The Administration Thread

[B4ev6is]

7 minutes ago, Charlotte Ram said:

Outside of football most administrations are asset only sales, you only buy the assets not the business you therefore are not liable for debts which are not secured on the assets you are purchasing, also you do not have to pay HMRC as their debts stay behind with the insolvent business whose assets you have purchased. HMRC get any value from uncollected debtors or sale of machinery not included in the asset sale so they usually get crumbs. What is different here is that the EFL is a members club and if you want  to remain a member then you can only buy the business, which is the club and so you have to take ownership of the debts incurred by the club.

winding the club up would essentially remove all debts but would mean starting  again from the bottom of the pyramid 

Well how come mk Don's got to stay in the champership but afc Wimbledon did not get the same deal then.

[May Contain Nuts]

7 minutes ago, B4ev6is said:

We would warn make sure keep him hell away from there club.

Quite correct B4

Desperation makes us do many things we later regret. 

[Chopper]

9 minutes ago, RoyMac5 said:

Birch said: "...Given Derby County entered administration in September 2021, after the beginning of the 2021/22 season, it is the 18-month deadline that is more relevant here and will require the club to exit administration by March 2023 at the very latest."

Not long now then! FFS.

"...As it stands the administrators of DCFC will need to provide the Board of the EFL with evidence that the club will meet its commitment to the competition for the 22/23 season (including an exit before March 2023) to avoid the club beginning the season but not completing it."

So there is one deadline, implied but not stated, the fixture list release date (23rd June)?

If that deadline is accurate then that's Thursday the same day the Mirror was suggesting for the Appleby / Morgan superbid (yeah I know). Could this Thursday be the big day for us? 

No I'm not holding my breath either.

[KBB]

5 minutes ago, B4ev6is said:

Well how come mk Don's got to stay in the champership but afc Wimbledon did not get the same deal then.

Im not quite sure you have the facts/story correct in this scenario B4.

[BramcoteRam84]

Frustrating. Yes the EFL and Trevor Birch have a lot to answer for but one thing about Birch is that he’s a bloody good administrator and knows football business inside out. He sorted Portsmouth out properly when they’re original administration failed (led by Andronikou ironically now involved with us)

[alram]

18 minutes ago, Indy said:

So in the EFL’s own admission, their demand to automatically be party to correspondence between bidders and Quantuma would have broken the law (GDPR regs). But this could be permitted if each bidder themselves consented to the EFL seeing everything - which they have not done, presumably not seeing the value in it and/or being mindful of the fact that confidential EFL access is a direct line to the press.
 

Another world class intervention from our governing body. Brilliant. 

can we take a moment out here and actualy address the content of the letter instead of turning it against the EFL?

 

that the administrators are not working with the efl is not only hugely concerning but it is shocking behaviour. it feels like the only party not doing anything to save us is the clueless admins.

[alram]

honestly that statement has made me absolutely fuming. it's like Q are deliberately trying to see us go out of business. that really is shocking. what an earth are they hiding that they cant share basic stuff like that with the efl?

 

we need to see PROGRESS, and NOW from the admins. weeks since it was obvious the deal was going to collapse and NOTHING has been done

Edited June 18, 2022 by alram

[G STAR RAM]

1 hour ago, Oldben said:

https://www.google.com/amp/s/lastwordonsports.com/football/2022/01/29/derby-countys-debts-highest-championship-history/amp/

They are not even close to being the highest. 

At least 3 teams currently have higher debts than us.

[RoyMac5]

"...Our desire to understand this situation better and take proactive action to move it forward led to last week’s statement where we announced the amendment of our Notice of Withdrawal conditions. 

Since then, the EFL and Quantuma have held daily meetings."

WTF are they talking about then?

[alram]

the worst thing is, because admins didnt strip back the club to begin with and decided for whatever reason to chase results on the pitch

we cannot operate sustainably whilst in administration because of debt payments owed to hmrc etc which grow all the time, and interest on loans which will be close to the amount of some clubs wage bill in league one.

so our only option is for a preferred bidder to guarentee the funds, but oh wait they wont chose one. 

i am seriously seriously starting to get concerned now, i have always been worried but i feel like the rug is getting pulled from beneath us over this coming weeks. i hope and pray that i am wrong.

[Oldben]

9 minutes ago, G STAR RAM said:

They are not even close to being the highest. 

