Admin.

[frenchmagpie]

people started ejecting faecal matter into their under garments because no news. They have a scenario in their heads without actually thinking it through, the only person putting us into admin is Hardy (we have no charge holder) so he needs to foot the bill of three months running costs. We're more likely to be liquidated than administration but like you said, more likely to be sold

I don't understand where these points come from. Administration is a process whereby a company which is insolvent is taken out of the management of it's directors and professional insolvency practitioners step in to take over the management and to realise assets to satisfy the creditors. Having a charge over assets is irrelevant to that process. And I just don't get the three months running costs bit. Once administrators are in it's up to them to find the funds to run the business or close it down. Hardy has no say at that point.

If administrators aren't appointed when the company is unable to meet it's debts then the directors can become personally liable for those debts so I think if Hardy was being really pushed by someone to cough up (see Gumps post) he would have no choice. HMRC have chosen to hold off until 10 July.