Quote ="frank5613"He took on the debts or did Salford go into admin, plus the number of years to pay them off was a lot longer than 5, & they were Salford's debt.'"
This has gone a bit O/T but is'nt the situaution with the Salford debts this :-
The Electrician has agreed, under the terms of the CVA, to pay all outstanding debts of the old company within 5 years, except for Salford Council's £1.5million loan.
Over the next five years he will pay back £240,000, 16% of the £1.5million loan to the Council.
The rest - £1.26million - will be spread interest free until [u2038[/u.