Kettering's George Rolls confident of CVA agreement

Kettering Town's George Rolls says he is confident that creditors will accept a company voluntary arrangement (CVA) at a meeting on 14 June.

The club's acting-chairman has stated that debts amount to £1.2m.

He told BBC Northampton: "[Current owner] Imraan Ladak has agreed to waive his loans in the business.

"With money owed to myself and Ritchie Jeune, and a few other creditors we know will vote yes to the CVA already, we know there's over the 75% needed."

The Evo-Stik League hold their AGM on the 16 June and have confirmed that any club entering an insolvency event, either before or after that meeting, will be liable to a 10-point deduction.

Analysis

Kettering want to enter a CVA without being in administration first.

Football finance experts say it can be cheaper and easier to do so - and is more suitable between seasons, as opposed to mid-campaign.

The 10-point deduction in the Southern Premier will make promotion difficult, especially as the team still needs major re-building - and a manager.

But after months of uncertainty, just competing in the 2012/13 season would be a relief to Poppies fans.

Although it can only be confirmed at that AGM, Kettering Town have been placed in the Southern League Premier Division by the Leagues Committee.

"Creditors are going to lose out and I feel genuinely sorry for them," said Rolls.

"But a lot of creditors have got back some money because we've been paying them off since we came to the club.

"For example, we've knocked the debt down with one of the utilities companies by £20,000. St John's Ambulance were owed well over £1,000 and I think they're owed about £150 now.

"The club has cost me money since I've been here. I can sleep at night knowing we've done all that we can."

The club's mounting debts contributed to not being able to fulfil Football Conference conditions for entry into the Blue Square Bet North, but a CVA protects the club from winding up petitions.

"We didn't want to put the club into insolvency but HM Revenue & Customs wanted another chunk of money. They wouldn't be like other creditors and [accept being] paid over a certain amount of time.

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Our budget is the same as it would've been in Conference North

George Rolls

"There was a tax bill from 2007 that had been missed as well.

"And [former manager] Mark Stimson took the club to an employment tribunal for unfair dismissal."

The club are yet to appoint a new manager after Morell Maison, Stimson, Mark Cooper and Ashley Westwood held the role in 2011/12.

But Rolls says he is hopeful of high attendances in 2012/13, despite the Poppies dropping two levels.

"The fans didn't have much to cheer about. When they see a winning team, I'd like to think we'd get 1,200 or 1,300 regularly. We've budgeted for 700 but that's very pessimistic.

"We'll be going in with one of the larger budgets in the league and I know some people say that's not fair because of creditors being owed money.

"But our budget is the same as it would've been in Conference North."