The Administrators - one or two things confuse me

[A Horse With No Name 0]

If they are saying (and they seemed to be) that the new owners will have to come to an agreement with HMRC should the 'big tax case' go against us it hardly clears the issue up does it? I mean is there something in law that says HMRC must come to an arrangement for say 10p in the pound, as they did with Leeds Utd?

 

For example why would someone buy the club and then be told by HMRC they owe them £49 m or £75 m?

 

Maybe I'm missing something but I would have thought the main thing about having the Administrators there is that they would've got a CVA of whatever 'p in the pound' agreed with all the creditors prior to a takeover!

 

Also, they haven't told us about HMRC ie their actions should the case go against them - will they accept it or appeal endlessly as Whyte said?

 

Also reading their statements about getting new owners in at the end of the season... They'e getting paid £200,000 pw, do they think they're gonna sit there in charge until then?

 

I must be missing something as those things don't make sense to me...

[rbr 1,247]

I believe the figure quoted was £525 per hour , that Duff and Phelps charge as administratore , dont know if thats each or the entire hourly rate

[forlanssister 3,060]

I believe the figure quoted was £525 per hour , that Duff and Phelps charge as administratore , dont know if thats each or the entire hourly rate

 

Their fee rates are

 

here_(Pre_6_April_2010).pdf

[A Horse With No Name 0]

Their fee rates are

 

here_(Pre_6_April_2010).pdf

 

That link doesn't open with my blackberry. It's beside the point really as what I was getting at is that I don't see the point of keeping them on to the end of the season if the 'big tax case' isn't factored in and they have no sway with HMRC to get a similar outcome as Leeds Utd who (I think) settled for 10p in the pound and never went into liquidation.

 

If things are how they appear I don't see the sense in putting more cash in their direction.

 

Can anyone address my concerns?

[pete 2,499]

That link doesn't open with my blackberry. It's beside the point really as what I was getting at is that I don't see the point of keeping them on to the end of the season if the 'big tax case' isn't factored in and they have no sway with HMRC to get a similar outcome as Leeds Utd who (I think) settled for 10p in the pound and never went into liquidation.

 

If things are how they appear I don't see the sense in putting more cash in their direction.

 

Can anyone address my concerns?

 

The link does not work at all.

[Ergatrude 0]

They were quoted last week as saying they are paid 400k pcm.

[forlanssister 3,060]

The link does not work at all.

 

http://ripassetseu.s3.amazonaws.com/www.mcr.uk.com/_files/documents/jan_12/1_ADM_05013_-_Creditors_guide_to_administrators_fees.pdf

[A Horse With No Name 0]

http://ripassetseu.s3.amazonaws.com/www.mcr.uk.com/_files/documents/jan_12/1_ADM_05013_-_Creditors_guide_to_administrators_fees.pdf

 

I can open that - just can't see/read it.

[forlanssister 3,060]

I can open that - just can't see/read it.

Basically the following £'s per hour +VAT

 

Partners........................480 - 545

Managers/Directors........305 - 480

Seniors..........................190 - 310

Assistants/Support staff ..30 - 170

 

Recovering debts is 10% of money recovered + expenses, so if they recover the £3.6m they're after it's very nice payday.

[A Horse With No Name 0]

They were quoted last week as saying they are paid 400k pcm.

 

My God that's even worse, I was sure Leggat said £200 k pcm maybe that was per person.

 

Still doesn't answer my concerns though - just he heightens it. Can't see them ever getting work again if (having been paid that) they fail to address the issues and keep the club alive and deliver satisfactory owners!.