Anyone wondering whether or not former football club, Rangers, will be able to agree a CVA with its creditors in the weeks ahead would do well to pay attention to joint administrator, David Whitehouse, of Duff and Phelps.
In his retort to Friday’s press conference by Paul Murray and Brian Kennedy, Whitehouse told Ewan Murray of the Guardian:
“HMRC have made it very clear that they don’t believe in the football creditor rule so it would be contrary to stated policy to accept what the Blue Knights are proposing. Brian Kennedy and his lawyers and advisers are aware of that.”
HMRC conditions for supporting a CVA require debtor companies to “treat all creditors within the same class equally”.
In this instance, HMRC is an unsecured creditor, they therefore require all unsecured creditors to be offered the same deal. Unfortunately for Rangers, the other football clubs they owe money to are also unsecured creditors.
Rangers are in the horns of a dilemma. Pay Hearts, Rapid Vienna, Arsenal, Celtic and others the circa 5p in every £1 they will offer HMRC, which would be unacceptable to domestic and European football authorities, not to mention the clubs, or pay football debts in full, which would ensure that no amount of lobbying last week from the First Minister would be sufficient to force HMRC into accepting a CVA.
It’s not clear why Mr Whitehouse was so open on the hurdles Mr Kennedy’s plan faced but was less forthcoming when Mr Green presented the same plan to the media yesterday. Perhaps he forgot.
You can buy a hard copy of the new issue of CQN Magazine via Magcloud here.
The graphic below is just for a flick through, to read the magazine go here to it’s dedicated site.
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chico : st mirren
leckie : st mirren
dayyyell : murderwell
jabba : airdie
wadell : falkirk
Isn’t it refreshing that all these guys support a wee local team !!!!
pedrocaravanachio67 – Soon they won’t have a choice. (thumbsup)
WHo cares if the Green Brigade are political dissenters? I don’t even know what that means. Its a free democratic country- when did it become illegal to have divergent political opinions? Leckie/Provan are tools. As is that other moron Rodger Hannah ( did anyone read his column at weekend?) Never mind shaming Scotland…these guys are an embarrassment to the dignity of the human race. Hannah basically said that sporting integrity was a facade rival fans were hiding behind in order to punish the huns. These guys sold out so long ago they have forgotten what moral integrity even means. Its like when you wake up trying to remember that dream you had- that’s hat it must be like for them. Pavlov’s dogs conditioned not so much with bones & bells but the almighty buck. A disgrace that these clowns have a pedestal from which they can spout such inane crap.
A message to all these fools who call themselves “experts”: for the ordinary working man on the street moral integrity is very important- in many ways the most pressing issue we face as a nation going forward- for it is the foundation stone upon which a nation is built. Just because you losers reading from your choreographed scripts for your tabloid rags have sold your soul (like mangy dogs for a biscuit) to the powerbrokers doesn’t mean everyone else is the same- most of us value life much higher than you do.
philvisreturns on 14 May, 2012 at 13:23 said:
pedrocaravanachio67 – Soon they won’t have a choice. (thumbsup)
or a job :-)
The Heir Hunters program on BBC this morning has an unclaimed estate belonging to Joseph Michael Fagan and believe he had relatives in the Motherwell area. Spread the WORD!!
pedrocaravanachio67 – or a job :-)
Picture it:
Chico, Leckie, Traynor, and Whispering Ally all working in the same branch of the Carphone Warehouse.
I smell a sitcom. (thumbsup)
jude2005 is Neil Lennon –
Re: Heir Hunters.
They once featured Gordon Smith, but came up with nothing. (thumbsup)
Rubicon at 11.01
If you have it on good authority about calls to top man would you not be more certain about why they are holding back the FTT ?.
wonkyradar – A disgrace that these clowns have a pedestal from which they can spout such inane crap.
It’s less of a pedestal, more of a tiny car that they all jump out of, followed by a tiny dog wearing a ruffle collar. (thumbsup)
philvis lol
Who wd own up to being related to him??
