Hxj

That's good to hear, and will be the real test.

Interesting from Kirchner, talking about season tickets: Chris Kirchner @cskirchner · 14h This has to wait until the admins have done their bit… late June maybe? (This is a speculative guess, so please don’t hold me to it) If I get a more firm grasp of that I’ll let you know. Lot to do before that So it's going to be a nervous summer break for DCFC. Any players out of contract in at the end of June can start negotiations on 1 June. Would you look for a new deal somewhere or stay and hope it all works out alright?

Well the super efficient solicitors acting for Kirchner have now corrected their errors in the documents filed for Kirchner’s company 9CK …

Looks like a three year deal to meet 35% of unsecured creditors to avoid the -15 points, where HMRC fit in that is anyone's guess. Now waiting for someone to create a legal stink in respect of HMRC. And so far Kirchner has contributed the massive sum of £1 to his DCFC rescue fund.

To complete the circle as far as we can Derby have been relegated as a result of the actions of Morris and Pearce, no one else is responsible. The future of the club is still in serious doubt. I hope they survive, but not sure what this season and starting next season with no squad and minus 15 points will do to Rooney and the remaining squad if tehy do. Finally a big thank you to @havanatopia.

So we have now passed the date by when a CVA can be started and finished by the end of the season, and the suggested end of the money. If the end of the money is as suggested someone will have to fund the company to the tune of around £1.5 million a month to get Derby to the start of next season on 30 July. Even if season tickets are sold, it is highly unlikely that the proceeds are available to fund the club before the ownership has changed. So Kirchner, I guess, will need to start funding pretty soon.

It has - but it has also produced some brilliant moments. It also collapsed too many times in the last ten minutes. Bear in mind that I have been going to matches for almost 50 years, so I have seen some real 'god awful' football.

So a fantastic result for Derby on Saturday, coming from behind against Fulham to win. Sadly for them Reading also won. So pretty bad for Derby overall. they remain 9 points behind Reading for 4 to play. So assuming Reading get no more points Derby need to win 3 from 4. If Reading don't lose on Monday and Derby lose it is all over. Otherwise it rolls on to the Championship game of the season Rooney v @Mr Popodopolous!!!

I'm strangely content about next season already. GK: Bentley, O'Leary CB: Atkinson, Klose, Cundy, Kalas, Vyner WB: Dasilva, Pring, Tanner, Scott MF: Williams, James, Massengo, Benarous F: Martin, Wiemann, Semmenyo, Wells Plus the other u23s not listed above. May not set the world alight but if Pearson can get things moving should be interesting. Baker will never play again - no manager would be stupid enough to let him get a third potentially life changing/fatal head injury.

Just over half a mile - provided you leave by the Pride Park exit.

The cash may be received, but it creates an obligation in respect of putting matches on next season. With potential personal liability, there is no prospect of Administrators doing anything other than putting that cash in a different account marked '2022/23 season'. I've seen alot suggested on their forum over the last few years, including Morris playing with EFL puppets 'on strings', purchasers lauded as 'saviours' who turn out to be fake, or publish fake pictures of their wealth, or who get arrested for tax fraud. Not much evidence of fact finding journalism on there!

I'm still led to believe that there will be no money on Monday 9 May, that is 25 days away. The clubs biggest problem is that from that date onwards no real cash is received until August. Thye have to pay the wages until July from existing cash resources. I also understand that any central funds will be witheld until all Football Creditors are paid in full.

How to make a burke of yourself in one easy step. Write nonsense without doing your research. The Derby County Football Club Limited do not owe Morris a single bean. They do owe Sevco 5112 Ltd £8.2 million and they do owe Club DCFC Limited £4.1 million. Those are all the connected party debts I can see. By way of contrast HMRC are owed £26.6 million. In a CVA 75% of creditors have to vote for it. HMRC have more than 25% of the total debt of the company so can simply say no. As I, and others, have already said, a Cross Class Cram Down is not simply a question of coming up with a plan. It takes time and lots of cash, neither of which the company has. Other cases have taken almost a year from starting the process to getting the court sanction. As far as I am aware none of the cases so far sanctioned involve stripping a preferential creditor of their rights.

