Alarming corporate governance chasm at SFA

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Campbell Ogilvie was an executive director of Rangers for the first five years of their Employee Benefit Trusts and during their earlier illegally-executed tax avoidance Discount Options Scheme.  He received a ‘loan’ from a Rangers EBT, which he has not repaid and is not expected to repay, and recently described his company responsibilities during this period to a friendly journalist as being administrative, and then legislative.

He has been a director of the SFA for 22 years and is now president.

During the period when Ogilvie was director of both Rangers and the SFA the club illegally registered dozens of footballers with the SFA.  All directors are responsible for actions of a company, executive directors especially so.  Those who represent themselves as having administrative and legislative roles, absolutely so.

SFA chief executive, Stewart Regan, yesterday defended Ogilvie’s shameless refusal to resign by offering a defence which echoed Rangers ‘Craig Whyte acted alone’ defence, which was comprehensively dismissed by the SFA Judicial Tribunal.

Regan said, “We have had very clear feedback that the president was not involved in any letter or correspondence with regards to player EBTs.

“We are all aware of businesses being run where you have one owner and operator running the club and a number of directors sitting below. The way this process has been managed, a lot of this correspondence was done much higher up the chain than Campbell Ogilvie.”

This is cringe-worthy nonsense and gets to the heart of the lack of corporate governance at the SFA. Mr Regan is not qualified to assure us that Mr Ogilvie has no case to answer. That is not a judgement for him to make and is certainly not an inference that can be made on the basis of private comments from Mr Ogilvie or other former Rangers directors similarly contaminated by this issue.

Before the chief executive can state as fact how Rangers conducted their business, and the limited involvement of Mr Ogilvie, some form of inquiry must have taken place. No such inquiry happened.

“We have had very clear feedback”, said Mr Regan. Who is “we”, was it an independent panel that received this feedback, or did Mr Regan deal with this personally? Who gave the feedback? Was Mr Ogilvie subject to the same independent scrutiny as anyone else in the game, from Neil Lennon to Craig Whyte, or was this passed off with a handshake?

Mr Regan’s failure to recognise the serious corporate governance failures in his conduct is alarming. We don’t need this guy to know the offside rule but he has to understand good corporate governance requires questions against your president to be openly and independently investigated.

When these are our standards, what else is the executive turning a blind eye to?

Mr Regan was careful to limit his claim on what Mr Ogilvie was not party to. “We have had very clear feedback that the president was not involved in any letter or correspondence with regards to player EBTs” sounds like a substantial piece of information but it’s not.

This only claims that Mr Ogilvie did not author any side letter or contract relating to an EBT, which is not in doubt. The important issue is clearly Mr Ogilvie knew dozens of players had EBTs, he knew football players’ remuneration is subject to detailed written contracts and he knew all money paid to a player, from any source, in relation to football, must be detailed on his contract and registered with the SFA.

For Rangers players’ EBTs to be consistent with SFA and Fifa requirements they would need to be completely discretionary, an optional extra the players were unable to rely on. Mr Ogilvie, the Great Football Administrator, knew all of this.

Instead of good corporate governance we appear to have a self-certified president – we know Mr Ogilvie did nothing wrong because Mr Ogilvie said he did nothing wrong. He is at once, a Great Football Administrator and unaware of the football administration actions of the company he was legally responsible for.

Ogilvie was an executive director of Rangers.  It was his responsibility as a director of Rangers to ensure that the club contracts and legislative responsibilities were conducted in a proper manner.  He was simultaneously a director of the SFA.  It was his responsibility as a director of the SFA to ensure the Association was run in an even-handed manner, that one club – his club or any other – could not load the dice.

Regan went on to say “Since February 14 he has had no involvement at all in any board meetings, any decisions or any meetings with the club.”

It is reassuring that he has withdrawn from an important part of the legislative process of the SFA but his prominent participation in yesterday’s AGM confirms that his influence in other areas remains.

Regan added “[EBTs] are illegal if they are used knowingly in an incorrect manner. That is something we are still waiting for facts on.  But I am satisfied that Campbell has discharged his duty of care.  He has done everything we could have asked of him and, so far as his integrity is concerned, he is a man with many years as a highly respected administrator across the game of football in Scotland.”

“So far as his integrity is concerned….many years …. respected administrator”.  Those words may bring to mind all those years Ogilvie was at Ibrox while Rangers sectarian signing policy was in place.

