointed by the administrators to represent them and to act on the sale of the club to a newly formed consortium.
The firm worked very long days over the ensuing 3 months to achieve a successful sale of the club to a consortium of supporters.
The unusual timing of the failure resulted in the club seeking to join the Football Conference (“FC”) having already entered into administration. This required the firm to be involved in delicate negotiations with creditors, particularly football creditors because of the strict FC rules relating to payment of their debts. This culminated in them having to attend with the administrators at an urgent meeting of the FC board in Wales in order to present the administrators’ detailed proposals. The process also involved lengthy discussions/negotiations with the Professional Footballers’ Association, the local authority and the Football League and detailed knowledge of the two leagues’ respective rules was essential.
Representing the Administrators the Company mounted a successful challenge to a newly created debenture, and was also involved in negotiations with Chelsea Football Club to use Aldershot’s stadium for Chelsea Youth Squad matches.