People seem to be missing the elephant. That is, WHAT IS the "debt"?
First, according to Green, there is little or no debt re HMRC - if I understood the garbled 'reporting' in the T&A they claim it's 350K, he claims it was 135K, and we've paid 100K.
I am assuming for now that HMRC are correct, as if there was a real dispute then the company couldn't be wound up, but the argument about whatever issue it was would have to be decided by a court, and HMRC clearly aren't being taken to Court; nor did Green have any confidence that the insolvency hearing would buy the "genuine dispute" argument again.
But, and here's the point, if there was a genuine issue as to the 350K, and as Green claims the admin is just to ensure a winding up can't immediately happen, then why on earth would he, a new bidder or anyone pay a "debt" that was actually no such thin, but a "genuinely disputed amount"?
So even if there were an interested bidder with extremely deep pockets (far fetched enough already for me); they would also need to have a penchant for throwing away 350K on disputed amounts which they neither personally owe nor actually need pay!
Now, HMRC will never in a million years accept a deal on the alleged money, its either pay in full or get a court decision in your favour, so how any administration goes depends entirely on who has the majority vote for any proposed deal.
To recap, we need someone who
a) has around a spare million to lose immediately
b) who will agree to operate on half RFL money for 2 years
c) with a 12 point deduction and
d) seemingly a completely hopeless business cashflow position, if you judge by the current figures, late wages payments, late company accounts and a loss of 800K or so and an apparently insolvent position of the company even a year ago.
I just can't work out why there isn't a big queue forming.
