Neil Cox

[Awaywego]

Once you go into admin Deerey the owner is excluded,the administrator takes charge of everything other than managing the football team, it is meant as a last resort when you can’t pay your debts, the admin then has the duty of selling off the assets to get a good a deal for the creditors,( obviously Swanny will be one of them) this process will do very well to pay creditors 75p in the pound often much less. Which would you do sell and be in control during the process or hand over everything to the administrator? of course if he’s absolutely desperate he may be forced to do it. WG is right on the ground.

[Awaywego]

Ps the administrator would also need paying out of the assets, admin is certainly no sliver bullet for Swanny or us.

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alcazar

[Deereyme66]

It’s the stadium and grounds I’m more concerned about

[Ironawe]

Admin would be viable. He’s not selling the ground or anything of value so he (Coolsilk) wouldn’t lose anything. SUFC Ltd has assets of £50k ish in the last accounts and is the only thing stopping him realising the commercial value of the land. By removing all the assets from SUFC its easier to fold/disband/whatever he wants. But, wait, we have that magic lease which allows SUFC 99 or 999 years (he doesn’t remember which) use of the ground – but then he said he would give it back for free. So which one of those have we had proof of? I’d wager neither.

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alcazar

[Awaywego]

You know it’s 999 years, in print. There has to be an agreement both are 2 limited companies they have to deal with legalities, unless of course Swanny is an astute business man and is above the law. Might have said that all before but he ho I’ll keep reminding everyone of it.

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alcazar

[Ironawe]

When one ceases to be a limited company the lease is easily voided/terminated just like any contract where one party ceases to exist. The ‘in print’ 999 yr lease I must have missed but is irrelevant – time will tell.

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Iron-awe, alcazar

[Awaywego]

Why would the administrator want to void the lease when he’s trying to sell the club on? Dah, remember Swann has no say in anything once the administrator is appointed not even the bank account. Remember the administrator won’t be a numpty like many on here.

[Northumbiron]

Knowing our luck he might be!

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Awaywego, alcazar

[ironfromafar]

without trawling through all the posts what has Neil Cox got to do with the club going into admin , folding going bust??

[Anonymous]

The thread is the ‘explanation’.
The best place to start when reading a book… is at page one.

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Awaywego

[Awaywego]

People read but still only see what they want to see and ignore the rest.

[Author]

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