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RUFC - Extention by Millers

RUFC - Extention by Millers

Rotherham United's Official Site has this evening said that the Notice of Intention to appoint an Administrator has been extended until 13th March.

Hopefully this is good news, although we know nothing other than what has been on the Official Site.

What does going into administration actually mean?

The main aim of going into administration is to provide the company (in our case the football club) to realise the assets in a better way than it could if they went into liquidation or receivership.
The FA recognises that administration is a better way to go than liquidation or receivership when it comes to saving football clubs because, with administration, the main purpose for an order is the survival of the company and any part of its undertaking as a going concern.`
Once the club has gone into administration it tells the court that the football club is 'unlikely to be able to pay its debts.`
The only likely people who can put a business into liquidation is the company itself and the directors - creditors could do it but they would have to have an independent report of the company`s affairs and it is unlikely that the company would give the creditors access to these.
An application to the court to go into administration is normally confidential and usually the first thing the creditors know is when they get a report sent in advance of the creditors meeting to consider the proposals. This meeting should take place within three months of making the order.
When the administrator is appointed he will then take on the role of running the business although the directors will still have statutory duties but no operational ones. The administrator does not have the power to dismiss any of the directors.
At the creditors meeting if the creditors don`t agree to any proposals or modifications made then the administrator must ask for the order to be discharged and the club would revert to its previous state.
It would be hoped that the administrator would take a positive view on any future trading of the football club and would consult with both the supporters and creditors but he has no obligation to do this and he could request that the company be wound up asking for a voluntary arrangement to distribute any funds in his possession.
It could be that there are debts owed to other football clubs which might involve facts such as the signing and playing of players.
Once the administration objectives have been met the administrator will then apply for his release and this should leave the club, in whichever guise it emerges, as a solvent entity able to trade on.


Writer:Herringthorpe
Date:Wednesday March 5 2008
Time: 6:39PM

Comments

0
wish you luck
codbater
05/03/2008 22:08:00
0
Mmmmmmmmmm!!!!!!
MILLERS1884
06/03/2008 00:46:00
0
We will survive, I've got a feeling!!!
rybel_b
07/03/2008 12:40:00
0
well if thats the case no one can have been in touch to save you. but lets hope someone out there does
mick66owl
07/03/2008 15:21:00
0
cheers mick- but it's always a struggle
millers4eva
22/03/2008 09:42:00
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