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Get Your Facts Right Appleton Tells Administrator

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20 Jul 2013 00:13:57

Get Your Facts Right Appleton Tells Administrator

Appleton Replies

Administrator Paul Appleton has told MP Bob Ainsworth to get his facts right after his call for him to stand down.

Mr Appleton told the Coventry Telegraph: "I note with some interest Mr Ainsworth’s latest EDM, delivered under the protection of Parliamentary privilege.

"Unfortunately, this particular EDM is littered with factual inaccuracies and betrays a complete and comprehensive misunderstanding of the facts and the process.

"To state that I have not used the powers vested in me by the Insolvency Act is simply wrong.

"I have used those powers available to gain answers and information, and I have used those same powers against several of the parties involved in the process.

"Indeed, it is my use of those powers that has resulted in the delivery of a significant amount of information which is assisting me going forward.

"It would perhaps be appropriate to remind Mr Ainsworth that all the main bidders have acknowledged that myself and my team have carried out an open and transparent sale process.

"We have sold the right, title and interest of the various assets within Limited having made extensive enquiries into those assets. This has been carried out within a time-frame which will allow the football club to meet its obligations under the rules of the Football League and Football Association.

"Otium Entertainment’s bid offered the deal that allowed, in our opinion, for the purpose of the Administration to be achieved and gave the greatest return to creditors. Put simply, it was the best offer received.

"Obviously, we have liaised closely with the Football League who have been happy with the way the process has been carried out.

"Where Mr Ainsworth seems most confused is between the sale of the business and assets and my ongoing investigation. The investigation is a totally separate issue and could still take some time to finalise.

"However, I’m happy to report that our thorough and deep-rooted investigation – as demanded by the main creditors, which would, in any event, be carried out – is now making excellent progress.

"As I have stated before, my reporting of this contentious matter will be done via the provisions of the Insolvency Act 1986 and not through the media. We are in constant dialogue with all the stakeholders and, as I’m sure Mr Ainsworth would acknowledge, have written to him directly answering any questions he has raised, as well as having met with him personally.

"Perhaps he would have been better served in requesting another meeting with me rather than publicly betraying his lack of understanding of the process."

More on this: http://www.coventrytelegraph.net/news/coventry-news/coventry-city-administrator-claims-city-5151428?

Source: Coventry MAD


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