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