Who Appoints The Liquidator? (3 Viewers)

[shmmeee]

Been googling to find out more about the liquidation process and came across this, was wondering if anyone in the know could enlighten me

As a shareholders of your company you nominate, at a shareholders meeting, the insolvency practitioner that you wish to act as liquidator. That appointment will stand unless the creditors, at the later creditors meeting, nominate a different insolvency practitioner.



At the creditors meeting the liquidator is appointed following a vote by the creditors.



Any creditor whose interest is "secured" is unable to vote. Examples of secured creditors can include:



Banks


Hire Purchase Creditors


Factoring Companies


If such "secured" creditors are not, however, fully secured they can vote for the balance owing to them that is unsecured.



The majority in value of creditors voting for a particular Insolvency Practitioner appoints the liquidator of their choice.



This shows the power that is held by creditors who are owed large sums of money.

So who would that be in our case? Are Sisu/ARVO "secured" and so ACL choose a liquidator or would Sisu get to choose?

 

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[stupot07]

Pretty sure Appleton's already been name as the liquidator.

 

[deanocity3]

Pretty sure Appleton's already been name as the liquidator.

yes that what I heard

 

[RFC]

Huge HIT for the 'Harry J Allstars' in 1969, perhaps it'll be him?

 

[SIR ERNIE]

I think its the case here that loans and management charges between the various SISU controlled companies have been designed and created so that the majority creditor will always be a SISU controlled company. Hence crucially they will always be able to appoint a liquidator of their choice.

This article gives an excellent insight, especially the bit from 'Business structure' onwards:

http://aprisonofmeasuredtime.wordpr...try-city-and-sisu-capital-60-million-in-debt/

 

[SIR ERNIE]

Sorry, this is the link:

http://aprisonofmeasuredtime.wordpress.com/2013/04/29/coventry-city-and-sisu-capital-60-million-in-debt/

 

[georgehudson]

do we (CCFC fans), need any more examples of 'bovine excrement',
imho, of course, in the way that we have been treated,
enough is enough,
sisu, you have, imho, proved,
you are not fit & proper,
PUSB & FOS

 

[shmmeee]

Pretty sure Appleton's already been name as the liquidator.

Thanks I hadn't seen that. This suggests creditors can override that though, so the question still stands.

I know Sisu appointed the admin as biggest creditor but then they couldn't vote in the CVA because they're "connected" so I was wondering which set of rules applied.