PistoldPete Posted October 1, 2021 Share Posted October 1, 2021 10 minutes ago, kevinhectoring said: The admins said that HMRC has first claim against floating charge assets. In other words, they rank behind MSD’s charge on fixed assets. They also rank behind administrators costs, which I think includes any debt the admins raise to fund us until sale As I understand it, the reason HMRC agrees to a haircut is this: the club only survives as a going concern if 25% of unsecured creditor claims are repaid and if all football creditors are paid. So the admins will show HMRC sale scenarios with indicative sales prices. These will show that if HMRC and unsecured creditors do not agree a deal then the EFL requirement for continued EFL membership will not be met which will mean the club goes into insolvent liquidation. In other words if HMRC does not compromise, it could get nothing because the club would be history. Technically, even if we fail to meet the EFL criteria for satisfying creditors that doesn't mean liquidation. We may be banished from the League however. That was Bury's fate. But Bury has not been liquidated , it is still in administration and they are still hoping to re-emerge without becoming insolvent. Link to comment Share on other sites More sharing options...
kevinhectoring Posted October 1, 2021 Share Posted October 1, 2021 22 minutes ago, PistoldPete said: Technically, even if we fail to meet the EFL criteria for satisfying creditors that doesn't mean liquidation. We may be banished from the League however. That was Bury's fate. But Bury has not been liquidated , it is still in administration and they are still hoping to re-emerge without becoming insolvent. Yes you’re right Link to comment Share on other sites More sharing options...
StarterForTen Posted October 1, 2021 Share Posted October 1, 2021 I may be wrong, but I don't think any league would consider membership for a new club that is in administration, so its as good as being liquidated in terms of HMRC (and other creditors) getting any value for their debt Link to comment Share on other sites More sharing options...
PistoldPete Posted October 1, 2021 Share Posted October 1, 2021 1 hour ago, StarterForTen said: I may be wrong, but I don't think any league would consider membership for a new club that is in administration, so its as good as being liquidated in terms of HMRC (and other creditors) getting any value for their debt Yes if the club is banished from the League and in administration, Like Bury well prospects would not look good for creditors . So better to reach an agreement and then HMRC can continue to collect taxes based on what are in Derby’s case still considerable revenues. Link to comment Share on other sites More sharing options...
Bald Eagle's Barmy Army Posted October 1, 2021 Share Posted October 1, 2021 We aren’t going into liquidation, Garry Cook is taking over with his American backers and we will be just like Citeh in 10 years time. Reggie Greenwood and kevinhectoring 1 1 Link to comment Share on other sites More sharing options...
PistoldPete Posted October 1, 2021 Share Posted October 1, 2021 2 minutes ago, Bald Eagle's Barmy Army said: We aren’t going into liquidation, Garry Cook is taking over with his American backers and we will be just like Citeh in 10 years time. Liquidation is unthinkable I agree. Not sure about the rest of your prediction. Link to comment Share on other sites More sharing options...
Woodley Ram Posted October 1, 2021 Share Posted October 1, 2021 3 hours ago, Crewton said: Yeah, I made that point in my previous post. I'm not really sure what this poster is trying to prove - a £20m hit on the club's income over the past 18 months is entirely plausible and without cash being injected by the owner or from borrowing it would have gone into Administration much earlier. agreed, covid had and is having an effect on opertional costs, £20m seems reasonable, thats why I think we could appeal the 12 points for administration and get a possible reduction, if we could turn that and the FFP into 12 points total we might have a chance. I know nuffin and Crewton 2 Link to comment Share on other sites More sharing options...
Ghost of Clough Posted October 1, 2021 Share Posted October 1, 2021 4 minutes ago, Woodley Ram said: agreed, covid had and is having an effect on opertional costs, £20m seems reasonable, thats why I think we could appeal the 12 points for administration and get a possible reduction, if we could turn that and the FFP into 12 points total we might have a chance. The deadline for any appeal has already passed. Given we haven't heard anything about it, I would guess that the administrators have chosen not to appeal. Link to comment Share on other sites More sharing options...
