The Administration Thread

[Crewton]

I think the antonym that everyone is searching for is "CVA"? If the club is purchased in Administration, it must exit with a valid CVA accepted by a majority of the unsecured creditors. If it exits Administration without a CVA, a 15 point penalty applies. Either way, it's not a new company or club, though there will probably be a new Holding Company that buys the existing indebted company without the majority of its unsecured debt to pay.

I think I've got that right?

[Gee SCREAMER !!]

4 hours ago, Animal is a Ram said:

As I'm realising the post may well be inflammatory for people:

Before we go full ham on hating the players - bear in mind it may well be their agents 'acting in their client's best interests', or their own, as they will more than likely make more money if the players in question move as a free agent.

I'm not naïve enough to think the players aren't fully blame free, but the noises around Buchanan revealed before seemed to indicate this was the case.

 

The agents are paid to work for the players.  No ones forcing them to do anything.  If this happens the players are responsible 100%

[duncanjwitham]

1 minute ago, Crewton said:

I think the antonym that everyone is searching for is "CVA"? If the club is purchased in Administration, it must exit with a valid CVA accepted by a majority of the unsecured creditors. If it exits Administration without a CVA, a 15 point penalty applies. Either way, it's not a new company or club, though there will probably be a new Holding Company that buys the existing indebted company without the majority of its unsecured debt to pay.

I think I've got that right?

I *think* that's the old EFL insolvency rules, AFAIK a CVA isn't a requirement anymore.  I'm only going by this though (as we've never seen the actual EFL insolvency policy):

https://www.lawinsport.com/topics/features/item/football-creditors-rule-is-the-football-league-s-new-insolvency-policy-a-step-in-the-right-direction

"Clubs were previously required to undergo a company voluntary arrangement (CVA) through which football creditors were paid in full and arrangements for other creditors settled. A CVA is effectively a deal between a company and its creditors which binds all if approved by three quarters of creditors by value. It can be an expensive and time consuming procedure but offers remedies for creditors if rules are breached.

The new policy does not require a CVA. That may save some cost and time but does mean that creditors are denied the remedies for rule breaches that the CVA policy implies."

[B4ev6is]

With pre season fixtures final out maybe just maybe take over could final happen.

[Ram-Alf]

9 minutes ago, Oldben said:

Why are we set to play bundersliga teams.

They will demotivate the players.

It's just to get money for Q.

I ask zee Kwestions not you ya, It is for zis reasoning, Helga zee cook in Derby County is zee Sister to Kurt zee cook in Hertha Berlin who will bring with him plenty of zee German sausage no

[nogbad van 50]

4 minutes ago, Crewton said:

I think the antonym that everyone is searching for is "CVA"? If the club is purchased in Administration, it must exit with a valid CVA accepted by a majority of the unsecured creditors. If it exits Administration without a CVA, a 15 point penalty applies. Either way, it's not a new company or club, though there will probably be a new Holding Company that buys the existing indebted company without the majority of its unsecured debt to pay.

I think I've got that right?

Do you mean Acronym ?

[hintonsboots]

Well AA has certainly got some stamina if he’s still on the final few strokes. 

[duncanjwitham]

2 minutes ago, nogbad van 50 said:

Do you mean Acronym ?

Technically, it's an initialism. Acronyms are where you pronounce it as a word (like FTSE, NASA), rather than sounding out the individual letters. [/pedantry]

[RoyMac5]

5 minutes ago, duncanjwitham said:

"Clubs were previously required to undergo a company voluntary arrangement (CVA) through which football creditors were paid in full and arrangements for other creditors settled. A CVA is effectively a deal between a company and its creditors which binds all if approved by three quarters of creditors by value. It can be an expensive and time consuming procedure but offers remedies for creditors if rules are breached.

The new policy does not require a CVA. That may save some cost and time but does mean that creditors are denied the remedies for rule breaches that the CVA policy implies."

Who is that with us/the Club?

