Creditors Agree ‘Well Deal

The meeting, chaired by the administrator, was held in the lavish surroundings of the Corinthian in Ingram Street at noon on Wednesday and was attended by less than a dozen creditors and their representatives.

The meeting was adjourned due to the Revenue making it known (shortly before noon) that they were prepared to be treated as ordinary creditors.

Previously the Court had stated they had the status of priority creditors and that they were therefore entitled to have their debt paid in full. This meant that a substantial sum (possibly as much as £300k) became available to the remaining creditors. After some rapid recalculations a figure of 20p in the pound was made in an amended proposal. This was accepted.

Had John Boyle not made the decision to waive his right to a share of the cash the amount to be paid out to former players and the like would have been much less.

At last an end is in sight to the darkest period in the financial history of the club. Amazingly, the Mighty ‘Well are currently fifth in the table with one of the most inexperienced squads in the SPL. The highest praise must be due to the players, the management and the administrator for giving the club the chance to move forward with optimism. The lesson of balancing income and expenditure has surely been learned and it will be golden rule for the board in the future.