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CQN Magazine L-I-Q-U-I-D-A-T-I-O-N issue out now!

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We have another great issue of CQN Magazine for you, free of charge to read online – there’s not even any tax to pay!  Hard copies will be available soon. Click here to go to the magazine site for a proper read. The graphic below is only there to allow you to flick through it.

The magazine is packed full of fantastic articles from Celtic supporters from near and far.  We have coverage of our title winning season, tales of supporting the team from disparate locations as well as some great recollections and tales of following Celtic in years gone by.

Slovenian football journalist fan Blaz Mocnik speaks of his delight at learning he wasn’t the only Celtic fan in his village, the infectious enthusiasm of the Good Child Foundation has brought the club to a new followers, and there is a great reference article on money in the SPL.

As always, tons of work went into pulling the magazine together. Many thanks to James, David, Thom and all the readers who submitted an article (some of which have slipped to the next issue).

We like to give each magazine a title, this one, with a special dedication to Pablo, is the L-I-Q-U-I-D-A-T-I-O-N issue!  Enjoy.

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  1. The huns are a limited company.

     

     

    Craig Whyte owns most of the shares in that compamy.

     

     

    D&P can’t sell Craig Whyte’s shares.

     

     

    D&P can sell company assets.

     

     

    But Craig Whyte has a floating charge over the company assets.

     

     

    D&P were Craig Whyte’s preferred administrators.

     

     

    I think we are about to see why he wanted them appointed.

  2. Miller is only proposing to hand over £11.2m, he isn’t actually going to hand it over unless he is satisfied all his terms will be met. So in a couple of months after due dilligence he will then decide if he is going to hand over ANY cash. He will also try and do a deal with HMRC, CW, Ticketus, the SFA, The SPL and mibbi even the the SFL.

     

     

    I don’t think he will buy them, but it will drag everything out even further and be to late for them to get a team for next year.

  3. alex thomson ‏ @alextomo

     

    Since it’s Miller – who blinked first over his “drop punishment” demand to Scottish FA ?

  4. Just been sent this, tell me it ain’t possible

     

     

    Tony D was good enough to make a lengthy comment predicting the finish to the Rangers saga on the blog earlier. I thought it worthy of a billing of its own. Here it is, for your delectation. It is fair to say that, especially in light of Mr Doncaster’s words on Monday, Tony is not happy, and with good cause I feel.

     

     

    Thanks Tony for the detailed comment.

     

     

    ———————————————-

     

     

    Regrettably, what will happen in my opinion is this…

     

     

    1) rangers 1872 will form a new company say rangers 2012 (‘incubator’)and transfer its SPL share (each club has 1 share in the SPL)

     

    2) Duff and Phelps as administrators will sell the ‘Goodwill’ or ‘intellectual property’ of the old club to the new club, probably for a nominal sum. That includes its History of trophy’s leagues etc.

     

    3) The old company will try and exit administration via a CVA (Company Voluntary Agreement) by way of offering its creditors a ‘pennies in the pound’ deal.

     

    4) HMRC will NOT settle for 10-15p/£ they will press for upwards of 50p.

     

    5) If the big tax case goes against rangers HMRC (and Ticketus who are owed £27 Million ) will BLOCK a cva. Result of that will ensure rfc 1872 is liquidated.

     

    6) Rfc 2012 will continue in the SPL as if nothing happened, with minimal sanctions as there is no sanctions available under the current articles of association. The spineless directors who adjourned Monday’s meeting will reconvene next week and pass new rules for clubs getting in a mess in the ‘future’. This against a backdrop of intimidation and fear not to mention nepotism.

     

    7) Rfc 2012 will offer shares to the mass of orcs and buy large!….result will be that they’re still up there competing against Celtic. Meanwhile Dunfermline who have been financially prudent all season (closing stands to save money) will be relegated…hence the uproar about footballing integrity, both moral and sporting.

     

    8) Whyte who has a floating charge over ALL assets as it was assigned to him from Lloyds TSB when he settled the overdraft using Ticketus money. He will either sell to rfc 2012 over a period for many millions or transfer the assets and remain a major shareholder in the new company. Once on their feet he can sell his shareholding…assets restored, whyte walks with Millions…win win.

     

    9) Ticketus may try and block deal, but Lord Hodge has observed that they are a normal creditor and should be treated as such. An observation NOT a ruling as he had insufficient time and information to make a proper judgement. Ticketus will pursue Whyte separately (which will take years)

     

    10) SFA meanwhile will uphold partial sanctions (maybe 6 m ban on transfers suspended to see if they pay the outstanding money on players at present) and the semi-derisory fine of £160,000 will be halved.

     

    11) UEFA will ban rfc 2012 from Europe for 1 (maybe 3) years.

     

    12) SPL will rule that rfc 1872 broke the rules using EBT’s and may or may not strip them of trophies. It won’t matter as rfc 1872 is in liquidation.

     

    13) Domestic and European clubs who were damaged with their cheating will desist from pursuing rfc 1872 for damages as they are in liquidation

     

     

    Summary

     

     

    1) The rangers fans will claim a seamless history despite rfc 2012 having a new company number. (You can change names to the cows come home but it is the number which is important. Celtic FC have had the name number registered at companies house since 1887).

