Creditors agree to TTFA financier’s repayment conditions
Creditors agree to TTFA financier’s repayment conditions
The Trinidad and Tobago Football Association’s (TTFA) creditors today (Friday, August 5, 2022) voted unanimously in support of a motion that before anyone receives payment under the restructured debt repayment proposal, they must meet the anti-money laundering requirements of the Association’s debt financiers and must not have been sanctioned in any jurisdiction because of financial impropriety.
The meeting was convened by TTFA appointed Trustee, Maria Daniel to update creditors on the status of the debt repayment proposal and to inform them of the added conditionality. It was held at the TTFA’s Home of Football and participants attended both in person and virtually. The Supervisor of Insolvency was present at the meeting.
Daniel told creditors that all claims received so far had gone through the validation process and only one of the invalidated claimants has raised a query, which is the subject of separate legal proceedings. However, it would not prevent the Trustee from taking the proposal to Court for approval on September 7, 2022.
Asked the nature of query, she said the claimant failed to provide the Trustee with adequate documentation or evidence in support of their claim.
On May 5, in a meeting chaired by the Supervisor of Insolvency, TTFA’s creditors voted unanimously for the Trustee’s repayment proposal for settlement of the monies owed to them.
The proposal, which was developed by Daniel, supported by EY and a legal team lead by Richard Beckles, in collaboration with the TTFA’s FIFA-appointed Normalisation Committee, will be funded by an interest-free US$3.5 million instrument that the TTFA will have 10 years to repay. Creditors owed up to TT$200,000 will be paid in full and balances above that will be pro-rated. They also have the option to be paid in US or TT dollars.
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