It is hoped and expected that the
administration Order if properly executed, will be beneficial to all the creditors.
E-Clear was not represented by counsel, but its "consent" to the
administration order was notified to the court by solicitors.
The Materiel
Administration order encompasses developing rules for the design and technical specifications for how the system is to be constructed, a process that is scheduled to be complete by 2006.
As a result, Swansea will now be applying to have the temporary
administration order lifted, which will see the club returned to the directors, free of any financial burden.
are not included in this
administration order and will operate as usual.
In the Court's view, the
administration order tried to achieve two main goals.
The embattled retailer filed the application in December and sought an
administration order after the judge who was hearing the case disqualified himself.
An
administration order is a formal, legal debt solution which means that it's approved by the court and your creditors have to stick to it.
Managing company Don Leisure Limited, who run the Pier Brasserie restaurant, Pier Pressure nightclub, Inn on the Pier bar, Don Gelato Ice Cream Parlour and the Pier Amusements, blamed last January's tidal storms and the subsequent loss of business as factors in their decision to seek an
administration order.
CHIEF executive Tim Fisher admits Coventry have been prepared for the possible threat of an
administration order and are working with their advisers to "minimise the damage to the club".
Peter Kubik, of the club's financial advisors UHY Hacker Young, said: "They are in the process of seeking an
administration order - an application to court seeking administration is due to go in any day.