     

    2) The creditors will be stiffed big style including HMRC and Ticketus.

     

    3) Business as usual for SPL

     

    4) Business as usual for SFA

     

    5) Duff and Phelps will be lauded as geniuses and can take their seats at Ibrox whenever they want…despite the Police warning them that it was unsafe at a recent league match….our old friend Intimidation again!

     

    6) UEFA may make some noises under financial fair play rules (STILL TO BE INTRODUCED)but will let domestic association deal with it all.

     

    7) Due to intimidation, threats, aggressive posturing rfc have essentially got their way….the authorities have capitulated.

     

    8) David Murray absolved…indeed not even questioned.

     

    9) Whyte seen to be playing ball will be left alone as his actions will have been vindicated…semi heroic status conferred.

     

    10) The establishment club saved.

     

    11) Bigger than usual party in Stirling on July 7th 2012……a real ‘we arra peepil celebration’….confirmed by the actions of all involved.

     

     

    I personally, will not so much as watch another football match in Scotland let alone spend money to go and see one. There will be many like me…for a short while, then normal service will be resumed.

     

     

    Written by Tony D

  5. Dontbrattbakkinanger on

    He’s a drug store truck drivin’ man

     

    He’s a head of the KluKluxKlan

  6. Miller is still a bidder not a buyer. But if his bid is really unconditional, in what circumstances can he walk away?

     

     

    And has he “wired” the £500K needed to secure the status of preferred bidder? Or did D&P waive this in the end?

  7. This has been funny at times but I am thoroughly disheartened by the depths into which our game has sunk and continues to sink.

  8. Gordon J

     

     

    As the only bidder, there will be no way Miller has put up a non-refundable deposit. Why would he?

  9. South Of Tunis on

    One step nearer the Eagle flies day for Craig Whyte —– the huckster who bought Rangers for £ 1 and a big chunk of any future income stream.

  10. Fantasma is Neil Lennon on

    What i don’t get in all this is…If it’s going to be so easy for Bill Miller to swan in, create a newco ( whilst preserving all the toxic titles in their ‘history’ for the newco ), and then make a pile of money out of it ( very simplistic view – i’m no accountant ), then why hasn’t there been a host of bidders banging the doors down to do the exact same thing ?

     

    something either decidedly fishy about this whole thing, or else, Miller is taking a rather large gamble with, oh, £500,000, or was that demand dropped by Duff and Phelps ?

     

    what does he actually get for his 11 + £million ?

  11. Miller has already said he will appeal the SFA sanctions but will go ahead with his bid regardless of the outcome, hence why you are seeing the ‘unconditional’ bid headline

     

     

    His plan is to start in SFL 3 anyway. Didn’t you know? :)

  12. greenjedi,

     

     

    D&P wanted a fee – and need the money as the club is running out. They will, according to all predictions, have difficulty getting through the next few weeks.

     

     

    But yes, if Miller said no way then what could D&P do?

  13. tomthelennytim on

    Hehehe; stupid huns.

     

    CelticResearch ‏ @CelticResearch

     

    Oh Dear. SFL Constitution Reg 87.7. Those players commencing the match shall be numbered 1-11… & the substitutes numbered from 12 onwards.

  14. !!Bada Bing!! on

    How long will it take Mingwall to try and catch his coat tail? He was being fed joob joobs from TBK to dish the dirt on him.

  15. If this was happening in the US to a NY Yankees-type franchise then it would be turned into a blockbuster movie in no time. It has ALL the ingredients for a brilliant film. The only question that remains is if, true to a Hollywood script, the guy in the black hat gets killed by the guy in the white hat at the end.

  16. Gordon_J – D&Ps options were dwindling rapidly. Miller could still walk away. If he does D&P have to go down the asset sale road, that is a road where the outcome is very difficult to control. That road could very easily end with there being absolutely no Rangers as several parties purchase various parts of the rotting carcass.

     

     

    They are far from out of the woods, in fact as it looks to me they are likely to come out of the woods straight into a concentration camp.

  17. !!Bada Bing!! on

    I hope Umbro are prepared to recall the new hun jerseys to get the 5 fag burns removed.

  18. cavansam \o/ on

    Tony D’s scenario seems far too simplistic and fatalistic.

     

     

    If things were as easy as he has outlined then surely more then one bidder would be trying to pull the same stunt.

     

     

    It also fails to factor in the collossal amount of rule breaking required to get this to work or the reaction of Celtic (which we have yet to see).

     

     

    UEFA’s only reaction may be to ban Rangers 2012 for three years but they may extend that as a warning to other clubs not to try the same trick.

     

     

    A lot of Football to be played yet as my Dad likes to say.

  19. MattE

     

     

    They would maybe have got away with that if the story had been kept to our ‘One Nation’ but their story is now national thanks to CH4 so I can’t see it happening.

  20. hen1rik said:

     

    Do you think Hector is upto no good, what’s keeping him with the verdict.

