The Derry City thread - Derry sign first four players

**pineapple stu** · 20/11/2009, 12:40 PM

Isn't part of the point of administration that you get protection from creditors? That'd mean no winding-up orders allowed.

**Mr A** · 20/11/2009, 12:50 PM

Absolutely yeah, but if it's only happening today I'd have thought Dungannon would have had time to get their spoke in first.

**OneRedArmy** · 20/11/2009, 12:56 PM

All creditors form an orderly queue, liquidator at the front, HMRC next, any preferential next, then the other poor buggers.

Oh and by the way, the only assets are contingent.

That is all.....

**Mr A** · 20/11/2009, 1:03 PM

Does Derry City FC count as an asset, will that be sold to the new setup?, or how does that bit work?

**OneRedArmy** · 20/11/2009, 1:17 PM

Originally Posted by Mr A

Does Derry City FC count as an asset, will that be sold to the new setup?, or how does that bit work?

I should've said contingent and intangible.

I think what you've asked is the million dollar question. Its really a question for the liquidator to get the best value for all assets to try and make good the creditors as best possible.

**pineapple stu** · 20/11/2009, 1:18 PM

Surely the name is only of nominal - say �100 - value?

**OneRedArmy** · 20/11/2009, 1:46 PM

Originally Posted by pineapple stu

Surely the name is only of nominal - say �100 - value?

Depends how much the liquidator reckons he can get for it and how quick the successor club needs it (adding in the IFA complexity).

**passerrby** · 20/11/2009, 1:56 PM

a points deduction must happen

**Dodge** · 20/11/2009, 2:18 PM

Originally Posted by OneRedArmy

Depends how much the liquidator reckons he can get for it and how quick the successor club needs it (adding in the IFA complexity).

If I was Finn harps I'd be trying to buy the name.

**Steve Bruce** · 20/11/2009, 2:19 PM

Originally Posted by pineapple stu

Surely the name is only of nominal - say �100 - value?

I'd say if you have 3 or 4 people wanting to be the next DCFC chairman with a bit of money in their pockets, they may get quite a bit for it.

**Mr A** · 20/11/2009, 2:22 PM

Originally Posted by Dodge

If I was Finn harps I'd be trying to buy the name.

Aye, we could offer 100k for it. It's not like you actually have to settle debts these days

**A N Mouse** · 20/11/2009, 2:38 PM

Originally Posted by pineapple stu

Surely the name is only of nominal - say �100 - value?

Did you mean that?

**OneRedArmy** · 20/11/2009, 2:41 PM

Originally Posted by Steve Bruce

I'd say if you have 3 or 4 people wanting to be the next DCFC chairman with a bit of money in their pockets, they may get quite a bit for it.

http://www.derryjournal.com/derry-sp...ive.5844191.jp

I think this answers that particular question

**MariborKev** · 20/11/2009, 2:42 PM

Originally Posted by Steve Bruce

I'd say if you have 3 or 4 people wanting to be the next DCFC chairman with a bit of money in their pockets, they may get quite a bit for it.

No offence chief, you haven't a clue.

**pineapple stu** · 20/11/2009, 2:49 PM

Originally Posted by A N Mouse

Did you mean that?

Yup.

Feel free to offer counter arguments.

**SwanVsDalton** · 20/11/2009, 2:54 PM

Originally Posted by A N Mouse

Did you mean that?

There's no reason why the fee couldn't be nominal. Could even be a quid for all we know. Just depends what the liquidator feels they can get for it.

**A N Mouse** · 20/11/2009, 2:55 PM

Originally Posted by pineapple stu

Yup.

Feel free to offer counter arguments.

WOOSH

seems you didn't

http://www.google.co.uk/search?q=define%3A+nominal

**pineapple stu** · 20/11/2009, 2:57 PM

What?

**tiktok** · 20/11/2009, 3:00 PM

A Liquidator isn't charged with trying to sort out DCFC supporters.
He's there to get the largest amount of money from the available assets to satisfy the creditors. The name is one of the few decent assets a club who doesn't own it's own ground has, the liquidator will try to squeeze a nice sum out of it.

**OneRedArmy** · 20/11/2009, 3:04 PM

None of us is the liquidator, so lets leave the conjecture as to what the intangible and contingent assets are worth.

If I was the liquidator I'd worry first about whether there was enough there to pay my fees!