Kris Commons return to the Celtic team on Sunday was enormously welcome, even if it didn’t produce his first goal of the season. Kris has had a wretched season after arriving with a bang from Derby County in January last year.
He is not the most athletic or skilful player in the team but he has an abundance of football intelligence, well in excess of his contemporaries. The cross-field pass for the second goal against St Johnstone was a perfect example. Celtic players were rushing forward on a break, while defenders were flooding back. To the annoyance of many sitting around me, Kris slowed things down, surveyed the field and switched play to Ki on the opposite wing.
This has been a great and memorable season for Celtic but there remains plenty to do. An hour or so watching Kris Commons is enough to demonstrate the way forward.
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The Administrators’ first report is now available. It makes interesting reading…
Administrators’ report
Any of you Rugglenn Bhoys know councillor Mc Kenna? I think his first name is Mike.
Fermat was a top bloke, he used to drink in Phil Coles.
p
jude
my reading of it is that it’s the employers duty to pay it. It is against the law and there are penalties for non-payment. They will listen to reasonable excuses for late payments but lack of funds or ignorance of the law aren’t tolerated.
the employer not paying the PAYE/NI is not a criminal offence. Mr Whyte is very careful not to commit criminal offences.
playfus..
Sadly I am old enough to remember drinking in Phil Coles in Langloan in the sixties – slightly underage I hasten to add:-), then getting one of the Baxters’ double deckers to the game. Fermat wasn’t allowed in – always asking questions and never having an answer, he used to upset the lang-l-toi – but we used to have a great chat with Malcolm Muggeridge!
Hail Hail
Estadio
óglach,
Yeah, I did think about that but as a Donegal Catholic myself I reserve the right to laugh at our idiosyncrasies. I have always felt that the ability to laugh at ourselves is one of our greatest strengths. I acknowledge that some of the content might be taking it a bit too far for some tastes however it is a fair parody of modern Irish Catholicism in my opinion.
The huns owe Celtic £40,337.
pay up scum.
Mort
I might be reading it wrong, but that statement from the admins not mean the BGT is for a total of £75m? £50m + £25m interest and tax!
Estadio I too am old enough to remember drinking in Coles tho it was in the early 80’s. i was more of a Buchanan Arms man.
P
sorry meant to copy n paste this
“the Big Tax Case
An ongoing Tribunal with HMRC regarding the Company‟s use of an Employee Benefit Trust (“EBT”) Scheme. This case is subject to a First Tier Tribunal Hearing and the estimated claim of HMRC, subject to the findings of the Tribunal is circa £50m, with estimated interest and penalties of circa £25m;”
Some other creditors:
Strathclyde Police – £51,882
Shred-it Glasgow Ltd – £444
Royal Mail – £3,262.54
Glasgow City Council – £7,008.21
Mort
‘It is likely that a sale will result in either an exit from the Administration via CVA or Scheme of Arrangement or there will be a going concern sale of the business and assets. The sale structure will be dependent on, amongst other things, the preference of the prospective purchaser and the ability to obtain control of RFC Group‟s majority shareholding’
Rangers owe more than £3.3m to other football clubs, a document released by administrators Duff and Phelps has revealed.
A host of sides, both from Scotland and abroad, are owed sums relating predominantly to transfer fees incurred in recent years.
At home, £1,029,494 is owed to other Scottish clubs. Celtic, Dundee United, Dunfermline Athletic, Hearts and Inverness Caledonian Thistle are all creditors.
A further £2,322,643 is still overdue to foreign-based sides. Arsenal, Chelsea, Manchester City, Orebro, Rapid Vienna, St Etienne and Palermo are all due money.
AMOUNTS DUE
Domestic
Celtic £40,337
Dunfermine £83,370.13
Dundee United £65,981.49
Hearts £800,000
Inverness £39,805
Governing bodies
SFA £11,089.04
SPL £22,500
SFL £3,480
International
AS St Etienne £252,212.39
Arsenal £136,560.00
Chelsea £238,345.43
Manchester City £328,248.71
Orebro £150,000
SK Rapid Vienna £1,011,763.44
Palermo £205,513.04
greenjedi on 5 April, 2012 at 15:55 said:
with the current knowledge of Rangers (IA) finances and their inability to count past ten without taking their socks and shoes off, id dispute those figures.