Regan dismissed calls for his own resignation, no doubt confident he can self-certify his performance.

I am hugely reluctant to open a political debate, but does the painful lack of accountability and scrutiny in Scotland not alarm you? The actions (inactions) of Ogilvie and Regan would never be accepted in England, where structures exist to hold officials to account. As a relic from Rangers sectarian signing policy days, Ogilvie would be regarded as an embarrassing dinosaur, he would never be made president! The ability for officials to state facts without an inquiry would never be tolerated.

We look more like a rotten borough than a country with the mechanisms necessary to nurture a successful state. Where’s your voice now, Mr Salmond?

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  1. lochgoilhead bhoy on

    lochgoilhead bhoy on 7 June, 2012 at 21:19 said:

     

    bournesouprecipe on 7 June, 2012 at 21:17 said:

     

     

    *pattern*

     

     

    or Right backs that wurnae?

  2. celtic heritage on

    I was as depressed as almost everyone else on the blog earlier – but now see the light again at the end of the tunnel (even if it is still a long one!). HMRC alone have the power to block the CVA – if they were intending to approve it, why bother setting up BDO. I have never believed that HMRC would accept the CVA all along and have been trying to calm family members down at various stages of the saga saying that everything would be ok and Hector would do the right thing. I still believe that and look forward to it. Time to stock up on ice cream and jelly again – it’s coming soon. Dave King has added to my confidence – funny how he always re-appears when something bad is about to happen (obviously trying to position himself as some kind of saviour to the dissilusional masses). HH and stay patient

  3. BRTH

     

    I Posted the questions below earlier. Either someone at Rangers lied to Ogilvie, or Ogilvie is guilty. He is guilty if he didn’t ask the questions he should have asked. He is guilty if he asked and got an answer that suggested law breaking, which he didn’t report

     

     

    These are the key questions as I see it

     

     

    1. Were you aware of any side letters, or financial commitments to players , in relation to contracts that you signed

     

     

    2. Did you ask David Murray whether the contracts you were signing on behalf of Rangers included all financial obligations to the player

     

     

    3. Did David Murray provide you with an answer to point 2

     

     

    4 if he did was the answer Yes or No

     

     

    Now , and bear with me, the only correct sequence of answers which could possibly keep Ogilvie in the clear is :

     

     

    No

     

    Yes

     

    Yes

     

    No

     

     

    Anything other than that and Ogilvie is guilty. Regan will only be guilty if he fails to ask Ogilvie those four questions.

  4. So….seems that we might actually get some money back for Juarez ?

     

     

    Wonder if CSKA ever stumped up the £250,000 for Cillian…?

     

     

    And what happened regarding Mervan Celik…did the Huns get off,without paying the £200,000 development fee to his old club ?

     

     

    Kojo@17:02…I agree !

  5. Hoping so mate, but even if they are ready before my hol i dont know if you deserve yours ya h*n :-p

     

     

    Shameful and not to mention hurtful comment from you…….

     

     

    H*n, that’ll be effing right!

     

     

    HH

  6. lochgoilhead bhoy on

    Barcabhoy on 7 June, 2012 at 21:22 said:

     

    Are you sure?

     

    I think he would need to answer

     

    No

     

    Yes

     

    Yes

     

    Yes

     

     

    to get away with it.

  7. Eyes Wide Open on

    Brogan Rogan Trevino and Hogan supports Kano 1000 on 7 June, 2012 at 21:05 said:

     

     

    Good article.

     

     

    What makes all of this so galling is that juncture after juncture the SFA / SPL keep giving them these byeballs, in the knowledge that people like your good self are articulate enough and guys like Paul are high enough up the business ladders to KNOW they are acting completely outrageously – yet they dont care.

     

     

    They seem to be content enough to know that those with a public voice and those within the real positions of power – will do and say damn all, whilst guys like yourself, Paul and hundreds of others (which becomes thousands after you’s have spread your word) are on the periphery.

     

     

    Hell – they dont even care that the BBC have enough facts to sink them – which tells us there is something more at stake, something forcing their hand to continue to defend the indefensible.

     

     

    The real mafia extends from the inner corridors of Ibrox, Hampden, Hollyrood and straight to the masonic lodge that effectively run Scotland.

     

     

    I deplore what the huns have done, been caught doing and are being helped to forensically ‘clean’ the scenes of those crimes by footballs cops.

     

     

    We need a police investigation into their fraudulent activitites – Billy dodds revelation that they deducted tax from his share of the EBT has told us all that it is necessary.

