WestYorksRoyalLower WestWestYorksRoyal Some Sky journo now reporting that the HMRC winding up petition could lead to administration, and that this suits most buyers.
The ignorance and incompetence of journos is staggering. HMRC can't place us in administration. A creditor with a charge can (Dai), shareholders can (Dai) or directors can (Dai's nodding dogs). The only way administration happens is if Dai chooses it. It's liquidation or nothing from HMRC.
Seems clear to me. Could lead to. Doesn't mean the HMRC will. If the Directors are backed into a corner with no alternative. Then it's the way forward. Otherwise the Company is entering into fraudulent trading territory. Dai's sister isn't going want to end up personally liable.
True, I guess wrongful trading is a crime for which Directors are individually liable. So it must be a risk. My concern with administration is it's not just a magic bullet to take 12 more points and get rid of Dai. I'd take that if it was, even if it means L2.
Financial survival comes first. Teams can always be rebuilt over time. Luton have shown how sensible management ultimately pays off.