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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Apologies for reposting this from last night but I do so as much for my own benefit as anyone else’s. As we get bogged down in the details of this – lets not lose sight of the core issue here.
the long wait is over says:
15 February, 2012 at 22:31
Ghuys and Ghirls
Whatever else happens remember this – they are in ADMINISTRATION.
What weve long known – that their “superiorty” was a self delusion and their business practices dubious to say the least – has become publicly and officially recognised.
That can never be deleted from the history books.
This isnt over – some of what follows in the next weeks , months and years will make us laugh as we have this week. Some will infuriate us as those who should know better bend over backwards to help them. Some may even makes us feel sorry for those innocently caught up in the fall out as suppliers struggle to recover sums rightly due.
One way or another one indisputable fact remains and will never be forgotten or lived down.
On 14 2 2012 Rangers FC PLC became Rangers FC PLC (In Administration).
The administrators seem to be, quite wisely, counting the big tax case in the debts. Rangers have been presented with the bill. HMRC would easily go to court to get it counted if the administrators tried shenanigans about not counting it. HMRC will have the required percentage to block the CVA.
Matt McGlone up next on Scotland Tonight! 10.30pm
Hail! Hail!
DavieL
Been some superb posts these last few days as well as a plethora of excellent articles from our esteemed leader, thanks Paul, dunno where we’d be without you, your vision, hard work and indefatigability. IMO you’re one of the main reasons we’re all so well informed on what has been going on and what’s still to be revealed, not only through your own words but by creating this blog you’ve enabled the many posters on here who have also contributed greatly to our collective knowledge bank.
I’m also uber pleased with the official statement from the club this afternoon and Peter Lawwells words the other day.
For what it’s worth i think that this is going to end up with people being handed prison sentences, i also believe that the SFA will be dragged into this and be found wanting when it comes to answers. The laptop loyal too are finished as soon as the criminality is exposed, which it will be because there’s a big machine been started up and a process begun that will only stop when it has acquired all the information, then tried and convicted the guilty.
Personally i can’t wait.
HH
pedrocaravanachio67 says:
16 February, 2012 at 22:25
Failure to act in good faith was what they went after Hearts with. That was just for being late with paying their players.
DavieL
Sounds right.
To be continued…
Might just be some prank at the hands of a hacker, but this website says that Ticketus Services is dissolved as of today:
http://www.companiesintheuk.co.uk/ltd/ticketus-services-65
RogueLeader
I thought one of the admin men said that the big bill hadn’t crystalised.
PeteTheBeat says:
16 February, 2012 at 22:21
Dan’s red card rescinded but nothing much else has happened.
Just popped in to say “it just gets better and better”
:)
hail \o/ hail
ticketus have insurance, don’t believe it
like insuring the titanic ten mins after it hits the iceberg
do they have security for it, bet your bottom dollar
the two clowns today could only tell us what they dont know
check under the marble staircase, think you will find the security under all the old brogues
think the security will be kept in football
step up stewart milne
gallagher says:
16 February, 2012 at 22:39
For what it’s worth i think that this is going to end up with people being handed prison sentences,
…. unless the trials are heard in front of an Edinburgh jury.
RogueLeader says:
16 February, 2012 at 22:38
The administrators seem to be, quite wisely, counting the big tax case in the debts. Rangers have been presented with the bill. HMRC would easily go to court to get it counted if the administrators tried shenanigans about not counting it. HMRC will have the required percentage to block the CVA.
====
I’m with you on that and posted the same earlier.
MWD
Silver City Neil Lennon says:
16 February, 2012 at 22:40
Exactly, where the hell have they been in the last 2 days? no lover of hearts…..just justice.
PC67
TET
The final decision hasnt been issued but it appears to be the case that when HMRC issue their demand that is a liquid and live debt due by the Company which remains so unless Rangers appeal against it is successful. The Tribunal will also detemine the full amount , if any , ultimately due.
Its not like a normal court case where , usually , no amount is actually due until the decision is issued.
if illegality is involved here then it could be that rangers will be in a financial/legal mire for years to come.
Joseph (Patrick) Kennedy III for future USA president. You heard it here first.
Tims back in charge :-)
Have the administrators found the missing money yet which was stuffed under the carpet? All is rosy in the blue garden, I hear. Smoke and mirrors!!!
