There seems to be more confusion than clarity following this afternoon’s press conference at Ibrox where Duff and Phelps gave information on Rangers FC PLC (in administration).
Most important item first. The administrators confirmed that they will propose a Creditors Voluntary Agreement (CVA) in order to avoid the company being liquidated. You should ignore sounds of confidence on this matter. The administrators have to sound confident that they have a good deal for creditors, no point telling everyone, ‘We’ve made an offer, but ooph, don’t hold your breath!”
No indication was given that any creditors were on-side, never mind the 75% by value required. HMRC will have the casting vote in this campaign and are exceptionally unlikely to set a precedent for football clubs to opt-out of PAYE, NI and VAT.
One fascinating wee snippet is the missing £24m from Ticketus. Of course, if you believed Craig Whyte, the money went into the club. Alternatively, the money was paid to Whyte’s solicitors in advance of the club sale and went straight to Lloyds Banking Group. The remainder will be with one of Whyte’s companies and could well be paying salaries next week. Nothing too exceptional.
How Ticketus secured this loan is more intriguing, but there is so little information published this is not particularly surprising. Ticketus might have screwed up, but I reckon there is simply a detail not yet revealed to the administrators or public. A non-committal reply was given to a question on the floating charge over the company originally held by Lloyds, which will possibly reveal more about Ticketus when confirmed.
At some point, possibly next week, the CVA will be proposed. Once the administrator has a response to this they will be in a better position to suggest how likely the company is to be liquidated. Until then, it’s all cheer leading by the guys from London.
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I doubt they will emerge from administration.
The administrators have very little revenue coming in as the ST money is long gone.
They have to account for a number of yet unidentified creditors who will now want paid for outstanding debts and insist on money upfront for future goods and services.
IT services, security, electricity, rates, office supplies, telephones, cleaning, repairs, and the BIGGIE administration management fees. The funeral director will ensure his fees are paid first.
‘GG HAPPY & SMILING GRIMLY
Macjay
Cheers 2009
http://i40.tinypic.com/95pzkz.jpg
TAL
Mooooorning.
Another day another wake with ‘wow that crazy dream wasnt a dream, this really is happening’ We are living in great times.
This is the first Friday in years no one has said
‘Im hearing this Friday is the day the huns go into administration’
GG
Until they are in the groon’ – I will be thinking they will wriggle oot o’this – and even then , I would have to poke them with a stick…..
TAL
I’m not sure whether you will need Quincy M.E. or a cord at the burial.
Look at the time…..Night folks.
That bus winnae drive itself.
TAL
Teuchter ár lá says:
17 February, 2012 at 05:15
Lovely,mate.
Actually,I`m hoping to take in this little soiree on Sat. night.
Believe it or not,this was the venue in May `82 for the foundation of the first Sydney C.S.C.
All the way from Co.Antrim, Marty will be playing a gig dedicated to Celtic fans in Sydney at The Cock n Bull, in Bondi – please note the change of venue. Marty has supported the Wolfe Tones and has recently played in the Mercantile Bar and Durty Nellys. Unfortunately The Shannon Hotel has had to close due to financial difficulties. A bit like Rangers.
GG…:)
One things for sure – I wouldn’t be wastin’ any time asking for a second opinion.
Night mate
TAL
Macjay
Went for a lovely walk along the cliff path in Bondi beach…My cousin lives in Manly.
Night mate
TAL
Morning Celts and happy Friday.
Need to get into celebration mode now that Breaking Bad has finished, concentrating on the rankers who are well….. Breaking Bad, and just like that excellent series there are twists n turns happening all over the shenanigans.
I see more than £9mill is unaccounted for, some now saying £33mill, well it’s clear (to me) that CW has taken that money, it is only fair that the Whyte knight takes a decent wage for a job well done. I like his work oh yes indeed :>)
V
When did Bocanegra sign for Celtic?
Good morning friends and a Big Happy Friday from a damp but mild-ish East Kilbride.
vmhan – on Breaking Bad, I recently completed Season 2 but I’m having trouble sourcing the next season in the UK? Can’t understand why the DVD still hasn’t been released here.
Jobo
Its got to have been posted last night but this is out standing.
He’s More Than A Hero To Me by Billy No’well
Glad to hear some taxpayers finally finding their voice over the tax dodgers
Stuart Bathgate: No sympathy when the public purse is being short-changed
Craig Whyte should be treated like every taxpayer. Picture: Robert Perry
Published on Friday 17 February 2012 02:39
Her Majesty’s Revenue & Customs should treat Craig Whyte no differently than any other taxpayer
IF you or I fell behind with our taxes, say for a relatively small amount such as £900, we would get a late-payment penalty and the threat of further legal action. The First Minister of Scotland would not rush into a television studio to call on Her Majesty’s Revenue & Customs to be reasonable and give us more time. The Prime Minister of the United Kingdom would not declare that the priority was for us to survive and thrive.
