transcript from acountancy age site
The administrators'
fees
, from their appointment on 21 March to 14 May, comes in at £163,294 for a total of 475.54 hours at an average charge out rate of £343 per hour.
All clubs that are part of the Football League and Premiership league must exit an administration via a Company Voluntary Arrangement (CVA).
This is a deal to repay creditors a percentage of debt over a contracted period of time. A CVA must be voted for by more than 75% of creditors, by value, in order for approval.
Clubs will usually transfer the assets of the club, such as player contracts, to a
new company
, (new co), with the original company (old co) entering liquidation. The new co will make the CVA payments to the creditors.
Accountancy Age understands that a decision from the Football League on the sale of the club is expected this week. The administrators hope to have the CVA deal completed before the start of the new season on 3 August - in order to avoid any further points deduction at the club for being in administration.
anyone wishing to contact David Bubin and Partners
David Rubin & Partners LLP
26-28 Bedford Row
London
WC1R 4HE
T 020 7400 7900
F 020 7242 3233
DX 267 LONDON/CHANCERY LANE
[email protected]