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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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saintjay77

saintjay77

Posted
Posted
Yes, its wrong. Fees are usually paid out of assets and that is the case no matter who appoints the Admin.

 

Its quite possible to have costs covered another way, particularly if there is a concern that assets may not be enough / may not be realised for a long time - this is usually something the Admin will insist on to protect himself.

 

Didnt chainrai tell one lot to get stuffed cause he baulked at there 1mil+ quote? Just wondering how the admin process works for there bill. I take it they get paid by the people bringing them in if they cant get there money out of the assets or something?

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Bucks Saint

Bucks Saint

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Posted (edited)
Didnt chainrai tell one lot to get stuffed cause he baulked at there 1mil+ quote? Just wondering how the admin process works for there bill. I take it they get paid by the people bringing them in if they cant get there money out of the assets or something?

 

As the Appointor, you can choose whichever IP you like. Fees would be one issue to consider, along with working style, previous knowledge of the industry, ideas for how to trade / sell the business etc etc.

 

But if the money is coming out of assets of the company (which is the case 95% of the time), then creditors have to agree the basis on which he is paid and how much (not just the Appointor). If creditors dont agree, then the Admin has to go to Court and show why his fee is reasonable

 

If the fees are being paid separately, and not out of the assets, then creditors dont have any say over how much, as it does not affect them

Edited by Bucks Saint
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dubai_phil

dubai_phil

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Tell you one thing' date=' pretending to be a skate to get on there is affecting my mental state.[/quote']

 

Looking at it now, seems it must be tough as it doesn't look like a single skate is posting on there now.

 

And it's ALL Southampton, All Southampton FC, we're by far the Greatest Hackers The world has ever seen

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dubai_phil

dubai_phil

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Sounds like he thinks the Admin process is the right way to go, but HMRC need to be convinced.

 

HMRC said they want admin but they "I paraphrase" think the set up and characters may be a little fishy"

 

They would view a Court Appointment as a victory

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Weston Saint

Weston Saint

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Make your mind up judge, you're either in favour of Pompey or you're not....
It's your interpretation that is wrong.

 

The Judge may not be siding with HMRC but he is seriously concerned that Pompey do not have the funding. He will have them all back in a week or so.

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Saint_clark

Saint_clark

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HMRC said they want admin but they "I paraphrase" think the set up and characters may be a little fishy"

 

They would view a Court Appointment as a victory

 

Well you know more about it than me. There's no doubt that Chanrai being the owner and biggest creditor is a f*cking fiddle, especially with Gaydamak as the second biggest creditor and both of them being business partners in the past.

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saintjay77

saintjay77

Posted
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As the Appointor, you can choose whichever IP you like. Fees would be one issue to consider, along with working style, previous knowledge of the industry, ideas for how to trade / sell the business etc etc.

 

But if the money is coming out of assets of the company (which is the case 95% of the time), then creditors have to agree the basis on which he is paid and how much (not just the Appointor). If creditors dont agree, then the Admin has to go to Court and show why his fee is reasonable

 

If the fees are being paid separately, and not out of the assets, then creditors dont have any say over how much, as it does not affect them

 

Ah right, so an administrator will give the quote and if the creditor thinks its acceptable then he can apoint that administrator. Then the fees get paid at the end.

 

I wasnt sure if that initial quote was to be paid before the admin gets started so that his back is covered because he is liable or something.

 

Not really going anywhere with this point but was just trying to understand.

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pedg

pedg

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The judge said the promise of money should give the administrators confidence.

But he has ordered there will be a hearing in the week commencing March 8 to look at the payments Portpin LTD has lent to the club and money paid to Portpin LTD or Chainrai.

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