i must be stupid, page-7

Good luck with mlsoa, balmersdog,this should help offset some of your losses.
VA always leaves a bad taste. Technically, there is still
hope,if they can find a buyer/financier very quickly.
Not (yet) in liquidation.Until then , always some hope.

Of course, the administrators job is to raise enough cash to cover their (exorbitant) fees - seen this pattern too often through my line of work.

Here's how it works: (not necessarily in the case of aws):

1. Directors appoint administrator "ad" .

2.Ad is all nice/friendly to the directors who appointed them;paint the picture that all is not lost;positivity abounds.

3.Engagement letter outlining fees is approved by directors.

4.Examination of records begins. Suddenly the positivity is gone, creditors and shareholders are told the story (possibly true) how bad a mess the directors have left this company in,and how difficult to recover much if any funds for the creditors.

5. Creditors/shareholders are now manipulated into thinking that the ad is "on their side", whilst the bad guys are the directors.

6. Ad's fees get approved by the creditors at meeting.

7. Fees get chalked up very nicely.

8. Funds are raised by selling off the "easily sold" assets.Ensure the ad's fees are mostly covered.
The assets requiring harder work are deemed "non-recoverable" after "much consideration".

9.Resolve to liquidate the company as there is no prospect of trading back profitably.
Return to creditors is nil. Return to shareholders is nil.

10. Funeral is over.