Who Pays the Administrator ? (1 Viewer)

[rupert_bear]

Was talking last night and a question was asked about who pays Appleton and how much. Is it those who called him in (sisu) or is it whoever bids for and rescues the ailing ccfc ltd. or is it spli between the two and others

 

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[Danceswithhorses]

IIRC, the administrators substantial fees are distributed from the proceeds of any offer made for the company in admin, before any distribution to creditors

 

[rupert_bear]

thanks was told the fees could be as high as £12million ! surely not

 

[Stafford_SkBlue]

Yes and sale of any assets.
His fees + legal will be far larger then the rent arreas
Bazaar the fans will eventual the losers, less money for investing in team

 

[skyblueman]

thanks was told the fees could be as high as £12million ! surely not

No not a chance it will be anything like as big as this - there will be set fees for each different level of staff used - they are always ridiculous like £400 an hour for partners for example but that will be it - so expect thousands not millions - all depends on how long they go on for - BUT administrator has to be sure there will be some money coming - at the moment can't see how they are funding it

 

[Davs]

I guarantee that the administrator will have been 100% sure that he will get his money before he even got out of bed to start the job. Ultimately, if it is the only way he can get his cash he will liquidate the club. That would be a very last resort though.

I would be beyond surprised if the total fee came into the £ millions though, but it will not have been cheap.

I worked for a company that went into admin with no assets, and no administrator would touch it. I think if this is the case, then someone is appointed a bit like a legal aid solicitor, but that is not the case here.

If you are interested in finding out more try www.companyrescue.co.uk

 

[Davs]

I guarantee that the administrator will have been 100% sure that he will get his money before he even got out of bed to start the job. Ultimately, if it is the only way he can get his cash he will liquidate the club. That would be a very last resort though.

I would be beyond surprised if the total fee came into the £ millions though, but it will not have been cheap.

I worked for a company that went into admin with no assets, and no administrator would touch it. I think if this is the case, then someone is appointed a bit like a legal aid solicitor, but that is not the case here.

If you are interested in finding out more try www.companyrescue.co.uk

 

[Davs]

I guarantee the Administrator will be 100% sure of getting his fee before he got out of bed to start the job. My guess is that his fee is mainly being paid from matchday income, but I might be wrong. How ever it is being paid, he will be first in line.

I am pretty sure the club appointed the administrator, but if they hadn't then it would probably have been sorted out by the bank.

If anyone is interested in finding out more try www.companyrescue.co.uk

 

[BigadamL]

Talk about getting your point across davs

 

[tisza]

http://www.bbc.co.uk/sport/0/football/21574331

can get really crazy!

 

[Davs]

Yeah, probably should not be allowed near a computer. I thought I had edited some changes and then found it had gone on twice.:facepalm:

 

[Sky blue north east]

I guarantee that the administrator will have been 100% sure that he will get his money before he even got out of bed to start the job. Ultimately, if it is the only way he can get his cash he will liquidate the club. That would be a very last resort though.

I would be beyond surprised if the total fee came into the £ millions though, but it will not have been cheap.

I worked for a company that went into admin with no assets, and no administrator would touch it. I think if this is the case, then someone is appointed a bit like a legal aid solicitor, but that is not the case here.

If you are interested in finding out more try www.companyrescue.co.uk

erm don't quite get this can you go through it again plz!!!!

 

[rupert_bear]

Another question: Michael Appleton is SISU,s preferred administrator. Would sisu's fees been discussed and agreed before he was appointed and could the fees or the amount of them be subject to what Appleton achieves that benefits sisu. I know he or any administrator must be seen to be impartial...but. Somehow i can't see sisu's preferred administrator. not being well and truley briefed behind closed doors, would be interesting to know if Appleton has acted before for sisu and if he has what the results were..

Who monitors an administrator ?

 

[RPHunt]

Another question: Michael Appleton is SISU,s preferred administrator. Would sisu's fees been discussed and agreed before he was appointed and could the fees or the amount of them be subject to what Appleton achieves that benefits sisu. I know he or any administrator must be seen to be impartial...but. Somehow i can't see sisu's preferred administrator. not being well and truley briefed behind closed doors, would be interesting to know if Appleton has acted before for sisu and if he has what the results were..