Reggie Greenwood Posted October 1, 2021 Share Posted October 1, 2021 28 minutes ago, PistoldPete said: Liquidation is unthinkable I agree. Not sure about the rest of your prediction. He didn’t say which Citeh ? Link to comment Share on other sites More sharing options...
DarkFruitsRam7 Posted October 1, 2021 Share Posted October 1, 2021 JoetheRam 1 Link to comment Share on other sites More sharing options...
BuckoBeast Posted October 1, 2021 Share Posted October 1, 2021 7 minutes ago, DarkFruitsRam7 said: KP? Link to comment Share on other sites More sharing options...
Eatonram Posted October 1, 2021 Share Posted October 1, 2021 29 minutes ago, Ghost of Clough said: The deadline for any appeal has already passed. Given we haven't heard anything about it, I would guess that the administrators have chosen not to appeal. Really? How long did we have to appeal? 7days? Link to comment Share on other sites More sharing options...
CornwallRam Posted October 1, 2021 Share Posted October 1, 2021 Just seen that Faye Nixon was one of the redundancies. She was head of marketing, but also often ran the fan's forum events. That's such a shame - Faye is both lovely and super-competent. Hope that she gets something sorted soon, but I suspect that she won't be unemployed for long. Good luck Faye. Boycie, Eatonram, ariotofmyown and 9 others 4 8 Link to comment Share on other sites More sharing options...
PistoldPete Posted October 1, 2021 Share Posted October 1, 2021 49 minutes ago, Ghost of Clough said: The deadline for any appeal has already passed. Given we haven't heard anything about it, I would guess that the administrators have chosen not to appeal. Really? That seems a very short deadline and I am rather surprised that we wouldn’t appeal. Link to comment Share on other sites More sharing options...
I know nuffin Posted October 1, 2021 Share Posted October 1, 2021 50 minutes ago, Ghost of Clough said: The deadline for any appeal has already passed. Given we haven't heard anything about it, I would guess that the administrators have chosen not to appeal. That's not what the administrator indicated in the live interview Wednesday. r_wilcockson and Indy 2 Link to comment Share on other sites More sharing options...
Ghost of Clough Posted October 1, 2021 Share Posted October 1, 2021 20 minutes ago, Eatonram said: Really? How long did we have to appeal? 7days? 7 days from notice Link to comment Share on other sites More sharing options...
Ghost of Clough Posted October 1, 2021 Share Posted October 1, 2021 2 minutes ago, PistoldPete said: Really? That seems a very short deadline and I am rather surprised that we wouldn’t appeal. 1 minute ago, I know nuffin said: That's not what the administrator indicated in the live interview Wednesday. Link to comment Share on other sites More sharing options...
ketteringram Posted October 1, 2021 Share Posted October 1, 2021 1 hour ago, Bald Eagle's Barmy Army said: We aren’t going into liquidation, Garry Cook is taking over with his American backers and we will be just like Citeh in 10 years time. Presumably, all the people that claim to hate what happened to Citeh, will want nothing more to do with us, and not bother coming to games anymore. PendineRam 1 Link to comment Share on other sites More sharing options...
TheSlate Posted October 1, 2021 Share Posted October 1, 2021 35 minutes ago, CornwallRam said: Just seen that Faye Nixon was one of the redundancies. She was head of marketing, but also often ran the fan's forum events. That's such a shame - Faye is both lovely and super-competent. Hope that she gets something sorted soon, but I suspect that she won't be unemployed for long. Good luck Faye. Think she actually just got a new job Woodley Ram, RoyMac5, 48 hours and 1 other 2 1 1 Link to comment Share on other sites More sharing options...
Indy Posted October 1, 2021 Share Posted October 1, 2021 41 minutes ago, CornwallRam said: Just seen that Faye Nixon was one of the redundancies. She was head of marketing, but also often ran the fan's forum events. That's such a shame - Faye is both lovely and super-competent. Hope that she gets something sorted soon, but I suspect that she won't be unemployed for long. Good luck Faye. Faye was the person who got my band’s music used for the pre-match big screen video played before every home game in the 2018/19 season. Super helpful and really nice. Hope she lands on her feet. CornwallRam 1 Link to comment Share on other sites More sharing options...
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