Sports
Newsday Reporter
MARIA Daniel, a chartered financial analyst and a partner in Transaction Advisory Services, of the Ernst and Young Services Limited, has been appointed to manage the debt proposal process of the Trinidad and Tobago Football Association (TTFA).
Daniel is also the holder of a trustee license under the Bankruptcy and Insolvency Act of TT.
According to a media release by the TTFA, on Monday, Daniel was appointed by the FIFA-appointed normalisation committee (which oversees the daily affairs of the TTFA), to manage the process, which will be guided by the rules of the Bankruptcy and Insolvency Act, Chapter 9:70.
The process will include meetings with and the submission of claims (and supporting documents) by all creditors, a review and verification of the claims, and the development of a proposal to deal with the valid outstanding liabilities.
Once the proposal has been developed and approved by the creditors, it will be sanctioned by the Courts and the normalisation committee will proceed to implement the proposal in accordance with its terms. During the development of the proposal and its implementation, the normalisation committee’s day-to-day management of the TTFA will be unaffected.
In an Ernst and Young report, dated April 9, 2021, the TTFA’s total outstanding liabilities and unasserted claims (contingent liabilities) are approximately TT$98.5 million.
Acording to the media release, “This process as it was designed, will allow the TTFA to manage its operations and provide a stay from all legal proceedings and creditor actions for a period of up to six months, thereby securing the TTFA’s assets while the management and normalisation committee work under the oversight of the independent trustee to develop and present a proposal to address the TTFA’s debt to all creditors.
Chairman of the normalisation committee Robert Hadad said in the media release, “The TTFA is currently hamstrung with debt, and we can’t allow past mismanagement and poor governance to cripple the future of football or indeed its daily operations. This option, under the supervision of the supervisor of insolvency, the trustee and the courts, ensures transparency, equity and independence in the process while, at the same time, ensuring that our current subventions are used for the day-to-day running of the TTFA and its present and future needs.
The intent is to rehabilitate as opposed to dissolve the TTFA with a view to preserving continuity and the development of football in Trinidad and Tobago for future generations.”
