Couldn't agree more...a daylight robbery. £80k down the cesspit called the city.
Chaps, this cannot happen in the US, it is illegal. Company directors, administrators etc..., should extract the best value for shareholders from any situation the company may find itself in. And it is all overlooked by the shareholders. Hence Blue Shore's remarks. Here in UK if they choose so, they can do it in such a way that results in total loss of shareholder value...and it is all legal...and there is nothing you as a part owner of the company can do about it. Next time you invest in UK stock market, have a good look at the Board credentials and not just the business....and in any case limit your investment to any single stock to 10%.
By pushing company into admin, the crooks have saved: £10m in wages, £30m-50m in redundancy payments, 10m in rent payments, £20m-40m for buying out leases, £40m+ in shareholder equity...and in the process got hold of a perfectly good business for £0.
