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Friday, 28 November 2008

Woolworths - what is administration? Lots of people asking us this!

The news that Woolworth was failing has been copiously covered by the media recently and our websites have seen a sharp rise in activity in the last 3 days mainly around the word "administration".

What does it mean "go into administration", visit our website to learn more about the tool.

Interesting to see that The Guardian estimates that Deloitte will be costing £22,000 an HOUR. Top insolvency partners from Deloitte are charging £600 an hour and senior managers £400ph. So trading this business until after Christmas will see total fees charged of at least £7m assuming 8 hour days, 6 day weeks !

That's the cost of insolvency I am afraid and the other costs such as the thousands of jobs yet to be lost, £m's of creditors monies lost are still to be counted.

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