The Administration Thread

[twelveincher]

4 minutes ago, simmoram1995 said:

Before todays game , in the pedigree lounge Quantuma hosted a Q and A session sounded quite promising there’s a short 9 min clip a bloke called Bradley Cox uploaded onto Facebook  

Any more details on this? Can’t find anything on Facebook 

[europia]

On 27/01/2022 at 23:05, falconram said:

Until there claims are dropped I don't think they can give anything definate to hmrc as no one knows how much they have available to pay them. EFL are the only folks who will either save or sink our ship, decision in there hands

I don't think HMRC will see it that way at all.  The £28m they are owed is a confirmed debt, whereas the other claims are unsubstantiated and irrelevant to a preferential creditor (HMRC)  

[simmoram1995]

52 minutes ago, twelveincher said:

Any more details on this? Can’t find anything on Facebook 

If you type his name in it might come up 

[Topram]

58 minutes ago, simmoram1995 said:

Before todays game , in the pedigree lounge Quantuma hosted a Q and A session sounded quite promising there’s a short 9 min clip a bloke called Bradley Cox uploaded onto Facebook  

Was pretty positive just watched it

[Yani P]

I'm assuming once we get our buyer and we get taken over we will be allowed to contract our players that are out in the summer?

Or will the EFL make the business plan nigh on impossible for us to do that thus punishing us yet again?

[simmoram1995]

53 minutes ago, twelveincher said:

Any more details on this? Can’t find anything on Facebook 

https://www.facebook.com/groups/dcfc4life/permalink/1652798928407903/

[RoyMac5]

Got to be a member of the group. Anyone give a short resume?

Edited January 30, 2022 by RoyMac5

[simmoram1995]

19 minutes ago, RoyMac5 said:

Got to be a member of the group. Anyone give a short resume?

Administrators have inserted a clause into the boro and Wycombe cases as a case of significant importance which puts it to the top of any arbitrary panel . Contrary to media reports the process can take days not weeks with a final outcome expected within 14-18 days.

expect the stadium not to be an issue , Mel is being cooperative has a price in mind but willing to negotiate.

 

contrary to media all three parties have submitted bids but unwilling to proceeed without arbitration result clarity.

 

Administrators drafted up a CVA plan , total cost of the club , stadium , creditor payment plans only thing missing is the agreed price plus preferred bidder identity which should be finalised within days of the arbitration result which is the main hold up 

[Van der MoodHoover]

So is it the case that the admins could have done this process months ago or has it only slowly become clear that this is the only way forward?

[DCFC1388]

1 minute ago, Van der MoodHoover said:

So is it the case that the admins could have done this process months ago or has it only slowly become clear that this is the only way forward?

I think they hoped/expected the efl to dismiss the claims they would be football creditors

[kevinhectoring]

57 minutes ago, PistoldPete said:

Is Toby Perkins an insolvency expert? Or Chris Coles? Where does the 60% figure come from? Last i heard it was 95%. I think this is the most relevant thing to me .. is my club going to be liquidated despite all the fans efforts today?

I thought you said the claims maybe compressed but if they are EFL will expel us from the League because they think that is not paying them 100% in line with their football creditor requirement..  

So I think the reason this hasn't happened is because the EFL position on this is either unclear or else inconsistent with Q's position. I am not aware of any apology from Q or any suggestion that they are wrong. Far from it.   

 

 

 

  

 don't think we're going bust. And you're right that these MPs are in terra incognita so of course their win predictor is about as accurate as the one that gave Nadal a 16% chance of winning when he was serving to win the fourth set against Medvedev today.  But they have all confirmed that the main issue is Gibson and they have all told us that it is mighty complicated. So the path that says the football creditor rule is explicit and simple has long ago petered out, as the thread should have done, and we are in the jungle with the lions and tigers as well as the potentially deadly Gibson leach 

You have correctly expressed my view, and thank you for that: yes we can compress Gibson through a restructuring plan, if approved. You have also correctly stated that I think the EFL's view is that if they are compressed they are not paid in full. You can argue against that I agree but I think it's a hill to climb and the fact that the EFL reasonably takes that view means we have to accept it. Unless we have a phalanx of QCs who can persuade their lawyers they are wrong. And we do not. Obviously

(Related point: We now know Binnie is not willing simply to take the claims on. But you can see that when that was mooted, HMRC might have said: "no way. We are not going to accept a compromise if all other unsecured creditors are not compromised. So yes, Q is fighting on several fronts. )

In light of all this, it's not surprising that people are talking about fast tracking the claims. The problems associated with leaving them running are too difficult. I wish MM had paid them off weeks ago

We will see how it unfolds and I'll be happy to borrow David's hedge giff if necessary

 

 

[DCFC1388]

15 minutes ago, simmoram1995 said:

Administrators have inserted a clause into the boro and Wycombe cases as a case of significant importance which puts it to the top of any arbitrary panel . Contrary to media reports the process can take days not weeks with a final outcome expected within 14-18 days.

expect the stadium not to be an issue , Mel is being cooperative has a price in mind but willing to negotiate.

 

contrary to media all three parties have submitted bids but unwilling to proceeed without arbitration result clarity.

