| The Jacks, The Bluebirds and Administration 23:27 - Jul 31 with 3559 views | JamesJack |
Looking for some info. the Blue(Red?)birds are always giving us jip about going into administration. I know they have also had their financial struggles, I also know they didn't go into administration, but how close were they and what stopped them from the fall? [Post edited 31 Jul 2013 23:28]
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| The Jacks, The Bluebirds and Administration on 23:52 - Jul 31 with 3496 views | Educated_Pork |
Administration was never an option for them really. It was struggle through or liquidation. Administration, with the potential to exit it via a CVA for example, only works if you can get the significant majority of creditors to agree to write off their debts for a % ... and that's never going to happen down there. |  | | |
| The Jacks, The Bluebirds and Administration on 00:18 - Aug 1 with 3445 views | GoodGodAlive |
Swansea have been in admin twice. Had the 10 point penalty existed, we may have even gone into non-League.
Cardiff have never been in admin, although they were once 10 minutes away, but that was brinkmanship as a boardroom struggle got to a head.
Cardiff also had to borrow money from the PFA, and later used some of that money to sign players to help them stay up.
Cardiff have also sold their soul to sit in the Premier League. This last part is, basically, the thing that makes administration acceptable. | | | |
| The Jacks, The Bluebirds and Administration on 00:32 - Aug 1 with 3416 views | Educated_Pork |
Don't think were in Admin in the 80s. Also 10 point rule wouldn't have been an issue given the league position at the time. Colin Addison did a fine job and wasn't treated very well imo. | | | |
| The Jacks, The Bluebirds and Administration on 00:37 - Aug 1 with 3407 views | tycoch_jack |
| The Jacks, The Bluebirds and Administration on 00:32 - Aug 1 by Educated_Pork |
Don't think were in Admin in the 80s. Also 10 point rule wouldn't have been an issue given the league position at the time. Colin Addison did a fine job and wasn't treated very well imo. |
Definitely admin in December 1985. Admin followed by winding up which was then rescinded.
Definitely NOT admin in 2002- it was a CVA, different thing and the Board remained. | | | |
| The Jacks, The Bluebirds and Administration on 00:47 - Aug 1 with 3398 views | Educated_Pork |
| The Jacks, The Bluebirds and Administration on 00:37 - Aug 1 by tycoch_jack |
Definitely admin in December 1985. Admin followed by winding up which was then rescinded.
Definitely NOT admin in 2002- it was a CVA, different thing and the Board remained. |
You're wrong on the second part ... I could even name the administrators. You're right to say a CVA doesn't need to happen through admin ... it's simply a voluntary agreement with the creditors.
You don't need to go through admin before facing a winding up order. Before my time though so don't know the details. | | | |
| The Jacks, The Bluebirds and Administration on 09:11 - Aug 1 with 3188 views | Morfa_Same |
| The Jacks, The Bluebirds and Administration on 00:47 - Aug 1 by Educated_Pork |
You're wrong on the second part ... I could even name the administrators. You're right to say a CVA doesn't need to happen through admin ... it's simply a voluntary agreement with the creditors.
You don't need to go through admin before facing a winding up order. Before my time though so don't know the details. |
I don't know about the 1980s but I agree with tycoch_jack. We definitely weren't in administration in 2002. Mel Nurse went to court to try to force the club into adminstration in order to remove Petty, but he lost the case. |  | | |
| The Jacks, The Bluebirds and Administration on 11:38 - Aug 1 with 3027 views | GoodGodAlive |
| The Jacks, The Bluebirds and Administration on 09:11 - Aug 1 by Morfa_Same |
I don't know about the 1980s but I agree with tycoch_jack. We definitely weren't in administration in 2002. Mel Nurse went to court to try to force the club into adminstration in order to remove Petty, but he lost the case. |
Of course we were in admin in 2002. Some of us were fans back then. Admin it was. | | | |
| The Jacks, The Bluebirds and Administration on 11:45 - Aug 1 with 3018 views | tycoch_jack |
| The Jacks, The Bluebirds and Administration on 11:38 - Aug 1 by GoodGodAlive |
Of course we were in admin in 2002. Some of us were fans back then. Admin it was. |
I am very suspicious about you - you sound like a scummer.
Anyway, there was no administration order passed by a court, no administrator appointed. There was no administration in 2002.
The club itself recognised that the finances were in a complete mess and appointed an insolvency practitioner to negotiate a CVA with the creditors for the £800,00 debt.
Luckily this was passed by a large majority. The club then had to stick to the repayment scheme for the next 2 seasons which inhibited wages for new players etc.
Whilst its nothing to be proud of, it was not administration.
I know as I was there. | | | |
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| The Jacks, The Bluebirds and Administration on 12:09 - Aug 1 with 2984 views | Educated_Pork |
| The Jacks, The Bluebirds and Administration on 11:45 - Aug 1 by tycoch_jack |
I am very suspicious about you - you sound like a scummer.
Anyway, there was no administration order passed by a court, no administrator appointed. There was no administration in 2002.
The club itself recognised that the finances were in a complete mess and appointed an insolvency practitioner to negotiate a CVA with the creditors for the £800,00 debt.
Luckily this was passed by a large majority. The club then had to stick to the repayment scheme for the next 2 seasons which inhibited wages for new players etc.
Whilst its nothing to be proud of, it was not administration.
I know as I was there. |
Just because CVA doesn't equal administration doesn't mean the club were not in administration. They were. Pretty sure Gary Stones was the administrator. | | | |
| The Jacks, The Bluebirds and Administration on 12:40 - Aug 1 with 2929 views | tycoch_jack |
| The Jacks, The Bluebirds and Administration on 12:09 - Aug 1 by Educated_Pork |
Just because CVA doesn't equal administration doesn't mean the club were not in administration. They were. Pretty sure Gary Stones was the administrator. |
Ok, I don't want an argument and I want to concentrate on the amazing prospect of the Europa League tonight, but if I recall correctly Gary Stones was the IP appointed by the club to negotiate the CVA, he was not appointed by a Court as an Administrator.
Its all semantics really as the end result was that debt was reduced, the renegotiated sums paid off and the clubs recovery could begin.
I'm not sure but I think some of the businesses concerned have been paid back since too.
They were dark days but it was the reality of clearing up the mess from Petty and 9th Floor(Silver Shield). | | | |
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