     

     

    We need charges brought forward and we need people to serve time for their crimes – and that includes the ‘institution’ whose name they did it in.

     

     

    It wont cost tax payers a great deal of money and wont take more than a week – all they have to do is request all the information the BBC have and wait for the court to grant it..

     

     

    Simples

  8. Awe naw

     

     

    If the plan was to liquidate, which I agree it was, why haven’t D and D done so already ?

     

     

    There would have been more in the pot if they had liquidated earlier.

  9. Brogan Rogan Trevino and Hogan supports Kano 1000 on

    Barca

     

     

    I agree, however, the main point is that Ogilvie appears to have sung a song to maintain his position as El Presidente. That song seems to say that he was completely and totally unaware ( whether he should have asked is certainly relevant ) but that there were others who were clearly in the know.

     

     

    Not all of these can have been Directors– that is impossible—- and the SFA has an audit procedure which uncovered nothing— repeatedly!!!

     

     

    However Ogilvie has clearly said that someone knew and has pointed up the food chain.

     

     

    If he is telling the truth, then independently of the SPL enquiry and every other enquiry then Regan knows… or at least has a good idea.

  10. Brogan Rogan…….

     

     

    Excellent post. You should have entitled it All the SFA President’s Men. There could be a screenplay in it yet!

     

     

    HH

  11. Duff & Phelps Finally

     

    Release the Results of the

     

    Creditors Meeting on

     

    20 April!

     

    Today, Duff & Phelps released the results of

     

    the 20 April creditors’ meeting. You can

     

    see it here – Result of Rangers’ Creditors’

     

    Meeting It is clear that the resolutions, as

     

    they stand, are now as modified by HMRC,

     

    rather than as originally framed by Duff &

     

    Phelps. As is not surprising in this saga,

     

    matters are not clear yet.

     

    There is some discussion about whether or

     

    not the resolutions allow a sale of the assets

     

    of Rangers to Charles Green without further

     

    creditor approval. I frankly do not see the

     

    point of the tightening up of the Resolutions,

     

    unless it gives HMRC power to “interfere”.

     

    Why would they have revised the

     

    Resolutions to put in place their own

     

    liquidator, if only to allow a sale of assets at

     

    an alleged knockdown price? I think there is

     

    enough ambiguity, as I mention below, to

     

    meet the requirement of HMRC which is that

     

    a CVA needs to be approved by creditors;

     

    an asset sale needs to approved by

     

    creditors; and if those options are gone,

     

    because Mr Green walks away, then BDO

     

    come in as liquidators.

     

    —————————————-

     

    I wrote in detail on 22 April about the

     

    Virtual Creditors’ Meeting which took place

     

    on 20 April.

     

    In light of the outcome of that meeting

     

    being reported now by Duff & Phelps,

     

    coincidentally I am sure, following upon the

     

    delay in producing the report having been

     

    raised with the Registrar of Companies, I

     

    thought I would revisit the resolutions.

     

    My commentary follows at the end of the

     

    resolutions.

     

    RESOLUTION (1) APPROVED WITHOUT

     

    MODIFICATION

     

    17.1.1 That the Joint Administrators continue

     

    the Administration to deal with such

     

    outstanding matters in relation to the

     

    Company as the Joint Administrators

     

    consider necessary until such time as the

     

    Administration ceases to have effect.

     

    17.1.2 That the Joint Administrators do all

     

    such other things and generally exercise all

     

    of their powers as contained in Schedule 1

     

    of the Act, as they, in their sole and absolute

     

    discretion consider desirable or expedient

     

    in order to achieve the purpose of the

     

    Administration.

     

    17.1.3 That the Joint Administrators can

     

    investigate and, if appropriate, pursue any

     

    claims the Company may have.

     

    17.1.4 That the Joint Administrators can

     

    explore any and all options available to

     

    realise the assets of the Company without

     

    recourse to creditors. The Joint

     

    Administrators be authorised to conclude a

     

    sale of the whole, or part of the business,

     

    property and assets of the Company without

     

    having to obtain the sanction of the

     

    Company’s creditors at further creditors

     

    meetings, upon such terms as the Joint

     

    Administrators deem fit and they be

     

    authorised to liaise with all relevant parties,

     

    bodies or organisations which they deem

     

    relevant for achieving that purpose.