The administrators fees to 31/3 total £1,199,356
didnt know this:
‘The Joint Administrators however successfully transferred the Company‟s interest in Matt Mackay‟s registration to Busan I‟Park for US$100,000. The Joint Administrators were able to sell this player because the South Korean transfer window was still open during the early stages of the Administration process. Funds have been received into the Administration estate account in full.’
Gordon_J backing Neil Lennon on 5 April, 2012 at 15:58 said:
The administrators fees to 31/3 total £1,199,356
worth every penny even if it was just for the comedy factor.
awe
Yokes on Sammy then?? Groannnnnnnnnn.
Just contacted my landlady,and she has informed me that she has indeed has a licence to serve drink tomorrow night through to Saturday 12.00.When we will make our way to Kerrykeel/Portsalon to top up,and see the Bhoys become.
CHAMPIONS.
So officially Ibrox, Murray Park and Albion Car Park are all subject to fixed charges giving whoever owns these preference in the event of liquidation.
Mort
If you add up all the debts the admins have identified including the big tax case and the small tax case it comes to £134,000,000.
What sort of CVA are they looking at? 1p in the £?
Creditor
Claim (£)
Trade & Expense Creditors
5,544,508
Ticketus (amount of claim to be confirmed)
26,700,000
HM Revenue & Customs – Excluding Big and Small Tax Cases
14,372,042
HM Revenue & Customs – Small Tax Case
TBC
HM Revenue & Customs – Big Tax Case
TBC
Supporter Debenture Holders
7,736,000
Football Related Creditors
1,063,082
Employees
TBC
Total
55,415,632
traditionalist88 / Henriks sombrero
so the Australians got paid for Mc Kay and Burnely have recently seen the monies for Kyle Lafferty ?
Hail Hial
Enough of this malarkey, get thems shut down!!
Playfus
When did Coles shut?
I left Coatbridge in 1971 and headed for Stuttgart. But I had failed my Geography six year studies due to fruit and ended up on California just as everyone was getting out of their kaftans, giving up protesting and putting their weed smoking days behind them.
Fortunately I wasn’t fashion conscious so I hung around muscle beach, wearing their cast-offs, swearing at anyone who looked like a republican and smoking their aromatic doubts.
It was about two years later that my memory returned, by which time I was in Hong Kong trying to tune into the League cup final versus Partick Thistle.
The new generation of transistors informed me that we were losing 4-0 at half time, so I gave up the obviously flawed technology heading for oblivion and pointed my nose towards Australia but found myself in Uganda……things got worse after that.
Hail hail
Estadio
“The Joint Administrators are investigating whether there are mechanisms by which they can compel existing shareholders to transfer shares to a purchaser, but no representation has been made that this can happen to purchasers. A formal request has been made of the current majority shareholder RFC Group which holds circa 85.3% of the shares to make these available to a purchaser.”
So no agreement with Whyte to sell.
This is ma pal ive just sent him the RFC the admin report.
http://www.youtube.com/watch?v=Foahtz9xnw8
16. End of the Administration
16.1 The options available to the Joint Administrators for the exit from the Administration are as follows: Company Voluntary Arrangement Scheme of Arrangement Creditors‟ Voluntary Liquidation Compulsory Liquidation Dissolution of the Company
16.2 As described above, the Joint Administrators are yet to form a view as to the exit route as this depends upon the levels of interest from prospective purchasers, the offers received, and the structure of these offers.
16.3 A CVA is an agreement between a company and its creditors. It must be supported by more than 75% in value of those voting. A CVA will require funds to be introduced to the Company, usually by way of shareholder investment and/or selling assets. These funds will be used to pay creditors of the Company a percentage of their total claim in full and final satisfaction of what is owed to them.
16.4 A Scheme of Arrangement is a court sanctioned process whereby a company proposes an arrangement, which can bind both creditors and shareholders. The court orders the calling of affected parties to consider a meeting of the proposal. The proposed arrangement must be supported by more than 75% of value and more than 50% of creditors in each class. There is then a subsequent court hearing for the court to sanction the arrangement. As set out above in respect of a CVA, funds will be used to pay creditors of the Company a percentage of their total claim in full and final settlement of what is owed to them through a Scheme of Arrangement.