     

     

    It’s not HMRC who are taking their time. It’s the FTT judges. It is out of HMRC’s hands.

  21. Gordon J

     

     

    Thats the way I see it as well.

     

     

    They either demand £500k and don’t get it from anybody and have no £500k or any bidder OR have a bidder doing due dilligence etc etc.

     

     

    We all know they are useless admins, but they’re not that stupid (I think)!

  22. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    INS9603 – Company Administration

     

    Consideration of Administrator’s proposals

     

    When the Administrator’s proposals are received

     

     

     

    Read the proposals carefully, noting

     

    the date of the meeting and the date by which the proxy must be lodged.

     

    the good and bad points

     

    important features such as

     

    assets included

     

    proposed distribution to creditors

     

    time scale

     

    any vague points

     

    whether trading is to continue

     

    whether eventual liquidation is proposed or the type of liquidation

     

    whether a Voluntary Arrangement is proposed

     

    anything left out

     

    information inconsistent with EIS papers.

     

    Check the amount of HMRC Debt from IDMS, Heads of Duty and other systems (and any manual arrears for debts that are held outside of these, such as Network Unit Charges).

     

    Modifications concerning Liquidation

     

    A modification has been introduced covering liquidation which states “The company will move from administration to Liquidation immediately following the meeting of creditors / within 3 months.”

     

     

    This moderation should be considered in the following scenarios:

     

     

    where there is a Pre-pack sale of the business. However, if the pre pack sale has been instigated by the qualifying charge holder or is unconnected to the purchaser and there are no compliance issues, then the exit route by dissolution can be agreed.

     

     

    where we are aware of insolvency offences, or other matters which need to be investigated i.e. company assets sold before the administration, a sale at undervalue, a preference or wrongful trading. Arsenal shares etc.

     

     

    if a director(s) has been involved in numerous company failures with loss of crown monies.

     

     

    where the company is sold on to an associated company or the same director(s).

     

    Whether the modification is for immediate liquidation or for the liquidation within 3 months will depend on the circumstances of the case and is at the discretion of the caseworker.

     

     

    Note:

     

     

    Where a Pre-pack is identified, this should be added to the dedicated spreadsheet.

     

     

    A Companies House search should be carried out where:

     

     

     

    Company crown debt is over £250k

     

    It is a Director’s-only application

     

    There is a pre-pack

     

    The company in administration is a “Phoenix”

     

    If the exit route is queried by the Administrator, we will always look for a CVL. If the administrator states that this is not possible, refer to the Casework Manager. Exceptionally, we may be prepared to pay the reasonable costs of putting the company into compulsory liquidation,

     

     

    Rejection

     

    The proposals should be rejected in the following scenarios:

     

     

     

    Proposals are sent very late, giving little time to consider how we vote.

     

    Poor proposals with no defined outcome for creditors/exit route.

     

    Large post appointment crown liabilities are outstanding at the time of proposals.

     

    There is a second administration by the director for the same business where large debts have been incurred on this and the previous company.

     

    If you are dissatisfied with the administrator’s proposals or have clear compliance concerns you must consider voting to reject. If, as a consequence, the administrator fails to seek the appropriate directions of the court we will consider doing so and you should refer to the Casework Manager.

     

     

    Recent company accounts received by HMRC

     

    Points to consider:

     

     

     

    Look at the value of assets in comparison with the examination of proposals i.e. where sales of business or goods may not be at true market value. The administrator will claim that assets have been professionally valued but they will be worth far more to the new company if there is continuity, particularly where contracts and work in progress are involved. Ibrox 140 million quid ?

     

     

     

    Where the director is shown as a debtor e.g. the director’s loan account remains outstanding. What information can we obtain on the director’s means? Does he own his own property and what is it worth?

     

     

    Where the director is shown as having been paid high levels of remuneration. Has he taken money out of the business before Administration?

  23. South Of Tunis on

    Well I stopped at The Big Hoose in Ibrox

     

    A little place called Hunburger Den .

     

     

    Terry Fenn CSC -way down south.

  24. I really hope we see McGeough and Ibrahim tonight.

     

     

    A final look at Brozek and Bangura also please… so we can make a final call on them.

     

     

    Watt to come on 2nd half when one of the two above are taken off.

  25. !!Bada Bing!! on

    cavansam-I still have my doubts over UEFA in all this but they dealt strongly with Sion and other Swiss clubs.I can see the Court For Arbitration in Sport getting a game in the next few months.HH

  26. About a week ago, McCoist announced that he had held constructive talks with Bill Millar re his plans for running the club.

     

     

    The very next day, McCoist was openly talking about how a Newco starting in Division 3 wouldn’t be such a bad thing.

     

     

    Make no mistake. Millar’s plan is to start in Division 3.

  27. ASOD

     

     

    Been consoling myself with that same thought but the guy who sent it to me is gutted and sees it as possible (in this proud nation)!

     

     

    Was always taught that good prevails…

     

    Miller time

  28. Dontbrattbakkinanger on

    SofTunis- ole postie has just delivered’ The Esential Buck Owens’.

     

    I’m goin’ to have to get myself a bigger truck..

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