If Brenda Fails?

[Tony Pastyman]

I apploud the talent of a great number of the contributors on this site, so I would appreciate if some of you could give some thought to the following questions:
We more or less know what the consequences are to Argyle if this all turns pear shape.

But what effects will that have on the Administrator.? ie

Is he answerable to the Courts?

Has he to prepare a report to the Courts of his work,
of what financial anomalies that he may have uncovered during his time at the Club? and also his decision to appoint the PB's?

:mrgreen:

 

[ChickensHomeToRoost]

An Administrator is an officer of the Court, and is answerable to the Court.

If he comes to the conclusion that the purpose of the Adminsitration is incapable of achieving its purpose, he must report to the Court and seek a termination of his appointment. However, since this involves turning the fees tap off, Administrators tend to delay reaching this conclusion for as long as there is any money in the kitty.

If a creditor gets fed up, and thinks that the Administrator ought to have sought a termination of his appointment and has not, then that creditor can approach the Court and ask it to terminate his appointment. However, the creditor must prove his point to the Court's satisfaction, which might be difficult given that the Adminsitrator has access to all the books and financial information, and the creditor hasn't. Moreover, if the creditor fails, he will like as not be ordered to pay the Administrator's legal costs of the application, which are likely to be substantial. So creditors tend not to do this except in the most flagrant cases.

So they tend to sit back and shut up, and cross their fingers in teh hopes that they will eventually receive their 0.77p

 

[oggyale]

He shall be taken away at dawn,blindfolded and tied to a post,then shot by a Government firing squad.