     

    17.1.5 That the Joint Administrators seek to

     

    establish a creditors committee, and they be

     

    authorised to so establish a committee in

     

    such terms and on such basis as they deem

     

    fit without having to obtain any further

     

    sanction from the Company’s creditors at a

     

    further creditors meeting.

     

    RESOLUTION (2) MODIFIED WITH

     

    ADDITION OF NEW PARAS 17.1.9 and

     

    17.1.10 as noted

     

    17.1.6 That the Joint Administrators may

     

    propose such CVA(s) or Scheme(s) of

     

    Arrangement as they deem appropriate and

     

    see fit, subject to the outcome of offers.

     

    17.1.7 Upon approval of a CVA or Scheme

     

    of Arrangement to exit the Administration at

     

    such time as the Joint Administrators deem

     

    appropriate by making an application to the

     

    Court pursuant to Paragraph 79 of Schedule

     

    B1 of the Act.

     

    17.1.8 That the Joint Administrators are

     

    authorised, subject to implementation of a

     

    CVA, to conclude a sale of the whole, or part

     

    of the business, property and assets of the

     

    Company, without having to obtain the

     

    sanction of the Company’s creditors at

     

    further creditors’ meetings, upon such terms

     

    as the Joint Administrators deem fit and

     

    they be authorised to liaise with all relevant

     

    parties, bodies or organisations which they

     

    deem relevant for achieving that purpose.

     

    17.1.9 Any proposed Voluntary

     

    Arrangement or Scheme of Arrangement

     

    will be considered on its merits by HMRC

     

    Voluntary Arrangement Service.

     

    Acceptance of the Joint Administrator’s

     

    (sic) proposals by HMRC does not

     

    therefore imply acceptance of any

     

    Voluntary Arrangement proposals that

     

    may be put forward as a consequence.

     

    17.1.10 That The Joint Administrators

     

    shall report to creditors no later than 3

     

    months from the date of the meeting of

     

    creditors on the feasibility of a CVA or

     

    Scheme of Arrangement.

     

    RESOLUTION (3) MODIFIED AS PER

     

    ALTERATIONS BELOW

     

    17.1.9 11 That the Joint Administrators, when

     

    it is anticipated that no better realisations

     

    will be made in the Administration than

     

    would be available in a winding up, take the

     

    necessary steps to put the Company into

     

    either CVL or into compulsory liquidation as

     

    deemed appropriate by the Joint

     

    Administrators. It is proposed that the Joint

     

    Administrators, currently Paul John Clark

     

    and David John Whitehouse of Duff & Phelps

     

    would act as Joint Liquidators or such other

     

    parties as creditors may resolve should the

     

    Company be placed into CVL. In accordance

     

    with Paragraph 83(7) of Schedule B1 to the

     

    Act and Rule 2.47 of the Rules creditors may

     

    nominate a different person as the proposed

     

    liquidator, provided the nomination is

     

    received at this office prior to the approval

     

    of these proposals. In the absence of such

     

    nomination, the Joint Administrators will be

     

    appointed Joint Liquidators and in

     

    accordance with Section 231 of the Act any

     

    act required or authorised under any

     

    enactment to be done by the Joint

     

    Liquidators is to be done by all or any one

     

    or more of them. In accordance with

     

    paragraph 83 (7) of Schedule B1 to the

     

    Act and Rule 24.7 of the Rules, HMRC

     

    nominate Malcolm Cohen and James

     

    Bernard Stephen of BDO as joint

     

    liquidators of the Company and pursuant

     

    to Section 231 of the Act any act

     

    required or authorised under any

     

    enactment to done (sic) by the joint

     

    liquidators may be done by all or any

     

    one or more persons holding office as

     

    joint liquidators.

     

    As an aside, I have copied below what I

     

    wrote on 22 April regarding this

     

    Resolution.

     

    “There were extensive rumours on Friday

     

    that BDO, a worldwide business accountant

     

    with Glasgow offices, had been approached

     

    regarding Rangers. Was this an effort to

     

    nominate them, prior to Friday at noon, to

     

    be liquidators if winding up takes place?

     

    “The position of HMRC on this resolution

     

    will be very telling. If they let it pass that

     

    will be a sign that D&P are in it till the end.

     

    If not, then it would be clear evidence that

     

    HMRC’s patience had come to an end.”

