TTFA Normalisation Committee thanks all for help in resolving debt problem
The members of the Trinidad and Tobago Football Association’s (TTFA) Normalisation Committee (NC) wishes to thank the Association’s creditors and all who participated in the exercise that led to the approval of the repayment proposal that will finally resolve the years’ old debt problem.
TTFA’s creditors met at the Home of Football, in Couva, on Thursday under the chairmanship of the Supervisor of Insolvency and voted unanimously in favour of a TTFA NC’s debt repayment proposal, made through the Bankruptcy and Insolvency Act, that will see them receive anywhere from 63 cents in the dollar to 100 per cent of the monies owed to them, based on current validated claims.
Commenting on the outcome of the exercise, Normalisation Committee chairman Robert Hadad stated, “We, the members of the committee, are grateful for where we are today, and while we would like to have been in a position to fully satisfy the claims of all legitimate creditors, we think the Trustee did an excellent job in arriving at a solution that was fair and equitable, with the resources available to us.”
The NC also extends thanks to the EY team and the Trustee Maria Daniel for their tireless and unrelenting efforts, and everyone else who participated in the process of resolving the debt problem.
The debt repayment process took longer than the NC had planned because of several contributing factors, not the least of which were the legal battles and the pandemic.
Hadad added, “We must also thank FIFA for the role it played in helping us get to this point and we now look forward to working with the Government, SporTT Company and other stakeholders to getting football on course for brighter days. The journey has now begun.”