Paul Buttivant

[Abbotts Ann Green]

Absolutely, but that's the case whoever eventually ends up doing a deal.

 

[grovehill]

I think you're wrong Rupert.

I'd bank money of them expecting to hear from him again.

You got proof of funding to back that up Ian?

 

[Anonymous]

I can get Buttuvant has got in about half a day Grovey.

Basically, he had a letter which said 'To whom it may concern, the gentleman carrying this letter has voiced an interest in buying a football club. Should the enquiry gain momentum, we would be only too happy to assist him...........................'. Obviously not verbatim, but that was the rough gist of it.

As I say, sounds like a Walter Mitty type.

 

[Laughter My Ploy]

He hasn't appeared in the pages of the Herald or the WMN since July 7, after he threated to summon private detectives to scare Guilfoyle. I doubt the club are expecting to hear from him again.

You seem to have a thing for Mr Buttivant ....a dead on cert to pop up on any thread about the nefarious councillor

 

[Rupert]

No, just don't want too many people to waste time taking him seriously.

:|

 

[storming]

I don't that that's true actually.

He has to take the best deal, not the most money. Think about it, there is a difference (I think).

Comapny administration was reformed in 2001 to make it more 'objective-led'.

BG's objectives are - in order:
1) To rescue the company as a going concern,
2) To achieve a better result for the creditors as a whole than would be likely if the company were wound up without first being in administration,
or if the administrator thinks neither of these objectives is reasonably practicable
3) To realise property in order to make a distribution to secured or preferential creditors.

Jon

I thought administrators always had to get the best deal for the creditors above all? Then rescue?

I was corrected on this. I thought, initially, that BG is working on objectve 1, to rescue the company as a going concern. I think this refers to keeping the company going, as it is, with the same owners. I read somewhere that this was rarely achievable. I think BG is now at objective 2.
http://webarchive.nationalarchives.gov. ... lvency.htm

The Enterprise Act 2002 revised the administration procedure. The revised administration procedure puts rescue at the heart of the administration – where companies can be saved, they should be saved. The first objective of the administrator must be to consider rescuing the company. This means rescuing the company as a going concern with all or most of its businesses intact – it does not mean ending up with the legal shell of the company. This new emphasis on company rescue in administration will help to ensure that viable companies are preserved and jobs are safeguarded.

Administration effectively protects the company from any action by creditors to recover money for a limited period, e.g. a creditor cannot petition for the winding up of a company whilst it is in administration.

Purpose of Administration
There are three objectives –
Company rescue (as a going concern) being primary.
If that is not possible (or if the second objective would clearly be better for the creditors as a whole), the administrator can achieve a better result for the creditors than would be obtained through an immediate winding-up of the company, possibly by trading on for a while and selling the business/businesses as a going concern.
Only if neither of these objectives is possible, can he realise property (sell assets to somebody) to make a distribution to secured and/or preferential creditors.

If selling the club will produce better results for the creditors, then that is what he is obliged to do. (Unless I got it wrong again, of course.)

 

[Graham Evans]

It's strange that Buttivents proof of funding was rejected out of hand while Heaney's was accepted without question and turned out to be completely bogus.Amazing that Guillfoyle hasn't got the guts to ditch Heaney and go with a real bidder. For the record Brent still seems the best but today's news of the council distancing itself fron the Trust must now throw plan B into doubt.What a mess Guillfoyle and Ridsdale have created. Still the good news is that they will both make millions out of this shambles.

 

[Rupert]

The legal restrictions of the administration process mean that ditching an official preferred bidder and selecting another one "on a whim" is not as simple as some folk might like.

 

[Anonymous]

Brent still seems the best but today's news of the council distancing itself fron the Trust must now throw Contingency Plan into doubt.

They haven't really GG, they've simply made the point to the FL, that they still support the only bid. Which they always have.

 

[storming]

He's back.
http://www.thisisdevon.co.uk/story-1308 ... story.html