     

    RESOLUTION (4) MODIFIED AS SHOWN

     

    17.1.10 12 That , without prejudice to or

     

    effect upon the creditors’ rights to bring

     

    any challenge to the level of that

     

    remuneration shall they consider it

     

    appropriate to do so, the Joint

     

    Administrators’ remuneration be fixed by

     

    reference to the time properly incurred by

     

    them and their staff in attending matters

     

    during the Administration.

     

    17.1.11 13 That the Joint Administrators’

     

    statement of pre-Administration costs

     

    under Rule 2.25 of the Rules, where no

     

    Creditors’ Committee is established, be

     

    approved for payment in accordance with

     

    Rule 2.39C of the Rules.

     

    17.1.12 14 That the Joint Administrators be

     

    authorised to draw their reasonably and

     

    properly incurred Category 2

     

    Disbursements.

     

    RESOLUTION (5) REJECTED

     

    17.1.13 That the Joint Administrators’

     

    Proposals be approved without

     

    modification.

     

    So what does all this mean?

     

    Clearly HMRC objected to Resolutions 2, 3, 4

     

    and 5. The free hand that D&P wanted to

     

    have was not given to them.

     

    Looking at the three options D&P laid out in

     

    its proposal to creditors, we see the

     

    following.

     

    CVA – This is D&P’s preferred option.

     

    Whilst D&P are free to propose any CVA

     

    they think fit, the decision on it lies with the

     

    creditors, and the fact that creditors to the

     

    value of 25% or more of the debt owed can

     

    block it. If a CVA is approved by creditors,

     

    then D&P are in charge of precisely when

     

    Rangers comes out of administration.

     

    In terms of 17.1.8, if a CVA is agreed , then

     

    D&P can sell off the assets and business of

     

    Rangers without further recourse to

     

    creditors for approval.

     

    It is now made clear that the CVA is to be

     

    considered on its merits by HMRC, and that

     

    consent to the administrators making a

     

    proposal is NOT consent to the CVA itself.

     

    One wonders if HMRC foresaw an effort to

     

    argue that acceptance of the administrators’

     

    proposals would be an acceptance of a

     

    CVA. In any event, this has been headed off.

     

    A helpful link to the HMRC Voluntary

     

    Arrangement Service, and the reasons why it

     

    might reject an arrangement, can be found

     

    here.

     

    Reasons for rejection are listed as follows:-

     

    “Rejection is appropriate when

     

    debtors do not resolve VAS genuine

     

    concerns about their proposals

     

    debtors do not expect to meet all

     

    statutory liabilities as they fall due.

     

    Occasionally exceptional or compliance

     

    reasons will cause VAS to decline proposals.

     

    Examples are

     

    deliberate default or evasion of

     

    statutory liabilities

     

    past association with contrived

     

    insolvency

     

    operating a policy of withholding

     

    payment of Crown money

     

    any proposal that requires sale of

     

    HMRC debt or does not provide cash

     

    failure to meet any obligations under

     

    a prior VA

     

    exclusion of creditors who are

     

    entitled to receive the same

     

    treatment as all others within their

     

    class

     

    a purchaser assuming responsibility

     

    for payment of some of the debtor’s

     

    debts in consideration for the

     

    purchase of the debtor’s assets

     

    any proposal by any member of any

     

    organisation that requires debts

     

    owed to its members to be paid in

     

    full, whether inside or outside the

     

    arrangement or before or after

     

    completion of the arrangement when

     

    all other unsecured creditors will

     

    become bound to accept a

     

    compromise of their debt. Here

     

    ‘members’ includes any prescribed

     

    associate(s) or other creditor(s)

     

    specified by the organisation.”

     

    At the foot of the page it says, “Collect all

     

    you can by being cost-effective and

     

    commercial.”

     

    Finally as regards the CVA HMRC do not

     

    want this to be open-ended, D&P now being

     

    required to report on the feasibility of a CVA

     

    or Scheme of Arrangement within three

     

    months of the 20 April creditors’ meeting.

     

    To recap, D&P are authorised to put

     

    forward a CVA proposal. HMRC will look at

     

    it commercially and taking account of the

     

    factors mentioned above. D&P know that

     

    they have to make progress with the CVA, or

     

    else will have to report to the creditors, and

     

    especially to HMRC, by 20 July.

     

    Asset Sale to Newco – This is believed by

     

    many to be the actual preferred route, if not

     

    of D&P, then of Mr Green. For one, it is

     

    cheaper and gives more of a chance to

     

    dump the penalties liable to be imposed on

     

    oldco.

