The Administration Thread

[Boycie]

A wiser person than me once said “ No news is good news. “
 

But it doesn’t get the clicks.

[kevinhectoring]

1 hour ago, CornwallRam said:

Quantuma and HMRC definitely come before them.

But only part of the HMRC debt is preferred no? 

[CornwallRam]

6 minutes ago, kevinhectoring said:

But only part of the HMRC debt is preferred no? 

I believe it's only the first £28m or so!

[kevinhectoring]

2 hours ago, Oldben said:

I wonder if what's usual applies here, the biggest issue is that a clubs never been placed in administration, owing what derby owes and I think not even close to the size of debt.

If Derby are liquidated, could mm be told that he can't be a company director.

That might influence mm decision to further help Derby?

https://www.burytimes.co.uk/news/20025886.bury-company-director-disqualified-168-000-owed-taxman/

 

See below. There is usually an unholy understanding between administrators and directors that if a director plays ball and helps the administrators, then the admins will not file a damning report 

“Section 7A of the Company Directors Disqualification Act 1986 requires the Liquidator (or an Administrator in the case of a company that has gone into Administration) to issue a Director Conduct Report in respect of any individual who was a Director of the insolvent company at the date of Liquidation  ...”

[Jimbo Ram]

Any news ??

[Crewton]

1 hour ago, jimtastic56 said:

Watkins has his third goal for England tonight . We could of got him in 2018 from Exeter for £2 mill. He is now worth more than DCFC. Football is just crazy.

Don't fret it, EVERYONE is worth more than DCFC now... 

[Millenniumram]

Hm, still no preferred bidder?

It couldn’t be…. that Quantuma were bullshitting? Surely not, they’ve not got any history of it?

[oldtimeram]

I have had enough.  I don't give a fook anymore 

[Bris Vegas]

I’ve just cancelled my RamsTV subscription.

Two takes:

Firstly, I’m now genuinely worried I won’t have a team to follow next season.

Secondly, I fear for Ron Brooks Toyota’s business ventures if we go under.

[Ramifications]

Why cancel the subscription now? Why not wait until the end of the season? 

[Gee SCREAMER !!]

I wouldn't worry about the administrators bill.  Once the creditors start complaining about a company liquidating that had a 28 million fund to spread around and it wasn't taken up, they'll be owing money of their own.  

[Gee SCREAMER !!]

2 hours ago, jimtastic56 said:

Watkins has his third goal for England tonight . We could of got him in 2018 from Exeter for £2 mill. He is now worth more than DCFC. Football is just crazy.

Some fella we could have had for 700k less than that scored for Turkey against Italy earlier.  We signed a fella at 3 times the cost instead whose now retired to America at 23 and we still owe 2 million on him.  

[Gee SCREAMER !!]

6 hours ago, Elwood P Dowd said:

Andy

@DERBY5HIRE

this is what I have: Q1 - there are 2 bids, at just below the threshold to secure "golden share" at 40 mil 1 UK 1 US, BUT! the bids are NOT enough to pay football creditors and HMRC. That's all I have, for now, no idea when admin will make formal announcement #dcfc

4:57 PM · Mar 29, 2022
 

it refreshing that Q can trust Andy to keep what he is told to himself and not share it on Social media??????

Always love the HMRC won't take a penny less why should they quotes in these as they increase the amount owed by a few million.  You know they're Forest nobbers without looking.  Sure non of these nobbers would ever do a job cash in hand, just like those over on Many twits In Bristol.  The bastions of the exchequer are alive and well. Perhaps they should be as vocal about the 600 million in business grants for covid handed out to those with second homes in Cornwall who registered as businesses just as these grants came out, or other similar scams.  Strange their only concern is the sum Derby owe, of which at least half will have to be paid.

[FlyBritishMidland]

Did anyone listen to Radio Derby last night.  I must admit, I found Ed Dawes a little annoying.  He contradicted himself in about 30 seconds firstly saying he’s tried to get hold of Quantuma but hasn’t had a reply then immediately said they won’t say anything until the EFL have signed it off.  Pretty much answered his own question!!

They had Gerald Krasner on who’s dealt with a few football club administrations, inc Wigan.  He said all of this is pretty normal when it comes to football.  Also mentioned that even though bids are in, bidders will still be trying to do deals for the lowest possible outlay.  He did say that based on what he knows and the size of debt -15 next season is pretty much inevitable.

