ADMINISTRATION POLL

After all the recent news of Debts popping up all over the place, maybe we need a new start ?

This maybe the only way we are going to get out of this mess once and for all.i cant understand where all the money is going the club is being run so bad people heads should fall.
Regards the tax bill does anyone know how much we have to pay a year as i thought we had just payed one a few weeks back.

This maybe the only way we are going to get out of this mess once and for all.i cant understand where all the money is going the club is being run so bad people heads should fall.
Regards the tax bill does anyone know how much we have to pay a year as i thought we had just payed one a few weeks back.

I still can't get my head around that loan Ridsdale took out from the Cayman Islands. Apparently it was for £3m and was on top of the season ticket money plus cash generated from cup games like Chelsea.

Where the frigging hell did that go considering we had an unpaid tax bill at the time?

We also had money from the play off final where did that go.

Money just seems to disappear from our club, if you actually sit back & reflect, we have had a few successful seasons, 3 trips to Wembley, a few glamour cup games, we have been on TV more than some sides, consistantly finishing in the top half of the league, season ticket sales increasing year on year to record season ticket sales, but what have we got to show for it?!

Massive debts!!

Something just doesnt add up!

Whoever the club account is, we need to get rid, cos he's not doing a good job,lol.

Lets just go into admin now and root out EVERYONE at the club and let the Malaysians take full control. Even now there clearly isnt ANYONE at CCFC that can be trusted. We are all mugs................

Lets just go into admin now and root out EVERYONE at the club and let the Malaysians take full control. Even now there clearly isnt ANYONE at CCFC that can be trusted. We are all mugs................

Very true they must be taking money out for themselves

I think that people should properly understand what Administration is about before they vote on it.

I think that people should properly understand what Administration is about before they vote on it.

Can you highlight the main Downsides to being put into administration?

http://en.wikipedia.org/wiki/Administra ... ootball%29

I think that people should properly understand what Administration is about before they vote on it.

Can you give a concise pro/con please Keith?

I think that people should properly understand what Administration is about before they vote on it.

Can you give a concise pro/con please Keith?

In answer to yourself and Merlin , the problem with Administration is not entering it , its getting out of it.

Administration is a form of legal protection from a company being put into liquidation (i.e. ceasing to exist) by a winding up petition through the court . To get an Administration Order requires a company to prove to an insolvency practitioner and the court that Administration would be better for creditors (NOT the shareholders) than going into liquidation i.e. it will give them more money back.


The usual route to then come out of Administration (and the only route approved by the Football League)and then trade on normally is by way of a formal arrangement with unsecured creditors (known as a CVA) which requires the consent of 75% in value of those creditors for it to be binding.This is what causes the problem , getting over that 75% hurdle-Leeds had major problems in doing so for example -as creditors are often asked to take a low percentage of the debt due to them (Portsmouth creditors took less than 20%) and unsecured creditors such as HMRC increasingly reluctant to agree to anything other than full repayment.

Hope this helps

Keith

Can you give a concise pro/con please Keith?[/quote]

In answer to yourself and Merlin , the problem with Administration is not entering it , its getting out of it.

Administration is a form of legal protection from a company being put into liquidation (i.e. ceasing to exist) by a winding up petition through the court . To get an Administration Order requires a company to prove to an insolvency practitioner and the court that Administration would be better for creditors (NOT the shareholders) than going into liquidation i.e. it will give them more money back.


The usual route to then come out of Administration (and the only route approved by the Football League)and then trade on normally is by way of a formal arrangement with unsecured creditors (known as a CVA) which requires the consent of 75% in value of those creditors for it to be binding.This is what causes the problem , getting over that 75% hurdle-Leeds had major problems in doing so for example -as creditors are often asked to take a low percentage of the debt due to them (Portsmouth creditors took less than 20%) and unsecured creditors such as HMRC increasingly reluctant to agree to anything other than full repayment.

Hope this helps

Keith[/quote]

Thanks Keith.
It would seem to be bad news for share holders then?
It would be in their interest not to go into admin and get the club running and as profitable as possible I suppose? Sounds obvious, but is that reality? Will PMG/ major share holders etc be doing all they can to avoid it?

I think that people should properly understand what Administration is about before they vote on it.

I DO