the point of administration is not to sell the debts at a discount
it is to rescue the business as a going concern. It is the job of the appointed administrator to maximise the amount of money paid back to creditors, not sell it off cheaply.
the bloke could have waited until southampton went into admin to purchase them as they would be cheaper to buy when in admin than sold off as a full going concern.
I don't know enough about southampton's corporate structure (ie all the holding companies etc) to know for sure but this is what i think as an accountant. they certainly had it all set up to try to con the system, i can tell you that much.
Posted By: Tony Martin on February 17th 2010 at 13:27:51
Message Thread
- That admin thread below v v v v v v (Other Football) - jayson blair, Feb 17, 13:18:17
- Quiche or Flan? (n/m) (Other Football) - jafski, Feb 17, 13:41:19
- what're your thoughts on Bovril? (n/m) (Other Football) - Ralf Scrampton, Feb 17, 13:31:05
- the point of administration is not to sell the debts at a discount (Other Football) - Tony Martin, Feb 17, 13:27:51
- Do you overuse and misuse the word robust? (n/m) (Other Football) - jafski, Feb 17, 13:26:42
- I think it meant he got the club cheaper (?13m) and was then honourable and decent enough (Other Football) - jafski, Feb 17, 13:22:32
- There is something about the Southampton situation that is very odd (Other Football) - camcan, Feb 17, 13:22:01
- not me (n/m) (Other Football) - Charles21, Feb 17, 13:20:01
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