16.5 Should a CVA or Scheme of Arrangement be proposed and agreed the Company will effectively return to a solvent position and continue to trade on out of any formal insolvency process, although it may still be subject to sanctions from the football authorities.
16.6 It is likely that any purchaser wishing to invest monies into the Club to fund a CVA or Scheme of Arrangement will require the shareholding or substantially all of the shareholding of the Club. The Joint Administrators are investigating whether there are mechanisms by which they can compel existing shareholders to transfer shares to a purchaser, but no representation has been made that this can happen to purchasers. A formal request has been made of the current majority shareholder RFC Group which holds circa 85.3% of the shares to make these available to a purchaser.
16.7 An alternative arrangement would see a CVA approved without a purchaser acquiring the shareholding. Once the CVA is approved the Joint Administrators could then seek to transfer the assets and/or liabilities of the Club into a wholly owned subsidiary and offer the purchaser the option to acquire the shares in that subsidiary.. This does mean that the business would trade with a new company registration number and this also may have implications with the various football authorities.
16.8 Purchasers have been made aware that although the Joint Administrators have sought clarification on these issues from the SFA, the SPL and UEFA, it is not possible to confirm the position. The ultimate purchasers will be required to undertake their own discussions once they obtain preferred bidder status.
16.9 If a CVA is not pursued, a going concern sale of the Club‟s business and assets is likely to result. Should a going concern sale be achieved, the business and assets will transfer to a newly incorporated company. This will most likely result in the Company (the legal entity in which the business and assets currently sit) to enter into Creditors‟ Voluntary Liquidation and a liquidator to be appointed. A liquidator will fully investigate the financial affairs of the Company and undertake a detailed review of transactions over the years prior to the Company‟s Administration. Certain stakeholders of the Company have expressed their support for these investigations. It should be noted that a liquidator also has extensive powers to call all previous officers and management of the Company to account and to recover monies which were obtained from the Company by means inconsistent with their statutory obligations.
16.10 Should this be the case, any liabilities of the Company itself remain with the Company and therefore the newly formed company can continue to trade as a football club albeit with a new company registration number.
16.11 Depending upon the offers received, the Joint Administrators may proceed with any of the above options. There is also the possibility of CVA or Scheme of Arrangement followed by a Creditors‟ Voluntary Liquidation, or in the alternative a business sale conducted alongside a CVA/Scheme of Arrangement.
16.12 The Joint Administrators are duty bound to achieve the best financial return to creditors that they can and their choice of how to proceed is subject to the requisite majority of creditor approval.
16.13 Based upon indicative offers so far received and estimated realisations it is unlikely that the Company will be placed into Compulsory Liquidation
So in 6 weeks, the administrators have managed to lrun Rangers to a loss of £2.6m.
Income – £1.02m
Expenses – £3.62m
Well done.
Mort
Admin fees
pre administration costs £85,520.00
since administration £2,318,709.00
total £ 2,403,709.00
Is that right.
HAIL HAIL
Gordon_J at 16.06
That’s what I’ve been saying all along. Nice to see it in print. Perhaps it might even make the pages of the MSM.
Mort (not holding breath)
In the perid from admin on 14/2 to 31/3 Rangers had a trading deficit of £2.6M
BBC site
rangers debt tops £134m
aye and counting
tick tock
playfus
I think there was 4 pubs in abt 50yards of that bit of Bank St.
So, the longer they are in administration, the less money there is for creditors.
The bill run-up by D&P to date would have paid Rapid Vienna several of the other little clubs.
Do the creditors not have the opportunity to argue this? Every day D&P are there, there seems less and less chance of these creditors seeing their money.
awe naw
the plot thickens.
16.9 is interesting:
‘A liquidator will fully investigate the financial affairs of the Company and undertake a detailed review of transactions over the years prior to the Company‟s Administration. Certain stakeholders of the Company have expressed their support for these investigations…’
Estadio:
Naturally I make exception for Coatbridge. Not only for reasons of mathematical symmetry. Is it true that the Sun always shines in Coatbridge?