[RipleyRich]

11 hours ago, PistoldPete said:

But if the fact is that football creditors are maybe only £4m it would seem pretty ridiculous that we are expelled from the League for not being able to pay £4m when there are said to be £40m bids on the table.   

I think the Football Debts are nearer £10 - £15m. I forget the actual figures now but from memory back in November there was:

Transfer fees £8m plus

Agents fees £0.5m

Cocu and his Team c£6m

Keogh Compensation - £2m

 

 

[RipleyRich]

11 hours ago, TuffLuff said:

Here’s a thought, but it serves everything that’s possibly come outside these last few days.

The bids currently do fall below ‘the golden share’ (a phrase I hadn’t heard of until tonight btw), roughly £10 million below what is needed. Then Mel is offering to loan ‘the rest’ to essentially save the club. So Mel isn’t directly involved with a deal but, he kinda is?

I don’t know, that’s just some guesswork, but it connects a few dots that are about.

The fact that MM had already stopped "loaning" the Club money, and had embarked on securing loans from the likes of MSD and securing them against properties not owned by the club, makes this unlikely in my mind.

[Ghost of Clough]

16 minutes ago, RipleyRich said:

I think the Football Debts are nearer £10 - £15m. I forget the actual figures now but from memory back in November there was:

Transfer fees £8m plus

It was just under £8.4m. Some of Bielik's paid off. Jozwiak's may not even count as a football debt due to being outside of England.

16 minutes ago, RipleyRich said:

Agents fees £0.5m

Debatable whether this is a football debt either

16 minutes ago, RipleyRich said:

Cocu and his Team c£6m

Listed as an unsecured creditor. Total was about £1m.

16 minutes ago, RipleyRich said:

Keogh Compensation - £2m

Never mentioed in the administrators' report. Already paid off.

[WystonRam]

On 29/03/2022 at 07:35, Van der MoodHoover said:

If your definition of "financially sound" is a transfer splurge followed by 5 years of cost cutting and year on year losses before getting out, then yes we were "financially sound". 

More accurate to say we kept within the EFL loss rules of the time, whatever they were. Was a different EFL regime then though, so who knows what might have happened if Parry and his mob had been around.... 

I found all the old accounts here https://find-and-update.company-information.service.gov.uk/company/00049139/filing-history?page=4 There wasn't a splurge(we spent £16m in the premier league 11 point season) and there were losses but have a look, and then wait until you see the difference between Mel's first year and GSE's last.

[Tamworthram]

9 hours ago, Millenniumram said:

Hm, still no preferred bidder?

It couldn’t be…. that Quantuma were bullshitting? Surely not, they’ve not got any history of it?

If you read their timeline, they were reviewing bids over the weekend and then discussing them with the EFL “early this week” before announcing the PB. “Early this week” is of course open to interpretation but I reckon it includes at least Monday and Tuesday. So, whilst Q have indicated many failed expected timelines in the past, I think Tuesday evening is a little early to be accusing them of bullshitting on this occasion. If we’ve not heard anything by the the end of the week then your comments may be valid.

I reckon, they should avoid radio silence and if they’re still not able to announce the PB by the end of week they should issue some kind of update along the lines of:

1) Details of PB discussed with the EFL and we await their response (the ball is firmly in the EFL’s court)

2) PB agreed with the EFL, just a few minor details to be finalised before able to announce. Expected timeline is……

or 3) PB discussed with the EFL and there are issues that need to be resolved or discussions are still ongoing (coded message for either the EFL didn’t like any of the preferred bidders or the terms of their bid and we’ve had to go back to try to get them increased)

In short, I accept there may still be a reason why they can’t announce a PB but they shouldn’t keep us completely in the dark

[PistoldPete]

29 minutes ago, RipleyRich said:

I think the Football Debts are nearer £10 - £15m. I forget the actual figures now but from memory back in November there was:

Transfer fees £8m plus

Agents fees £0.5m

Cocu and his Team c£6m

Keogh Compensation - £2m

 

 

"Football" creditors were around £9.5 million in November mostly comprising transfer fees payable by instalments. However £2.5 million of that is said to be owed to Lech Posnan who wouldn't qualify as football creditors according to EFL definition as they are an overseas club.  

Of the £7m of domestic football creditors as at November 2021 a fair chunk of that will have been paid by instalments since November.. there was a big chunk paid off the Bielik fee in January. 

So nowhere near the figures you are suggesting.