Both of those politicians, if our minor financial difficulties came to their notice, would rightly say that the rule of law is paramount. Times are tight, it is more important than ever that taxes are paid, our public services need proper funding.
So why, when Craig Whyte falls behind with his taxes for a relatively large amount like £9million, is there such a different reaction? Why has there been such an outpouring of sympathy, not only from Alex Salmond and David Cameron, but from a far wider section of society?
Is there no room, between that sympathy of a large tranche of public opinion and the Schadenfreude of those who dislike Rangers, for any other position? For example, one that says by all means let’s get Rangers back on their feet, but not at the expense of the public purse?
As politicians, Salmond and Cameron have an interest in courting positive publicity. The former is deeply unpopular with many Rangers fans, the latter with just about everyone else in Scotland, so they could do with a bit of help. Even so, it has been breathtaking how willingly those two senior governing figures have distanced themselves from the arm of government, HMRC, which is there to fund their plans, build our schools and keep our hospitals open.
Salmond has tried to present himself as an honest broker, calling for the Revenue and Rangers to play softball together. Speaking on the BBC’s Reporting Scotland on Wednesday evening he said: “The most important thing is to get a sensible agreement between Rangers and HMRC in terms of the extent of what’s owed and how that can be paid off.
“The most important thing is that Rangers are able to continue as a football club. That’s the absolutely critical matter. I think if we keep our eyes on what’s best for Rangers as a club, as an institution, for other clubs in Scotland, for Scottish football, then that would be a sensible thing to do.”
What’s best for Rangers as an institution? What does that badly overused word have to do with anything? Next time the Revenue are on your case, tell them you’re an institution and see how far that gets you.
Cameron, to give him his due, retained a little more distance, albeit while expressing the same misplaced sentiments. “I want that club to survive and to thrive,” he said on his visit to Scotland yesterday. “It has an extraordinary history. It has a very special place in many people’s hearts in Scotland and no-one wants to see that club disappear. So I hope that HMRC will work as closely as they can with the administrators to try to solve the problems, to try to resolve the issues.”
That last phrase is suitably vague: resolving the issues. If it means securing the future of the people who work at Ibrox, most of us would be with him there. If it means letting Whyte off lightly, we would beg to differ.
Because there is a position between sympathy and Schadenfreude. One which, after a couple of days of near silence, is beginning to find its voice. And it’s an increasingly angry voice.
There is an e-petition on the official British government website, for example, called “Rangers. Pay your taxes.” It can be read, signed or commented on by clicking here.
It mentions the pending tax case which could cost the Ibrox club around £50m in addition to the £9m in VAT and PAYE which Whyte has not paid, and concludes: “Rangers FC and their owners need to pay their dues, pay their taxes and take the full punishment that is imposed on them.”
And on the Hearts supporters’ chatroom, Jambos Kickback, one poster writes: “[Salmond] said his priority is ensuring Rangers survive. As First Minister, his priority should be what is best for the Scottish taxpayer and if that is the closing down of Rangers then that is what he should call for.
“I do not think those who are struggling, [have] seen their businesses close or have been pursued vigorously for tax due, would appreciate any let-off or a laidback attitude.”
It is debatable whether the closing-down of Rangers would benefit the taxpayer, but the principle stands. There is no reason why Whyte should be given an easier time than any other individual who is late in paying tax. Indeed, given the size of the sum he has failed to pay, he should be pursued with even greater vigour than anyone whose misdemeanour may amount to a few hundred pounds.
EN @ 6.42 –
well that’s my “tune in the head all day” sorted. Great stuff but a wee warning for acouple of the dodgy words, kids…
Right, off to work with my traditional green tie outfit.
Jobo
Hugh McDonald Herald
He added: ”The issue there is whether that security is valid and for what amount.”
To recap, the administrators cannot be sure of how much Rangers owe and are uncertain about how much money the club has. The status of the club’s main assets is, well, unclear. Yet the administrators are still confident about a happy ending. This optimism is commendable if, frankly, incomprehensible.
Estadio National
I’ve just heard this Friday is the day Rangers get liquidised (copyright Declan).
MWD that’s today!!!
Jobo Baldie 06:54
Ooops, apologies, didnt notice them. Its stuck in my head as well. A wee change from ‘the huns are going bust’ song thats been there for two weeks now.
EN
MWD etc 07:04
Ha, theres a few dates going around for that one, quite happy to wait a bit longer and watch them squirm a bit more.
EN
Whyte’s tax adviser is a porn star – surely not? You could always trust the Sun to get this exclusive:
Tax adviser is a porn star
Celtic play Hibs on Sunday.
