zapperbull wrote:
Pet-Tit is getting his cash so why not drag it out longer, new year bonus
I don't think it works like that. Administrator gets a set fee that's already been agreed. Then they add on costs and disbursements. If they continue to go up it makes it harder to sell. Meaning it's in everyone's interests to get it sorted sooner rather than later.
Once the administrator has an offer that at the very least covers their fee and costs it goes to creditors meeting. Most don't bother turning up as when it gets to that point it's done and dusted near enough. The administrator says we've been offered X amount, my fee is this much and costs etc are in the region of Y. Creditors then get what's left. Usually very little but it's the best you're going to get so that's you shafted (by Green not the new owners they didn't run up the debt).
Then it's sold and all wrapped up.
In the last two admins the amount the club was sold for was enough to pay the administrator and no more.
Tbh if you are any good at business you don't want to be paying anymore than that.
Wages being owed now have ramped it up a bit. But remember the first one. The club could continue to trade with staff not being paid. The issue is that they can't gain membership of RFL without players being paid and there isn't going to be enough cash coming in to allow the administrator to do that. I get the feeling it's going to be resolved one way or the other fairly shortly. Certainly within the next week or two as the season starts in Feb and without a place in the league this year the business isn't a going concern.
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