craig 5,199 Posted February 14, 2012 Share Posted February 14, 2012 It does suggest a relationship, and why where HMRC so keen to get a court appointed administrator? However hopefully there won't be an issue. There really shouldnt be an issue. Any dealings I have had (limited admittedly) with administrators is that they work independently, pretty much even from colleagues in the same firm. The hope we must cling to is that it isnt an issue. At the point that HMRC were keen to get a court appointed administrator they did not KNOW that Duff & Phelps (Grier et al...) would be appointed. They would have had their suspicions but they still didnt know. My take on why HMRC would have wanted a court appointed administrator ? To take the advantage away from Whyte, and possibly to have vetting over the administrator (does the judge determine who it is, or does he accept recommendations from both parties prior to deciding ?). Albeit it just a certified accountant. Now now, us ACCA qualified accountants are good at what we do.... we dont buy into the ICAS snobbery 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted February 14, 2012 Share Posted February 14, 2012 There was very little indication that the game would be off,or season tickets wouldn't be valid - pure scaremongering and hand wringing. It's something again that wouldn't make the slightest sense at this juncture. We have to keep trading and fulfilling our obligations for us to stay above water and the administrators are not stupid - if we had impossible cash flow problems that would be different but our main problem seems to be the tax case which is separate from the normal running of the club. The police just want to make sure they are paid in full - probably upfront now as they don't want to be added to the list of creditors who may get nothing or a reduced amount. I would predict this will be happening with most dealings now, with goods and services only being delivered in a cash on delivery or prepaid basis. That will seriously probably affect our cash-flow but with all the Ticketus and Jelavich money as well as not paying tax, we should have a reasonable amount of cash at hand and in the bank. However, I suspect that Whyte may be up to old tricks of putting assets out of reach of creditors, so who knows where all the money is. 0 Quote Link to post Share on other sites More sharing options...
Guest Dutchy Posted February 14, 2012 Share Posted February 14, 2012 Albeit it just a certified accountant. Sure, right enough, and just because he's never been caught diddleing and fiddling doesn't mean that he's not capable of doing so. Especially in such a complex field as financil law. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted February 14, 2012 Share Posted February 14, 2012 Sure, right enough, and just because he's never been caught diddleing and fiddling doesn't mean that he's not capable of doing so. Especially in such a complex field as financil law. In which case YOU are capable of diddling and fiddling too, as are we all. Admittedly not all accountants are above board but this particular guy has over 30 years of experience and was a partner in a top 20 practice - administrators are paid very handsomely for the job they do (and they get paid before anybody else too....) I suspect that he doesnt need to worry too much about where his next paycheck is coming from. So what motive would he have for "diddling and fiddling" ? To help Craig Whyte ? The connection with Whyte is David Grier, not Paul Clark. You are making no more than a nefarious connection, IMO. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted February 14, 2012 Share Posted February 14, 2012 Duff & Phelps have had some reasonably big companies as "clients" in administration, including MFI and Borders books. So they do at least have a reaonable track record in terms of reputation. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted February 14, 2012 Share Posted February 14, 2012 Something I DO find interesting is that we have appointed English based administrators. Is administration consistently applied across the home nations ? I would have suspected that Scottish Law would be slightly different from English, even in the event of administration cases. I looked at the fee schedule on their website and it was relatively interesting that they have a schedule of conditions for administration but they reference "in England & Wales". What would the benefit be to having an English based administrator vs a Scottish based ? Would there be any disadvantage of such ? Their charge-out rates, to all intents and purposes, look reasonable enough to me. Charge rate, per hour, is : Partners 480 - 545 Managers/Directors 305 - 480 Seniors 190 - 310 Assistants/Support staff 30 - 170 Not unreasonable. 0 Quote Link to post Share on other sites More sharing options...
Guest Dutchy Posted February 14, 2012 Share Posted February 14, 2012 I'm sure he is above board, but what evidence is there to convince everyone that he is? And I've certainly fiddled and diddled in my lifetime, because I'm merely human, as I suspect accountants are as well, so there are probably more reasons for regulating people dealing in millions, nae, billions than someone like myself who has managed to gain an extra £20 here and there, now and again. I was watchiing a documentry last night I first watched last year. They were talling about the nature of the capitalist lead crash that happened around 2008, all at the beheast of the banks falsely claiming they were in profit, whereas they were up to their eyeballs in toxic debt, abley help by top firms of accountants. I'd expect you as someone with interests in the sanctity of the profession to condenm, categorically any wrong doing by your collegues, as opposed to sticking to the old tried and tested excuses on why you think people with money shouod continue to take as much money as they can, by way of bonuses and their fantastic talents. Still, I'm sure the guys admins will do a good job as there's hell of a lot of attention on them and as you point out, their fees will keep them pretty for a long time to come. Diffirence of opinion I'd say, so just live with it instead of trying to get the law onto my wee fiddles and diddles. I'm sure you're familia with the phrase, 2 wrongs don't make a right. I'd just say that my wrong doing doesn't half as much affect as capitalistic wrong doing. The state of our football club being a prime and more immediate example. 0 Quote Link to post Share on other sites More sharing options...
way2go 0 Posted February 14, 2012 Share Posted February 14, 2012 Duff & Phelps have had some reasonably big companies as "clients" in administration, including MFI and Borders books. So they do at least have a reaonable track record in terms of reputation. And MFI are back in business. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted February 14, 2012 Share Posted February 14, 2012 It does suggest a relationship, and why where HMRC so keen to get a court appointed administrator? However hopefully there won't be an issue. Albeit it just a certified accountant. The HMRC administrators were Seamus o'Reilly and Paddy McGinty they said they would also work in the best interest of the club. Although they didn't mention which club.:smile: 0 Quote Link to post Share on other sites More sharing options...
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