     

    This though is where it gets tricky. On one

     

    view Resolutions 17.1.4 and 17.1.8 are

     

    inconsistent.

     

    Taking the latter first, I think 17.1.8 only

     

    applies to give D&P authority to sell the

     

    assets without further consultation, if a CVA

     

    has been agreed successfully. If not, then

     

    there is no authority under 17.1.8 to sell the

     

    assets and business without creditor

     

    consent.

     

    What about 17.1.4 though? It states, read

     

    with the preamble attached:-

     

    “ The Joint Administrators propose the

     

    following – that the Joint Administrators can

     

    explore any and all options available to

     

    realise the assets of the Company without

     

    recourse to creditors. The Joint

     

    Administrators be authorised to conclude a

     

    sale of the whole, or part of the business,

     

    property and assets of the Company without

     

    having to obtain the sanction of the

     

    Company’s creditors at further creditors

     

    meetings, upon such terms as the Joint

     

    Administrators deem fit and they be

     

    authorised to liaise with all relevant parties,

     

    bodies or organisations which they deem

     

    relevant for achieving that purpose.”

     

    Does this make sense? The second sentence

     

    in the paragraph is key. On one reading,

     

    which involves running that sentence on

     

    from the preamble, it does authorise the

     

    Joint Administrators to conclude a sale.

     

    However, the plain reading of the paragraph

     

    suggests that something has been missed

     

    out, or that the clause has been framed very

     

    badly. There are typographical errors

     

    elsewhere in the document. There could be

     

    one here.

     

    In addition, if D&P are authorised to sell

     

    assets etc if a CVA has been approved, as

     

    per 17.1.8, why would that clause be

     

    needed if they had the power to sell anyway?

     

    I think that HMRC has taken the view that

     

    clause 17.1.4 is uncertain and therefore

     

    void. If D&P attempt to carry through a sale

     

    to Mr Green, who is now the only show in

     

    town, under that clause, I suspect that

     

    HMRC will be at court to stop it in a flash.

     

    Therefore, without further approval by

     

    creditors, I submit that D&P have lost the

     

    power to conclude a sale to Mr Green.

     

    I have seen a discussion ongoing on Twitter

     

    re this issue. I think I can clarify matters. (I

     

    hope).

     

    The plan of Craig Whyte, as revealed by me,

     

    involved an asset sale AND A CVA OF THE

     

    EXISTING COMPANY. That was Bill Miller’s

     

    plan. It is perfectly possible that Mr Green

     

    wants to pursue some version of this, in the

     

    event that the “original” CVA fails. I believe

     

    that a pure asset sale to a newco does

     

    require creditor approval.

     

    Liquidation – This is most straightforward.

     

    As soon as it becomes clear that the

     

    administrators cannot fulfil the aims of

     

    administration, then it is game over for

     

    Rangers and liquidators will be appointed.

     

    D&P wanted to be in position to be

     

    liquidators if the administration failed.

     

    HMRC was not prepared to stand for that,

     

    and BDO have been lined up in their stead.

     

    BDO is one of the main insolvency firms in

     

    the UK, and there would have been no

     

    surprise if they had been appointed initially.

     

    However, we have had the saga of Duff &

     

    Phelps instead.

     

    BDO is sitting there, figuratively revving

     

    engines ready for takeoff. All they are

     

    waiting for is the word to go.

     

    And when they do, D&P will depart the

     

    scene, ingloriously.

     

    Costs – The final change makes it clear that

     

    fees and costs need to be properly incurred

     

    and justified, and specifically recognise the

     

    rights of creditors to object to D&P’s costs.

     

    It may be reading too much into that to say

     

    that this is a precursor to HMRC challenging

     

    fees and outlays, but £1.8 million in legal

     

    costs and £3.3 million in administrators’

     

    fees are worth looking at, if you stand to

     

    benefit from those amounts being reduced.

     

    Conclusion – Why has it taken so long to

     

    reach this point of publishing the outcome

     

    of the creditors meeting? Who knows?

     

    Perhaps long negotiation between HMRC

     

    and D&P? However, as modifications are

     

    meant to be approved at the creditors

     

    meeting, this suggests that any support for

     

    the D&P position was insufficient to

     

    overcome the massed votes of HMRC.

     

    Therefore we are seeing what HMRC wanted

     

    the Resolutions to say, and for that reason, I

     

    cannot see them as having left open the

     

    door, for example, for a belated “pre-pack”

     

    or “hive down” or whatever the technical

     

    term is.