Who monitors an administrator ?

The administrator is an officer of the court. He must declare any previous relationship with the creditor that appointed him and cannot prefer a particular creditor because they were appointed by that creditor.

I hope you are not suggesting that the administrator for CCFC Ltd has strayed from his statuory duties.

 

[smouch1975]

The simple case of all administrators is they will be paid before any creditor. Notably at 100 pence in the Pound. Then the creditors can pick over the scraps. Anybody who had been around industry in Coventry would have witnessed this.

A valid point is raised over SISU, putting the club in admin, then appointing their preferred administrator. There are some threads here that speak about future employment opportunities

 

[chiefdave]

The administrator gets his money first out of any assets. How much it will be who knows, the Pompey administrator was told by the courts he had to stop charging once they hit a bill of £2m but they can still add costs (legal fees etc) on to that. If there isn't much money around and a prospective owner waiting you would imagine the administrator would want to move pretty quickly to make sure he doesn't end up out of pocket when it turns out there's not enough money to cover his fee.

 

[dongonzalos]

The administrator is an officer of the court. He must declare any previous relationship with the creditor that appointed him and cannot prefer a particular creditor because they were appointed by that creditor.

I hope you are not suggesting that the administrator for CCFC Ltd has strayed from his statuory duties.

When Richard Branson lost his contract recently was that an Independent decision?

 

[Noggin]

The administrator is an officer of the court. He must declare any previous relationship with the creditor that appointed him and cannot prefer a particular creditor because they were appointed by that creditor.

I hope you are not suggesting that the administrator for CCFC Ltd has strayed from his statuory duties.

The fact that SISU chose to put the club into administration a day early so they could appoint their own administrator shows they they quite clearly belive either the current administrator will be biased towards them, that the ACL appointed administrator would have been biased against them, or that the ACL appointed administrator would be incompetent, what other explanations could there be for SISU putting the club into admin the day before it was going to be anyway? I'm not saying he's biased but SISU obviously think that administrators can be.

 

[sky blue john]

Where is the advantage of putting in your own administrator if they are not going to side with you ?

 

[rupert_bear]

The administrator is an officer of the court. He must declare any previous relationship with the creditor that appointed him and cannot prefer a particular creditor because they were appointed by that creditor.

I hope you are not suggesting that the administrator for CCFC Ltd has strayed from his statuory duties.

I couldn't see an honourable upright company such as sisu trying to influence an administrator for one minute.

 

[RPHunt]

The fact that SISU chose to put the club into administration a day early so they could appoint their own administrator shows they they quite clearly belive either the current administrator will be biased towards them, that the ACL appointed administrator would have been biased against them, or that the ACL appointed administrator would be incompetent, what other explanations could there be for SISU putting the club into admin the day before it was going to be anyway? I'm not saying he's biased but SISU obviously think that administrators can be.

I know little of accountancy or administration, but in my experience a company will call in the administrators themselves to head off action by its creditors, to demonstrate belief that the company can be salvaged and to demonstrate that they are in control of the situation. They are generally encouraged to do this by the IP industry who obviously have a vested interest in the process.

I think SISU doing this when they did was yet another example of their blundering.

 

[CCFCSteve]

One additional point. Administrators fees need to be agreed by the creditors who have an economic interest. So if arvo are the only ones to get anything back they will agree the fee or the basis of fee (ie time costs), if there's money going back to unsecured creditors they will have to agree the fee (or that the administrator can draw fees on a time cost basis).

The administrator might have been introduced by sisu but now they have a duty and obligation to act in the best interests of all creditors.

 

[CCFCSteve]

I know little of accountancy or administration, but in my experience a company will call in the administrators themselves to head off action by its creditors, to demonstrate belief that the company can be salvaged and to demonstrate that they are in control of the situation. They are generally encouraged to do this by the IP industry who obviously have a vested interest in the process.

I think SISU doing this when they did was yet another example of their blundering.

An administrator was going to be appointed (the court would've agreed to acls application) either way. It was just a question of who. Sisu/arvo wanted their own choice