Concentrate.
http://www.youtube.com/watch?v=LQ8v-cjym_M
Morning all from gay Paree, where Cameron is in town to discuss saving the Rangers with Sarkozy (before moving on to less topics like common nuclear and defense programmes).
So, not to worry lads, the cavalry is coming…
Hootsman, leading Sports article:
Rescue plans in offing as interested parties come forward
Main story from the Admin press conference according to the BBC site is “Ailing Rangers ‘attract interest’”.
Oh, and the BBC Scotland SPL table STILL isn’t updated !!!
Jobo Baldie says:
17 February, 2012 at 06:34
=============
Jobo I can get you season 3, does your tv or bluray player have a USB drive?
HH
Checked Daily Record before going to bed last night (this morning) and headline was Rangers ‘admit’ several interests in buying the club. That was what they took out of yesterday!! Jeeeez!
This morning they have copped on that there might have been criminality involved.
Still no cracked crest.
Morning Bhoys
So, Milan Manderic is interested in buying The Hun then? Is it not he who is responsible primarily for the mess Portsmouth are currently in?
HH
Giggs
Jobo Baldie says:
17 February, 2012 at 06:34
***********************
I’m passing the DVD’s, which I got from excellent CQN’er and Kano Foundation’er Sannabhoy…. onto Ton Che Dan, kinda like the film “Pay it Forward”, I’ll see if I can copy them for you.
V
HH
Suddenly, the MSM is full of guff that this Paul Murray character is the new messiah for the dying (hopefully painfully!) hunz.
Didn’t I read somewhere (could only be here or rangerstaxcase) that anyone who was a directors of an insolvent club during the past 5 years were barred from any football club involvement in Scotland?
Or does it apply only if the are liquidated?
Or does it apply at all?
Or did I dream it?
Palacio67 says:
17 February, 2012 at 07:35
***********************
Just noticed you’re post Palacio67, good mhan!
Say hello to the Barrow in Furness Celts for me.
V
HH
On Clyde… Milan mandaric interested in thems
High, thin cloud over a breezy and fresh North Ayrshire this morning.
Early start this am and to my astonishment Im not first in the office, not sure if the blue corner have been here all night trying to find some positives from yesterdays press conference or if they believe by starting early they will be invisible to gathering crowd of good guys,
Wrong on both counts anyway…
Early bird discussion,
HR dude says (please replace dude with any other 4 letter word you can think of its absolutely warranted in this case)
“you gonnae gloat for ever ffs is it not about time you lot moved on?”
Now I was ready for answering till the wee cleaner says
“weve decided to stop the gloating E*** and replace it with looks of smugness and ah told ye so”
Q hysterical laughter from the good guys, she picks up the bin bag and says as shes leaving
“anybody watch the darts on sky last night? apparently there was some offensive singing and banners”
Off she toddled.
Doubt there will be many early starts on Monday.
Aye its catching right enough.
“Rangers must continue for the future of Scottish football and for the fabric of the country.”
Alex Salmond. Feb 16th 2012.
Never forget those words.
It never ceases to amaze me how clever people who contribute to this site, who know how agenda ridden and ignorant and downright bad at proper investigative journalism are come on here quoting a news outlet that brought us such greats as :
Casino / Superdome for ibrox in murray masterplan
Artur jorge for celtic
Warchests frontloaded with millions
Now folk are here believing some yugoslav criminal is buying rangers because the record / rdaio clyde says so……..
Hast the last 5 years or so of CQN taught us nothing ?
Well, the huns are really clutching at straws now, NEW OWNER, don’t think HMRC will allow that until they are paid what they are due.
Anyway, it is nauseating the clamour from all parts of the media, politicial circles and general society in Scotland to demonstrate an,ourpouring of sympathy for a small company who, it seems, have defrauded hmrs for a number years, what would happen to our country if a few mor companies adopted this method of running a business.
Good morning CQN from the fast train to Glasgow, enjoy your friday listening and watching tgis big car crash unfold, while being told by an unbelievably stupid media, that,everything is going to be ok, all based on an administrator appointed by a tax dodger who doesn’t know the extent of the problem, yet everything will be ok – ha ha ha, only in Scotland would that be believed.
Hh
bjmac
twists n turns says:
17 February, 2012 at 08:02
Yup Ecky Salmond is right and also remember to feed the fairys at the bottom of your gardens.
twists n turns says:
17 February, 2012 at 08:02
“Rangers must continue for the future of Scottish football and for the fabric of the country.”
Alex Salmond. Feb 16th 2012.
Never forget those words.
=================
Too true, T&T.
Vomit inducing on two counts.
If I’d ever been the slightest bit inclined to vote for this slimy slug & his party, the idea would now be permanently dead in the water.
I wish him & his party an ignominy on a par with that of the hunz.
.
Milan Mandric..
Just became a Multi Billionaire..
Strange but True..
Summa
Rangers FC: How they pretended to be good and proper