 

Administrators drafted up a CVA plan , total cost of the club , stadium , creditor payment plans only thing missing is the agreed price plus preferred bidder identity which should be finalised within days of the arbitration result which is the main hold up 

Just to clarify, the final out come in 14-18 days - is that from today or from the hearing?

[Yani P]

1 minute ago, kevinhectoring said:

 don't think we're going bust. And you're right that these MPs are in terra incognita so of course their win predictor is about as accurate as the one that gave Nadal a 16% chance of winning when he was serving to win the fourth set against Medvedev today.  But they have all confirmed that the main issue is Gibson and they have all told us that it is mighty complicated. So the path that says the football creditor rule is explicit and simple has long ago petered out, as the thread should have done, and we are in the jungle with the lions and tigers as well as the potentially deadly Gibson leach 

You have correctly expressed my view, and thank you for that: yes we can compress Gibson through a restructuring plan, if approved. You have also correctly stated that I think the EFL's view is that if they are compressed they are not paid in full. You can argue against that I agree but I think it's a hill to climb and the fact that the EFL reasonably takes that view means we have to accept it. Unless we have a phalanx of QCs who can persuade their lawyers they are wrong. And we do not. Obviously

(Related point: We now know Binnie is not willing simply to take the claims on. But you can see that when that was mooted, HMRC might have said: "no way. We are not going to accept a compromise if all other unsecured creditors are not compromised. So yes, Q is fighting on several fronts. )

In light of all this, it's not surprising that people are talking about fast tracking the claims. The problems associated with leaving them running are too difficult. I wish MM had paid them off weeks ago

We will see how it unfolds and I'll be happy to borrow David's hedge giff if necessary

 

 

Love the idea of compressing Gibson..

[kevinhectoring]

2 minutes ago, Yani P said:

Love the idea of compressing Gibson..

I was hoping Mike Ashley would do it by rolling all over him    He might yet

Edited January 30, 2022 by kevinhectoring

[RadioactiveWaste]

6 minutes ago, Yani P said:

Love the idea of compressing Gibson..

Like in a car crushing machine at a scrap yard, or like a zip file so you can email him without it breaking outlook for half an hour?

[Yani P]

Just now, RadioactiveWaste said:

Like in a car crushing machine at a scrap yard, or like a zip file so you can email him without it breaking outlook for half an hour?

The former obviously

[simmoram1995]

12 minutes ago, DCFC1388 said:

Just to clarify, the final out come in 14-18 days - is that from today or from the hearing?

From the hearing 

[simmoram1995]

Just now, simmoram1995 said:

From the hearing 

Expect this or next week for it to be heard 

[DCFC1388]

Just now, simmoram1995 said:

Expect this or next week for it to be heard 

Needs to be if the outcome takes 14-18 days after. The hearing will need to be done by about the 8th to give us time for the outcome and a few days for the PB to be named

[Guest]

There are many views and worries that have been quite rightly expressed on this thread but where do we actually stand as we move to the precipice, which will decide the future of the national and global institution that is Derby County Football Club?

Who is responsible for the peril that DCFC finds itself in? Everyone seems agreed that the blame lies at the door of Mel Morris and he alone. His actions have brought the club to the brink of liquidation. The owners of Middlesbrough and Wycombe seem to agree with that also.

In the last 30 years six English clubs were liquidated; Bury, Chester, Rushden & Diamonds, Macclesfield, Aldershot and Maidstone.

Many others avoided liquidation after entering administration in the past 40 years;  Bradford City (twice), Charlton, Middlesbrough, Tranmere, Newport, Walsall, Northampton, Hartlepool, Barnet, Exeter, Gillingham, Exeter, Millwall, Bournemouth (twice), Crystal Palace (twice), Portsmouth (three times), Hull, QPR, Halifax (twice), Bradford City, Notts County (twice), Barnsley, Leicester, Port Vale), ((three times), York, Ipswich, Wimbledon, Oldham, Darlington (twice), Wrexham, Cambridge, Rotherham (twice), Crawley, Boston, Leeds, Luton, Rotherham, Southampton, Stockport, Plymouth, Coventry, Aldershot, Bolton and Wigan.

What did all of these teams that exited administration have in common that allowed their survival and continued membership of the Football League? The answer is that they all had the full support of the other member clubs of the EFL, including Derby County. Those member clubs collectively recognised that the penalties imposed by the EFL were sufficient. There was no need for any of those clubs to seek a double jeopardy penalty by seeking extra compensation for their own perceived losses.

Why are we the only club that has ever been treated differently? Because the egomaniac that is Steve Gibson feels undermined by the egomaniac that is Mel Morris and also the previously unknown American owner of Wycombe wishes to get himself noticed and the EFL does not have a clue as how to resolve the dispute between its members internally, despite the fact that we seem to have the sympathy and support of the other 69 member clubs of the EFL.

Are the EFL really prepared to allow our club to go to the wall in this ridiculous situation of their own making? It is time they took a reality check and attempted to put their house in order. Parliament and the national media seems to be wholly against them. Does the EFL really want to fall on its own sword?