There is no real evidence that he actually is, no one has actually seen the full paperwork. If there was any hint of a default by the stadium owning company or group company then I am sure that MSD would now put the company in Administration.

From a legal standpoint - every penny. From a reality standpoint it was wasted before it was received.

Absolutely every penny. It then of course paid the funds received up through the ownership chain to Morris repaying some of the money lent down through the ownership chain.

Roughly correct - Technically HMRC are behind, secured creditors (to the extent of their security), loans by Administrator, fees and costs of the Administration, preferential creditiors (redundancy pay, employees pension contributions etc), then second preferential creditors HMRC (as above), then unsecured creditors (including Football creditors), then shareholders. EFL rules say that Football Creditors are 'super-preferential creditors'. HMRC have a published practice which states that they will not agree to a CVA where, to paraphrase, non-football unsecured creditors are shafted by Football Creditors. In the Derby case HMRC control any exit from Administration.

That's my understanding. Nope - as you say HM Treasury The preferential ones are those collected on behalf of government, so VAT and PAYE/NIC. But not Corporation Tax or Employers' NIC. I mean not collecting because they forgo their preferential rights in a CVA for example. It is rare for there to be any term payments in a CVA, assets are transferred to a NewCo and OldCo goes into liquidation, extingushing any remainder.

And this is the nub of one of the issues for the club coming out of Administration. HMRC are perfectly entitled to sit there and say, "No problem, we will just sit and collect our preferential debt in line with the law and our published practice." Not much anyone can really do about that, not even the EFL. Given the Administrators are personally liable, would they knowing hand over several millions of pounds to Football Creditors ahead of a preferential creditor. Despite what they might say backbench MPs have little real sway over HMRC, which has no minister presiding over it. Wonder if someone will seek a Judicial Review of any decision to not collect the full preferential share, that could really screw matters up.

I'm still led to undertand that the money will have run out four weeks today. An awful lot to do in so little time, If it does progress I bet some lawyers are going to be earning big style over the Easter weekend.

So great day for Derby, Reading lost. Oh but Derby lost too. Reading still on 37 points and Derby on 28, with 5 to play. Derby need to take 9 more points over five games, that's 1.8 extra points a game, some task as that is automatic promotion performance More interestingly if Reading get no more points, Derby can only do this by winning at least three games or wining 2 and drawing 3. Based upon that scenario the earliest that Derby can get relegated is on Saturday 23 April ... Assuming the remaining results go against them against them it could be Monday 18 April against QPR. Of course Derby also need to get one more point than Barnsley to finish ahead of them, and the same as Peterborough to stay ahead of them.

Allegedly. It's surprisingly easy (if you can pay the fee) to borrow £60 million for the time needed for it to appear in a bank account in your name. But of course any withdrawals are blocked without the permission of the bank.

I had a client once called Richard, whose company name and address included the town of Scunthorpe. Sat in Derbyshire I could hear the squeals from the profanity checker and IT in London everytime he sent me an email or I sent him one. Once that calmed down the s*d started signing his emails off as 'Dick'. Great client, but IT and 'compliance' were ringing me several times a week, 'Dick' loved every minute of it, he used to send me an email and then call to discuss ...

Trouble is Administrations generally don't work like that. Exits from Administration are usually Dissolution/Liquidation or a CVA. A CVA is a contractual arrangement so it will be obvious from the outset whether or not the 25% or 35% rules are to be met. Three year CVAs are unusual as to be blunt creditors generally want whatever they can get up front. The usual transactions are that a NewCo acquires all the assets of OldCo in exchange for sufficient funds to meet the immediate CVA. OldCo pays out the CVA and then Liquidates. The EFL are happy to transfer the Golden Share in such an arrangement provided their conditions regarding Football Creditors and Unsecured Creditors are met.

As long as Derbyshire is safe ...