Statement from Bob Young, Gerald Krasner and Steve Currie of Begbies Traynor, joint administrators of Port Vale (Valiant 2001) Football Club Limited
At the creditors meeting held on 26 April 2011 both the Administrators' proposal and the CVA were duly approved by the requisite majority. The proposals were approved by over 90% of creditors and the CVA by 87%. It is hoped that the transfer of football league shares can be completed before the end of June.
As a gesture of thanks to the fans, the Administrators have reduced the price for the final home match against Oxford United on Saturday May 5 by £5 per ticket for those paying on the day. This applies to home fans only.
Gerald qualified in 1971 as an ACA with Peat Marwick Mitchell and subsequently joined Bartfields Chartered Accountants where he began to specialise in Insolvency. He was one of the first licence holders in 1986 when he specialised in CVAs before they became more popular. Gerald has worked on numerous successful cases including Krasner v Dennison, for which he won in the Court Of Appeal and as a consequence changed the treatment of a bankrupts' pensions.
In 2004 he became chairman and part owner of Leeds United AFC which had debts of circa £103 million. These were reduced to £24 million before the club was sold the following year. In 2007 he sold the insolvency division of Bartfields to Begbies Traynor and became a partner at the firm.
Gerald has lectured both nationally and internationally to fellow insolvency practitioners and other professionals, and has also been involved in committees for both R3 and Insol.