Ground Elder
Well-Known Member
This is from an email to shareholders -
The less than convincing recovery plan -
Since August, we have taken the best possible legal and financial advice, and until recently we had unanimously decided that the best possible course of action for the preservation of the company and event, and to safeguard the interests of its creditors, investors and ticket holders, was to place the company in administration. This would have meant that we would have been legally protected from bankruptcy, the whole board would have stepped down, and the company would have been run for a 12 month period by a firm of accountants appointed as administrators, to enable it to get back on its feet.
However, the advice we received has recently changed, and our potential administrators, London-based firm SPW(UK) LLP, have now told us that it will be in their view better for us to remain out of administration, at least for the time being. Although the collapse of this year's event has left us with very substantial debts, none of our creditors is so far petitioning for the company to be compulsorily wound up, nor does there seem to be any immediate likelihood of any of them doing so, as this would be an expensive procedure which not be in anyone's financial interest to pursue. Although going into administration remains a possible fall-back option, we have been advised that this should be kept as a last resort, and that, since we now have a credible recovery plan, we can legally continue trading with a reasonable hope of getting ourselves out of the hole which we are presently in.
The less than convincing recovery plan -
Our recovery plan has, in essence, two principal elements: firstly to pursue legal action for compensation from the authorities who engineered the enforced cancellation of this year's event, and secondly to hold one or more BGG events in 2010 which will eliminate the majority of our debts by enabling our ticket-holders and traders to use the tickets and stall pitches for which they have already paid.

or maybe some other Urban can find it? 

. I love it, faults and all. It's on a stunning site, with ancient trees, ruins and a top views.