the administrator's responsibilities

[mr burslem]

I have a question, to which I've been unable yet to find an answer on the web:

 

If an administrator finds anything 'unethical' during his studies of a business (which, of course, would never happen at Port Vale), is he duty-bound to report it to the appropriate authorities (e.g. the police), or doesn't his brief stretch that far?

 

I'm curious! Can anyone enlighten me?

[berty1876]

I have a question, to which I've been unable yet to find an answer on the web:

 

If an administrator finds anything 'unethical' during his studies of a business (which, of course, would never happen at Port Vale), is he duty-bound to report it to the appropriate authorities (e.g. the police), or doesn't his brief stretch that far?

 

I'm curious! Can anyone enlighten me?

 

Does it also carry a possible 30 point deduction if business was unethical :(

[cooperpvfc]

Yes, he would have to report any wrongdoing.

[mr burslem]

Yes, he would have to report any wrongdoing.

 

Thanks. I was hoping that was the case...........

[sandyford_valiant]

Thanks. I was hoping that was the case...........

 

Hoping?

 

So you would like a probable 30 point deduction and relegation into the BlueSqaure?

 

Then no one would buy Vale and we would go bust..

[mr burslem]

Hoping?

 

So you would like a probable 30 point deduction and relegation into the BlueSqaure?

 

Then no one would buy Vale and we would go bust..

 

I didn't know about that. Thanks for the information, grim though it is!

[sandyford_valiant]

I didn't know about that. Thanks for the information, grim though it is!

 

It was mentioned the other week mate.

 

Now they have all gone from our club, i really hope nothing is found.

 

Imagine a 30 point deduction and relegation? You may as well shut the club now.

[berty1876]

S.V do u reckon the administrator will go after Deakin for his shares money ?

[nodge]

Hate to remind folk that Peter Miller was strongly involved with Luton Town when financial irregularities were identified in the lead up to their deduction.... and subsequent relegation.

[bennymole]

Yes but im sure lutons financial wrongdoings benefitted them on the pitch, not re-fitted a bnb in blackpool

[butt lane vale fan]

Hate to remind folk that Peter Miller was strongly involved with Luton Town when financial irregularities were identified in the lead up to their deduction.... and subsequent relegation.

 

Pity we can't sue the League for failing to do their ****** due diligence. It stinks that they will punish the club and it's supporters and yet they allowed the fat ****er to become Chairman.

[KEV.WILLIE]

Yes but im sure lutons financial wrongdoings benefitted them on the pitch, not re-fitted a bnb in blackpool

 

 

I really do hope that the B n B is in Vales name and as such an asset that can be sold

[DoINotLikeThat]

My concern if I was any of these directors ( and even those who have resigned who are not immune) would be that the administrators have to send the Secretary of State a report on the conduct of all directors who were in office in the last 3 years of the company's trading. This could lead to all manner of sanctions against former Directors including disqualification, misfeasance, and wrongful or fraudulent trading.

 

For example Directors who continue to trade knowing that the company is insolvent and there is no prospect of the situation improving run a serious risk of personal liability for wrongful trading.

 

Could any of the offences below apply to Directors of the Vale past or present??

 

-continuing to trade to the detriment of creditors at a time when the company was insolvent

-failure to keep proper accounting records

-failure to prepare and file accounts or make returns to Companies House

-failure to submit tax returns or pay over to the Crown tax or other money due

 

If so, at the very least they could be looking at disqualification as Directors of a Company and at worst be held personally liable due to wrongful or fraudulent trading. I would also be looking at some of the debts the Directors decided to pay off before others to see whether it constituted a preference. If this is proved then the transaction could be set aside by the courts ( Brewery loan anyone?)

 

Disqualification can also be applied to those people who have carried out the functions of a director and to shadow directors, so Pezza if you try and argue that you weren't legally a Director of the Company due to your possiblle null and void appointment because of the nil paid shares fiasco perhaps you'd better think again sunshine!!.

 

Food for thought.

[hardlypotter]

Creditors' Committee?

Possible option to work with the administrators and well worth considering to ensure all information is placed on the table before any decision is made.

 

http://webarchive.nationalarchives.g...rt8/part_8.htm

 

Hope this helps.

[WEMBLEY OF THE NORTH]

A 30 point deduction would occur if financial mismanagment led to benefits to the footballing side of the business, i.e on the pitch

 

There haven't been any!

 

:yes: