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Monday, 21 February 2011

Plymouth Argyle in administration almost...

The Directors of Plymouth Argyle Football Club have today issued a 'Notice of Intention' to appoint an administrator.  

This action places a "quasi moratorium" over the company meaning that creditors can no longer take any action against the company prior to a formal insolvency event.  However, it does also mean that the club has approx 10 days in which to come up with enough money to save itself.    In most businesses  issuing a "notice of intention" is just going "through the motions" ie informing the bank and giving them time to appoint their own administator if they want to, prior to bowing to the inevitable.  However, football is a funny old game and they do not seem to operate like normal businesses so a last minute rescue is still a possibility.

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