     

    I think it is quite apparent that D&P know

     

    that HMRC is watching every move they

     

    make. I would be very surprised if they did

     

    anything to activate further concerns on the

     

    part of Hector.

     

    Posted by Paul McConville

  12. fergus slayed the blues on

    Could HMRC be sitting back and allowing CW,D&D ,CG and any other spivs to come into this farce to snare as many as they can when this charade is over .

     

    It seemed strange to me that HMRC had allowed CW to run up massive unpaid taxes at a club they were investigating because the previous owner was using EBTs to avoid /evade millions in tax ,then they allowed D&D to do the same thing when they came in .

     

    With them amending the CVA proposal to include pursuing the peepil involved after the fact ,could this be Hectors grasping his chance to get a bunch they have (no doubt ) been after for a few years now .

     

    Should a few peepil be looking out their passports very soon

     

    HH

  13. So where are we….?

     

     

    Big tax case ?

     

    Tax not paid for last season?

     

    Unfit owner?

     

    Ticketus bumped?

     

    Luquidation?

     

    CVA not accepted?

     

    Players free to leave as Whyte still in charge?

     

    King alleging he has first dibs on MBB shares?

     

    Green wanting to rename minty park?

     

    But green doesn’t own rangers ?

     

    Is he going to buy rangers?

     

    Who is his backers?

     

    Are they fit and proper?

     

    Or have they backed out?

     

    Are they guilty of dual contracts?

     

    Are they banned from Europe?

     

    Are they staying in SPL ?

     

    Are they going to 3rd div

     

    Are they getting penalties ?

     

    Will they be a newco ?

     

    Is the SFA president guilty of knowing ?

     

    Will ticketus or rangers get season book money

     

    Will there be criminal charges?

     

    Is king fit and proper?

     

    Is Paul Murray?

     

    Will the sky deal be scuppered ?

     

    Will dunfermline sue if relegated?

     

     

    Will there be any answers ?

     

     

    Oh and I missed one……..

     

     

    Are rangers ACTUALLY actively selling season tickets now?

     

    Or are they simply waiting for the club to be bagged and tagged and the Phoenix to rise from the stinking ashes???

     

     

  14. Mort on 7 June, 2012 at 21:11 said:

     

     

    Apologies mate, too eager.

     

     

    I take your point. However, Creditors agreeing to allow D&P to sell in whole or part assets does not mean that Green will get to buy for £5.5 million.

     

     

    The resolution cannot be challenged, I accept that. However, what can be and what is likely to happen is that HMRC will challenge the sale for £5.5 million as they will no doubt value the assets more.

     

     

    If you took the resolution at face value i.e. D&P have the consent of Creditors to sell assets without knowing how much for, theoretically you, me, Green or anybody could buy them for £1, £1 million without that being challenged.

     

     

    Two very different scenarios mate.

  15. leftclicktic on

    BSR 21.07

     

    Same case but with a wee link to hectors man on how they done. him its only 02.36 long but the bit at 02.10 would REALLY REALLY worry me if I was a tax cheat:))))))

  16. The Kano Foundation Euro 2012 Predictor

     

     

    eventually i work out how to do these things !

     

     

    Simply log onto

     

     

    http://www.sportguru.co.uk/euro2012/pool.asp?p=10018468

     

     

    with the following details

     

     

    Pool name: TKF Euro 2012

     

    Pool code: tuna lulu

     

     

    Currently we’re siting at 94 contestants and I’m hoping we can have the largest number of CQNers EVER joining in for an online comp.

     

     

    Remember the prizes include 3 drawings of Big Jock , Cesar and MON – the 3 most iconic managers in my lifetime , as well as a choice of Kano Foundation prizes

     

     

    http://www.facebook.com/media/set/?set=a.379240838800292.84328.117509731640072&type=1

     

     

    Sanna

  17. Pauloantony,

     

     

    Who would buy a season ticket unril they know that there will actually be a team to watch? There’s a lot still to happen over the next month – and I’m not convinced that everything could be sorted out to enable a newco to play next season.

  18. RalphWaldoEllison fights ALS on

    Can anyone help with my PC problem?

     

     

    The contrast has gone wonky, so that I can hardly see pictures properly.

     

     

    Is there an easy way to adjust this?

     

     

    I have obviously banjaxed something without realising.

     

     

    Thanks in advance

     

     

    HH

  19. Sixteen roads to Golgotha on

    Here come the Bhoys.

