For example, a Scottish football club, Gretna, went into administration in March. It has been reported that the administrators in charge of the finances now (Wilson Field) have racked up charges of £250,000.
In such situations, who would pay those fees? Would the administrators simply be added to the list of creditors that needs paid? Do their fees take priority over other outstanding fees?
And if the sale of assets from the business does not meet the cost of debts, how is the money which has been raised distributed? By equal % (ie. If only 50% of the total ammount owed is raised, then each creditor is given 50% of what they are actually owed) or are certain creditors given priority?
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