The Administration Thread

[Oldben]

Court of Appeal affirms no responsibility to unsecured third party creditors on execution of senior unsecured debt

RE: PK Airfinance Sarl v Alpstream AG

The security holder must decide whether and when to sell, even if the timing is unfavourable to the security provider.

The Court of Appeal ruled that extending PK's responsibility as security holder to unsecured junior creditors or any potential eventual receivers of the sale funds under the payments waterfall would be an unjustified departure from recognised precedent. The Court of Appeal held that Alpstream was not a creditor of the operator of the first seven aircraft and had no interest in the aircraft or the sale money. Alpstream, as a junior creditor, was also contractually subordinated to PK and not entitled to any security interest in respect of its junior loan. In these circumstances, the Court held that PK owed Alpstream no responsibility in equity or otherwise.

 

[Seth's left foot]

[Mucker1884]

1 hour ago, TuffLuff said:

 But it’s the commute they’ve done im more bothered about. In that traffic, up the M1, on a Friday. It’s bad organisation at the very best.

Up the motorway…on a friday. In the afternoon!

It's ok.  He has a cunning plan... back roads... quiet country lanes... dark early... petrol?  What petrol?  Oh!  

[Ghost of Clough]

1 hour ago, RoyMac5 said:

What a shame no takers to tell them what we really think of Couhig.

People saying Wycombe have a right to claim are also people who don't bother to look into the facts. There isn't a single reason why a points deduction should have been applied to the 20/21 season. 

[I know nuffin]

1 hour ago, Coconut's Beard said:

The Nixon article mentions arbitration, perhaps he just means legal action to ensure that this process happens quickly rather than letting the EFL & Boro drag it out by not formally starting the proceedings? Or just legally get them classed as not being creditors.

Could getting the claims dismissed via official arbitration expedited by a legal ruling mean there's no need to the do take the cross dressing clam route? After all wasn't that only suggested because nobody was willing to make a ruling on them, so it was the only way not to pay them? Thought splurge!

Nixon article days fast track. Cannot be correct as fast track is upto 25k, then becomes multi track. Google search on how long multi track takes gives 2 answers. 30 weeks or 1-2 years

[TuffLuff]

13 minutes ago, Mucker1884 said:

It's ok.  He has a cunning plan... back roads... quiet country lanes... dark early... petrol?  What petrol?  Oh!  

“They say a lone wanderer walks these dark, lonely country woods late surrounded by a single glow. Goes by the name of ‘Wisdom’ and he’ll follow his sat nav to the end of the earth”

Edited January 28, 2022 by TuffLuff

[kevinhectoring]

1 hour ago, vonwright said:

Need details on exactly what "legal decision" they are seeking.

That said, it does kind of suggest that the Boro and Wycombe claims are the central problem, despite what Gibson might say. It still seems likely to me that if those claims were withdrawn or quashed, the sale would go through fairly smoothly.

we need a ruling that if a club breaches FFP, the only sanction under the rules comes from the EFL . And so clubs can't sue each other 

The EFL needs this almost as much as we do. 

Without this ruling, anyone buying the club will think - well, there's Boro and Wycombe, and who else... ?   We know the Binnies have apparently agreed to proceed regardless of the claims  But what are their conditions?  As one poster has suggested, do they require a warranty from someone (MM?) that the claims won't result in a liability in excess of [   ] ? Or that there aren't any others ...

Inclined to agree the main issue is Gibson, but people keep banging on about HMRC.  Well if the plan now is to cram HMRC into a 25% compromise, HMRC will say, hang on we need to be put ahead of other unsecured creditors, so tell us this : you held cash on our behalf, where is it? Did the people spending the cash not understand that it was held on trust? And is there any reason we should not sue the club, and any person who authorised the expenditure, for breach of trust ? 

[Animal is a Ram]

 

[Elwood P Dowd]

2 minutes ago, I know nuffin said:

Nixon article days fast track. Cannot be correct as fast track is upto 25k, then becomes multi track. Google search on how long multi track takes gives 2 answers. 30 weeks or 1-2 years

1 or 2 years is about right there is a backlog of cases due to Covid.

 

fasttrack?

[BriggRam]

11 minutes ago, Ghost of Clough said:

People saying Wycombe have a right to claim are also people who don't bother to look into the facts. There isn't a single reason why a points deduction should have been applied to the 20/21 season. 

I didn't hear anybody other than him say Wycombe are entitled to compo

[61GT]

1 hour ago, Ram@Lincoln said:

Does anyone local own a jet wash? I did think the last time I was at the ground it needs a good jet washing all over. If I'm selling a car, it has a full wash and valet. Sure we can't be fancy with it, but surely there's a local commercial jet washing company that could spare a day washing even the worst bits down?

I thought that as well last time I was there, looked like it just needed a good clean and a few weeds clearing too.

I guess that general maintenance should be the responsibility of the stadium owner!

[BuckoBeast]

12 minutes ago, Animal is a Ram said:

 

So we’ll be liquidated because there’s not enough time to go down the legal root ?

[SirBrian]

48 minutes ago, Jimbo Ram said:

Any news on the council meeting with Melboy ?

They have had to sign an NDA form, only joking

[Mucker1884]

One to Two years... and The DCFC rules state that The EFL can neither relegate us or take away our Golden Ticket until these claims are sorted!  ?

[Jimbo Ram]

3 minutes ago, BuckoBeast said:

So we’ll be liquidated because there’s not enough time to go down the legal root ?

We need to raise the money to get us through until the end of the season and that would give us more time…

[Mucker1884]

3 minutes ago, BuckoBeast said:

So we’ll be liquidated because there’s not enough time to go down the legal root ?

legal what was that again?  ?   

 

[ariotofmyown]

1 hour ago, tinman said:

I saw Lara bat 2 or 3 times that season and must have been the only times he failed. Remember on the day before the 501 my dad said shall we go and watch on the Monday as Lara was already in and may go and get a big score. The weather forecast was a bit dodgy so we decided it against it.

[RoyMac5]

12 minutes ago, BriggRam said:

I didn't hear anybody other than him say Wycombe are entitled to compo

 

[Guest]

15 minutes ago, Ghost of Clough said:

People saying Wycombe have a right to claim are also people who don't bother to look into the facts. There isn't a single reason why a points deduction should have been applied to the 20/21 season. 

He says in his video that no fans wanted to go on camera. Now that is really unusual at Pride Park. He says the mood is really sombre which usually equates to a funeral. The fanbase is not sombre at this time, it is rather angry and fighting to the end. I rather think that either he was too frightened to approach anyone or if he did, when the fans realised where he was from, they told him to do one. Whatever happened he and his friend had a wasted long journey. No wannabe reporter has ever had a more fruitless day in the history of journalism. He went home with nowt!!!

If he wants to bring his camera back on Sunday we'll show him how sombre we are not.

COYR

[Elwood P Dowd]

1 minute ago, BuckoBeast said:

So we’ll be liquidated because there’s not enough time to go down the legal root ?

It is a difficult question because we don’t know what the EFL are telling the Administrators.

It would be difficult to imagine that the EFL have continued with their insistence the claims must be treated as football creditors.

No legal action can take place whilst we are under Administration, unless the administrators agree.

I understand that 2 of the biders are happy to takeover the club and deal with the claims after the takeover, this appears to be the best option, but, and here is the caveat, what is the EFLs position???