     

     

    Cliftonville Football Club are delighted to announce that Celtic will visit Solitude as part of both clubs’ Pre-Season

     

    programmes for the 2012/13 campaign.

     

    The game, which will take place on Saturday, July 28, will offer boss Tommy Breslin an opportunity to fine-tune his

     

    preparations with a thorough test against quality full-time opposition, while the Hoops will doubtless be keen to

     

    avenge the defeat they suffered when they last visited in October 2009.

     

    On that occasion, the Reds celebrated their 130th Anniversary with a stylish 3-0 triumph thanks to two goals from

     

    Chris Scannell and another from Ciaran Caldwell on a night when the Hoops – under the guidance of Neil Lennon

     

    and Danny McGrain – were making their first trip to Belfast for more than a quarter of a century.

     

    Having vowed to ensure a quicker return this time around, the Scottish Premier League Champions have remained

     

    true to their word and Cliftonville Chairman Gerard Lawlor is pleased to confirm details of the tie.

     

    “I’m delighted that we will be welcoming a Celtic XI back to Solitude for what will undoubtedly prove to be another

     

    hugely memorable occasion,” he said.

     

    “The game back in 2009 was a fantastic night for our Club both on and off the pitch and I’m sure our supporters are

     

    already counting down the days until this re-match, which further strengthens our relationship with one of the world’s

     

    biggest Football Clubs.”

     

    Manager Breslin, meanwhile, expects the contest to bring out the best in his players.

     

    “Fixtures like this don’t come around every day and, when you’re lucky enough to find yourself up against a team and a

     

    Club as famous as Celtic, you naturally want to do the very best that you can,” he explains.

     

    “Some of the lads will have been fortunate in so much as they were also involved in the 130th Anniversary game a few

     

    years back so, while it’s not quite a once-in-a-lifetime opportunity as such, it’s still an occasion to be relished,

     

    savoured and remembered.

     

    “I know our supporters enjoyed the bragging rights over local Celtic fans and they’ll be keen to remind them that we

     

    won 3-0 last time, so I’m sure Celtic will want to put things right in what promises to be another entertaining clash

     

    between our two Clubs.”

     

    Ticketing arrangements for the game will be released in due course, along with information on additional Pre-Season

     

    fixtures.

  20. fergus slayed the blues on

    imo DK has 20m in this sinking ship and he will be looking for it back ,so he will be around the place like a bad smell till he gets it .

     

    Looks like wee billy bluenose will have to pen a new album

     

    HH

  21. leftclicktic on

    This made me smile :))))

     

     

    Graham Spiers‏@GrahamSpiers

     

     

    No wonder Rangers supporters are in disarray. King, Green, Whyte, Duff & Phelps all making their claims/counter-claims today. What a mess.

     

     

    Expand Reply

     

    Retweet

     

     

    Favorite

     

     

     

     

     

     

     

    11m Phil MacGiollaBhain‏@Pmacgiollabhain

     

     

    @GrahamSpiers You still think Murray will pay the Big Tax Bill? #pollyanna

     

    Good night all HAIL HAIL

  22. Awe Naw

     

     

    I realised that after I posted.

     

    I still think that no prize money should have been paid, they cheated, they were found to have cheated, if I were the chairman of say Murderwell, Hartz, D Utd I would be suing the SPL for paying out to a club who had cheated to win it’s prize money.

     

     

    The whole country reeks of the stench of hunnery.

  23. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    TET

     

     

    Player sales too brown bags ago go in that business with these experts.

     

     

    HH

  24. •-:¦:-•** -:¦:- sparkleghirl :¦:-.•**• -:¦:-• on

    As far as the RFAia website says, STs are still not on sale.

     

     

    I wonder if the SFA/SPL are bending over backwards to accommodate them because they really really want a CVA to succeed in order to avoid having to make an awkward decision re the licensing, history etc of a newco?

  25. celtic heritage on 7 June, 2012 at 21:21:

     

     

    …HMRC alone have the power to block the CVA – if they were intending to approve it, why bother setting up BDO…

     

     

    They have to be objective and keep an open mind, hence the lining up of BDO. HMRC are giving a warning they want somebody they trust. They did not want D&P appointed but relented as they are answerable to the Court and could and can object to their role as Administrators;.

     

     

    Subliminal message from HMRC on D&P’s performance to-date I believe.

     

     

    Keep the Faith!

     

     

    Hail Hail!

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