At least 3 teams currently have higher debts than us.

https://www.google.com/amp/s/www.skysports.com/amp/football/news/11696/12527725/derby-countys-debts-believed-to-be-more-than-60m

Derby County's debts understood to stand at more than £60m with one source telling Sky Sports News he has never seen anything like it at a Championship club;

By Rob Dorsett

[PistoldPete]

35 minutes ago, Indy said:

So in the EFL’s own admission, their demand to automatically be party to correspondence between bidders and Quantuma would have broken the law (GDPR regs). But this could be permitted if each bidder themselves consented to the EFL seeing everything - which they have not done, presumably not seeing the value in it and/or being mindful of the fact that confidential EFL access is a direct line to the press.
 

Another world class intervention from our governing body. Brilliant. 

Why am I not surprised at this duck up by EFL. It is well known that EFL leak like a sieve to the press in fact some have alleged it's Birch himself who does it. So if I was bidding for the Rams (I am not by the way), I would want EFL to stay out of any negotiations until they are finalised.    

[i-Ram]

3 hours ago, PistoldPete said:

Billy Davies did a good job in getting us promoted. He did a god job in not getting Forest promoted. So yes overally that's  a good job in getting teams promoted , but theres a reason why he has been out of work since the Forest gig. 

Section 3 of The Mental Health Act (1983)?

[PistoldPete]

20 minutes ago, alram said:

can we take a moment out here and actualy address the content of the letter instead of turning it against the EFL?

 

that the administrators are not working with the efl is not only hugely concerning but it is shocking behaviour. it feels like the only party not doing anything to save us is the clueless admins.

You mean the admin team are abiding by the law by respecting the confidentiality of any bids? What else do you expect them to do? Break the law and let EFL have information that the bidders want to keep private?

[alram]

1 minute ago, PistoldPete said:

Why am I not surprised at this duck up by EFL. It is well known that EFL leak like a sieve to the press in fact some have alleged it's Birch himself who does it. So if I was bidding for the Rams (I am not by the way), I would want EFL to stay out of any negotiations until they are finalised.    

its not a duck up, it's the administors black balling the EFL

 

WHY? 

people have to stop being blind to the problem. the admins are supposed to be working with the efl not against them, factor this in with MULTIPLE parties saying they dont communicate, have been ignoring people and are being sued by one of the potential buyers. the conduct they are showing is nothing short of disgraceful. mel has certainly picked the best admins that reflect his legacy.

[alram]

Just now, PistoldPete said:

You mean the admin team are abiding by the law by respecting the confidentiality of any bids? What else do you expect them to do? Break the law and let EFL have information that the bidders want to keep private?

no. i expect them to work with the efl, not pull the whole NDA cobblers they have hid behind from the very start. 

if there is nothing to hide they wouldnt be hiding behind it. 

WHAT IS GOING ON AT OUR CLUB?

[De22Ram]

Sounds like the EFL have thrown the adminstrators under the bus ?

[Mick Brolly]

4 minutes ago, De22Ram said:

Sounds like the EFL have thrown the adminstrators under the bus ?

Bet the bus will be late 

[May Contain Nuts]

 

34 minutes ago, alram said:

honestly that statement has made me absolutely fuming. it's like Q are deliberately trying to see us go out of business. that really is shocking. what an earth are they hiding that they cant share basic stuff like that with the efl?

 

we need to see PROGRESS, and NOW from the admins. weeks since it was obvious the deal was going to collapse and NOTHING has been done

Am I reading DCFC Fans here or am I reading an ill-informed Twitter rant? It's increasingly hard to tell the difference. 

We need PROGRESS... That can only come from a bidder putting forward their offer. 

It was OBVIOUS the deal was going to die... actually I agree from a concerned fans perspective, but nothing legally pointed to the same conclusion and there was a legal obligation to go with CKs bid. 

What are they HIDING? Whatever is disclosed in NDAs that even the potential bidders haven't at this point revealed. Why do you only criticise one party for not releasing this information? 

Now you're criticising the administration for facilitating our chances of staying up but I can only imagine what you'd have said if they sold every single asset we had in January and we'd been relegated in March.  Maybe you supported that idea at the time though, in which case feel free to claim some validation. 

[PistoldPete]

19 minutes ago, alram said:

its not a duck up, it's the administors black balling the EFL

 

WHY? 

people have to stop being blind to the problem. the admins are supposed to be working with the efl not against them, factor this in with MULTIPLE parties saying they dont communicate, have been ignoring people and are being sued by one of the potential buyers. the conduct they are showing is nothing short of disgraceful. mel has certainly picked the best admins that reflect his legacy.

Sorry airam, I dont think you get the process here. There are multiple bidders/ interested parties, and also multiple creditors. There will only be one winner, and the creditors will all be losers. So that's a lot of unhappy punters. And those unhappy punters will all be blaming Q, most of it unfairly.