I think they do already; but this is not bankruptcy - it's administration.
As I understand it, the administrator doesn't have to accept the terms of the biggest creditor though - he has to act in the best interests of all creditors. The rush to sell Leeds back to Bates and more of his cronies (possibly the same ones with the offshore companies?) as soon as admin was announced doesn't appear to meet that criteria - at least not transparently.
Posted By: BerlinCanary on May 5th 2007 at 14:51:51
Message Thread
- Why is ken bates allowed to put leeds into administration (Other Football) - phrankin, May 5, 13:38:57
- because he is also a major creditor (Other Football) - Army Boy, May 5, 14:45:54
- or restrict the purchase of assets of a company by directors of the company (Other Football) - Commisar_Canary, May 5, 15:45:29
- what I don't get (Other Football) - phrankin, May 5, 15:56:21
- Simply that the administrators have full power to do what they like (Other Football) - BerlinCanary, May 5, 16:33:59
- what I don't get (Other Football) - phrankin, May 5, 15:56:21
- I think they do already; but this is not bankruptcy - it's administration. (Other Football) - BerlinCanary, May 5, 14:51:51
- I look forward to seeing what the IR and Customs do about the Leeds situation (n/m) (Other Football) - Commisar_Canary, May 5, 15:46:35
- or restrict the purchase of assets of a company by directors of the company (Other Football) - Commisar_Canary, May 5, 15:45:29
- Its Not Football, Its Business Law... (Other Football) - Martin Peters, May 5, 14:09:11
- because he is also a major creditor (Other Football) - Army Boy, May 5, 14:45:54
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