[duncanjwitham]

1 minute ago, RoyMac5 said:

Who is that with us/the Club?

I assume it's just HMRC. I *think* MSD are treated differently (as secured creditors, they're getting their money no matter what).

[Ram-Alf]

6 minutes ago, hintonsboots said:

Well AA has certainly got some stamina if he’s still on the final few strokes. 

I think he's a late cummer 

[DCFC27]

2 minutes ago, Unlucky Alf said:

I think he's a late cummer 

subtle

[kevinhectoring]

23 minutes ago, jono said:

Well if it’s a game of poker then it isn’t a regulation is it. Q will and are talking with the EFL, the bidders know they will have to deal with the EFL. The only thing Q have said is that we are legally obliged to keep the details of our bidders commercially private. The Bidders will doubtless make contact with you at the appropriate time. The parameters for retaining our golden share and payment of football creditors are laid out clearly. Other than the fit and proper persons test and the need to make a fixture list there isn’t anything else that is the EFL’s business. The ELF make the rules of the football league but they don’t make the rules on commercial and company law. Now the EFL could decide to turn nasty, vindictive, invent or reinterpret rules … but that isn’t Q’s fault or Derby’s fault. 
 

The EFL should be saying nothing more than : “we await a formal approach from the winning bidder and look forward to working with them as soon as possible.”  Or “we await Q’s confirmation that DCFC intend to start next season in administration (with suitable a suitable funding model) while the proposed takeover negotiations  progress. We stand ready to respond promptly and reasonably to their proposals” 

Fair enough, you think the EFL’s involvement will not help the process - that’s the nub of it. For reasons I’ve set out, that’s not my view

Having said that, I think Appleby is a straightforward individual. I don’t think q have the wherewithal to deal with an Ashley but I’d think it’s more than likely q will be able to finalise a deal with Appleby. And I don’t think the EFl will punish us for not abiding by their condition. So not Q’s worst decision 
 

 

[Wolfie]

This thread....

[Gaspode]

23 minutes ago, Unlucky Alf said:

I ask zee Kwestions not you ya, It is for zis reasoning, Helga zee cook in Derby County is zee Sister to Kurt zee cook in Hertha Berlin who will bring with him plenty of zee German sausage no

 

 

Edited June 22, 2022 by Gaspode

[Sparkle]

37 minutes ago, Oldben said:

Why are we set to play bundersliga teams.

They will demotivate the players.

It's just to get money for Q.

Or it’s who is available 

[Crewton]

23 minutes ago, duncanjwitham said:

I *think* that's the old EFL insolvency rules, AFAIK a CVA isn't a requirement anymore.  I'm only going by this though (as we've never seen the actual EFL insolvency policy):

https://www.lawinsport.com/topics/features/item/football-creditors-rule-is-the-football-league-s-new-insolvency-policy-a-step-in-the-right-direction

"Clubs were previously required to undergo a company voluntary arrangement (CVA) through which football creditors were paid in full and arrangements for other creditors settled. A CVA is effectively a deal between a company and its creditors which binds all if approved by three quarters of creditors by value. It can be an expensive and time consuming procedure but offers remedies for creditors if rules are breached.

The new policy does not require a CVA. That may save some cost and time but does mean that creditors are denied the remedies for rule breaches that the CVA policy implies."

So it is technically still a CVA, but one where unsecured creditors have to be paid the 25/35% minimum in order to avoid EFL sanctions?

[Crewton]

26 minutes ago, nogbad van 50 said:

Do you mean Acronym ?

That's the fella.

[Ram-Alf]

6 minutes ago, Crewton said:

That's the fella.

Who Andy Comyn?‍♀️

[PistoldPete]

1 hour ago, atherstoneram said:

Don't think Wigan were ever in administration, which makes a difference. For a new company to start up the administrators would have to liquidate the club. The administrators at present retain control of the club and players, a new club does not remove the administrators.

You think wrong.