HH
CRC
TET
It hasn’t crystallised but it has been served and the tribunal is basically Rangers appeal in an attempt to say what they did with EBT’s was legal.
MWD
Hartsons Comb says:
16 February, 2012 at 22:41
It wasn’t like that half an hour ago I had a nosy when Pedro posted the link…
Shhhuuurley no??
“Rangers are reducing their employee headcount and report that 3 referees, 9 linesmen and 2 members of the SFA have been relieved of their duties”.
TAL
A song for huns from 1969. “Out Demons Out”. Very apt. BRB in kaftan and flares.
the long wait is over
That I understand…….but, that being the case, how come the bill is not liquid when it comes to the issuing of a licence so they can play in europe.
My head is spinning.
I keep saying it, the people who should be getting targeted are the SFA.
Hartsons Comb says:
16 February, 2012 at 22:41
Might just be some prank at the hands of a hacker, but this website says that Ticketus Services is dissolved as of today:
http://www.companiesintheuk.co.uk/ltd/ticketus-services-65
it’s nonsense, there have been dozens of Ticketus Companies Registered, and dissolved at will……….it seems they set up a new Company for each transaction…this was version 65 that was dissolved, who knows which one Rankers owe the money to
Brian McNally @McNallyMirror Close
Friday’s Scotsman front page says £24m of #Rangers cash diverted to Craig Whyte company. Throw in missing £9m tax & heat is on Whyte
Retweeted by Phil MacGiollaBhain
Good night Celts Worldwide..
Another great day on CQN…
Vaya con Dios..
SP
TET – they also talked about doing a deal for it. As I said, the bill has been presented, the FTT was about Rangers trying to prove they weren’t liable and less about HMRC proving they were. A subtle but important difference. The administrator could try and say they aren’t counting it but HMRC would be straight to the Court of Session and would win. HMRC will be counting it, believe me…..
have to say agree with david plummy cameron – one question only !
gscbhoy says:
16 February, 2012 at 22:35
hectorshouse says:
16 February, 2012 at 22:31
‘Fraid not, they were unable to locate the couch. They have contacted the previous lawyers of RFC (in administration, soon to be in liquidation) for further information.
********************************
The couch? thats in the Vogue I believe, there’s a poster on here that could provide more info in this regard, I hope thats helpful bhoys.
HH
V
Follow Follow:
Bocanegra to vancouver whitecaps?
don’t know if already covered but papers tomorrow running a story that the vancouver whitecaps are looking to sign carlos bocanegra
I wonder how the company’s like Mastercard feel now after backing both clubs with sponsership.The other sponsors also of Scottish football the years they spent backing the product, being associated with a growing quality brand. Yes a brand you can trust. No a brand you’d would want to be associated with.Well no actually.One side yes.I give you the governing body of Scottish football thanks you for turning a blind eye for so many years. You’ve screwed it totally now.
Mentioned on Clyde tonight. Celtic are waiting for the right moment to comment on this mess. OOPS Thems mess!! Think it was King.
TET
As I suggested to you last night Celtic (PL) are waiting on the Perfect Storm which is looming and I believe truly our board will hammer THEM.
We need to be patient.
Evening bhoys.
What a couple of days. Been up to my eyes with work past few weeks(Thank God). Have read all articles but not had time to read through all posts. Just a quick question. What does the “jelly and ice cream” refer to? Baffled.
Hartsons Comb says:
16 February, 2012 at 22:41
There are many ticketus companies. Do you have the right one?
list of ticketus companies
HH
CRC
pedrocaravanachio67 says:
16 February, 2012 at 22:45
It could be argued that hitting Rangers with further disciplinary action now could push them over the edge. It didn’t stop them going after Hearts. Going beyond the SFA and SPL, where’s the clamour to save Hearts from party leaders, ministers etc?
Sack the board
On a lighter note
Still funny
http://www.4shared.com/audio/fSKE3qgd/Hear_a_pin_drop_haha.html
2 mins in –
at that moment the MBBs bowels must have turned to water as he realises that perhaps his cashflow isnt going to be what he thought..
Morarbhoy 22;10 and 22;24
Couldnt have put it better myself.
Death by ignorance, arrogance and denial.
hh