TTFA creditors agree financial irregularity clause


Mary Daniel –

On Friday, Trinidad and Tobago Football Association (TTFA) creditors voted unanimously in favor of a motion on the restructured debt repayment proposal. The motion states that before anyone receives a payment, they must meet the anti-money laundering requirements of the association’s debt financiers and must not have been sanctioned in any jurisdiction for financial impropriety.

The meeting was convened by TTFA-appointed Trustee Maria Daniel to update creditors on the status of the debt repayment proposal and inform them of the conditionality added. It was held at the TTFA Football Foyer in Couva and participants attended in person and virtually. The Insolvency Supervisor was present at the meeting.

Daniel told creditors that all claims received so far have gone through the validation process and only one of the invalidated claimants has raised an issue, which is the subject of separate legal proceedings. However, this would not prevent the trustee from presenting the proposal to the court for approval on September 7, 2022.

Asked about the nature of the request, she said the plaintiff had failed to provide the trustee with adequate documentation or evidence to support his claim.

On May 5, at a meeting chaired by the Insolvency Supervisor, TTFA creditors voted unanimously in favor of the trustee’s proposal to repay the sums owed to them.

The proposal, which was crafted by Daniel, supported by Ernst and Young and a legal team led by Richard Beckles, in conjunction with the FIFA-appointed normalization committee of the TTFA, will be funded by an interest-free instrument of 3.5 million dollars that the TTFA has ten years to repay. Creditors owing up to TT$200,000 will be paid in full and balances above that will be pro-rated. They also have the option of being paid in US dollars or TT.

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