Derby County Administration (with the slight possibility of Liquidation still there)

[Raich Carter]

23 minutes ago, Grumpy Git said:

An observation regarding administrators;

business X has not enough cash to pay it's debts yet administrators charge eye-watering amounts per hour for their services (£500/hr senior staff and £150/hr for an office clerk not uncommon) and THEY ALWAYS GET PAID, go figure!

Why would they do it if they weren't going to get paid? 

And if a company is big enough to have millions of debts then probably justifies the high rates. Now, if you're asking if £500 ph for a pleb who can count beans is fair, that's a different question! ?

[RandomAccessMemory]

6 minutes ago, atherstoneram said:

The HMRC issued a winding up order in Jan 2020, Covid didn't begin to have an impact until 13th March 2020 when the EFL decided to suspend the league so i don't see how the club can blame Covid for the HMRC situation.

That winding up order was withdrawn 6 days later.

[Grumpy Git]

3 minutes ago, Raich Carter said:

Why would they do it if they weren't going to get paid? 

And if a company is big enough to have millions of debts then probably justifies the high rates. Now, if you're asking if £500 ph for a pleb who can count beans is fair, that's a different question! ?

In my experience, their bill is always the amount left-over (less 5p) after the preferential creditors have been paid. I've been on the wrong-end too many times so have been party to all the paperwork involved.

[Raich Carter]

25 minutes ago, Grumpy Git said:

In my experience, their bill is always the amount left-over (less 5p) after the preferential creditors have been paid. I've been on the wrong-end too many times so have been party to all the paperwork involved.

I get that - my point is why be angry at the administrators? They're just doing what they're paid to do and of course they should be paid for their work else there'd be no-one to do it! There are less expensive administrators out there, I'm sure.

[Crewton]

32 minutes ago, RandomAccessMemory said:

That winding up order was withdrawn 6 days later.

Aye, it will have been because we defaulted on a payment due to Christmas/NY. They do it for fun unless you're Vodafone. 

[RadioactiveWaste]

I'm just curious if he flew in using the Morriscopter to tell the staff about the administration, or did he arrive in an chauffered limo ...

[observer]

any ideas on when the list of creditors will be released

be interested to see if any local businesses are losing out?

Officecare and maybe talbot turf come to mind, hope it doesnt affect them too much

[kevinhectoring]

2 hours ago, CornwallRam said:

The rules changed last year, we now have to pay back HMRC in full as part of a CVA.

Wow really?? Can you please reference those rules ?

[Gringo]

5 minutes ago, kevinhectoring said:

Wow really?? Can you please reference those rules ?

https://www.gov.uk/government/publications/hmrc-as-a-preferential-creditor

there you go

[kevinhectoring]

6 minutes ago, Charlotte Ram said:

https://www.gov.uk/government/publications/hmrc-as-a-preferential-creditor

there you go

Thanks. On a quick look this means certain cash held by the club belongs to HMRC. If that’s the extent of it, it’s not going to cover much of the HMRC claim, if any 

[Foreveram]

On 20/09/2021 at 11:46, Ambitious said:

If that's the case then surely liquidate the club and start again?

I'd imagine there is a bigger apatite from fans over a new phoenix club than there would be for the above scenario. It's not even remotely close for me. Hit the reset button and start again for me. 

The pies At Matlock are quite good I’m sure they would welcome you

[StarterForTen]

9 minutes ago, kevinhectoring said:

Thanks. On a quick look this means certain cash held by the club belongs to HMRC. If that’s the extent of it, it’s not going to cover much of the HMRC claim, if any 

Just means they are now 'best of the rest' in the pecking order - they still sit below those with an active fixed charge.

[derby8]

See newsnow/Derby county, 14.13, the political economy of football, bleak prospects at Derby...

[jono]

2 hours ago, Malagaram said:

It seems to me a very bad state of affairs when 50,000 supporters can lose their Saturday entertainment through the ineficiency of the clubs owner in running the club beyond his means.

Also when the said owner tells the clubs fans he has pumped in 200 million into the club,does he not realise that so many fans have paid for season tickets,and match tickets they could properly afford.Morris should be put into administration,his riches stripped from him,and used to pay his debts(no it is not the clubs debt,Morris was the one who got us into this mess.

I wonder how he can sleep at night when tomorrow he will be telling many people they will at best be paid for less hours and at worst they will be loosing their jobs

It’s a limited company. If you trade with or work for a limited company you know right at the start that there is no call on the directors personally unless they continue us to trade whilst knowingly insolvent. It has to be so or people would never start businesses of any scale. 

[Macintosh]

Having been on the receiving end of companies going bust quite a few times, and wasting time attending a creditors' meeting, the one thing that is heartbreaking is seeing the administrator's bill on their statement. Their's is covered similar to HMRC and secured loans. If a deal can be done straight after they are appointed, someone is ready to step in, the difference that makes is incredible to the future of the club. I hope that is what is going on right now. If it drags on selling most of the squad only covers their costs.

[SamUltraRam]

 

 

[RandomAccessMemory]

1 hour ago, Crewton said:

Aye, it will have been because we defaulted on a payment due to Christmas/NY. They do it for fun unless you're Vodafone. 

Does that show that the current HMRC debt has been built up since then?

If we were behind on other payments at that point, would the winding up order have been withdrawn?

[CornwallRam]

I've just had a really upsetting thought.

Just imagine BBC Radio Derby Sport...the der, de der, de, de, de, de, der, de, der music and then it all being about Burton Albion.?

[nottingram]

2/3 relegation places sorted due to off field rubbish. The beautiful game.

[RoyMac5]

3 minutes ago, SamUltraRam said:

 

 

"In the 2018/19 season it was reported that Reading’s wage bill was £40m, working out as 194 per cent of their turnover.

For the following campaign their accounts revealed total accumulated losses of £138m, while their most recent pre-tax loss was £93m over a three-year period.

Relegated from the Premier League in 2013, Reading have operated in the Championship for the past nine seasons."

6 to 9 points? But we'd get 4 for £4m?