Gerryg. Thanks for that. Just imagine though, the bad ship rankers sunk by a floater! :)))))
philvisreturns on 14 May, 2012 at 13:29 said:
what about : the Carfin warehouse :-)
jude2005 – Who wd own up to being related to him??
Poor Gordon. :(
I hear that he once tried the old Dick Advocaat hair transplant , but the implant rejected him. (thumbsup)
pedrocaravanachio67 – what about : the Carfin warehouse :-)
Huns 4 U. (thumbsup)
Big McLiesh imo has a poor managerial record he starts well when he first joins a team but he never maintains the good start. With Rangers he did a little better but he had more money to spend any other club (and we know why ) but he is not a great manager.H.H..
Joe Filippis Haircut – McLeish is a disgrace to all gingers everywhere.
He should hang up his freckles in shame. (thumbsup)
Well I had a great day in Paradise yesterday!
The Green Brigade in tremendous voice, Sammi playing a blinder, Hooper’s five, the guy in front of the GB who managed to escape the stewarts/polis while taking time to wave at them, Lenny leaving the cup in the corner, Izzy giving away his boots, Izzy’s wee lad running the legs off himself after a ball during the lap of honour, the Huddle (guy behind me with tears streaming down his face), the pies at half-time, the guy who was sitting in my seat rather than the row in front (left me a dry seat when he moved forward), the explosions when the fireworks went off, the Thai Tims and the reception they got when they walked behind the goals and being part of the living organism (orgasm?) that is the Celtic Family.
Just one small gripe…
Maybe the band in the Kerrydale Suite has been performing at CP for a long time, but (poor) backing tracks and poor show! The place should have been bouncing rather than being Butlinesque.
Sorry if that’s harsh.
So out of the Beast, the little genital, Feck and cardihun only Sally has a job and he is not taking a wage.
Hail Hail
I should qualify that The little genital has resigned from the Russian job after the Euros
philvisreturns on 14 May, 2012 at 13:35 said:
Joe Filippis Haircut – McLeish is a disgrace to all gingers everywhere.
Is there someting you’d like to share amigo?
…hardly a peep oot the boul’ sleekits the day……
In for a penny,in for a pound………………………
:)
And the Debacle rolls on….
By that I mean the financial crisis, (or what PR experts labelled the ‘credit crunch’) which, briefly, entered public awareneness less than fifty months ago.
I do not mean the Farce that Scottish football has become…
The Farce is a subplot, a small symptom of the wider banking debacle. Over the last fifty months honest mistakes, journalists and officials kept a lid on the Farce. Lloyds (and bloggers) put an end to this, despite the attempts of Scotlands media and politicians to keep the lid firmly on. The Farce has absurd characters who repeatedly contradict themselves without a hint of embarrassment, and journalists who spin PR memos.
Alex Thomson is correct about the essence of this story. It is about corporate governance, and lack of accountability via the media. Scottish football is one place where it is being revealed, but only by those with the interest to pay attention and motivated to speak out.
The Banking Debacle is the real story.
The Farce is a fascinating distraction.
Roll on the Debacle….
Jérémy Perbet of RAEC Bergen Mons.
Just saying…
adi_dasler,
No, I have no information on the FTT. I was merely speculating on that point.
Great day yesterday and a fantastic end to the season.
Thought Hooper and Sammy both had a fine games. The last few times they have played together, they look like they are really building up a good understanding. This could be key for the qualifiers.
assetmanager – As I always say when stopped at the airport: I have nothing to declare except my genius.
And this suitcase full of fags is for personal use. (thumbsup)
ASonOfDan on 14 May, 2012 at 13:14 said:
Anyone have an idea who the £3 Million bid is in for?
Heard we are trying for Holt of Norwich.
If its a striker, more likely to be Jay Rodriguez or Jordan Rhodes. One of the rags were speculating it was Henrikson from Rosenburg, though can’t see us spending £3m for a player who plays in a position we are more than adequately covered
PJBhoynyc – Re: Moneygeddon, of which Hunageddon is a mere hilarious footnote…
I don’t know if you keep in touch with events in Europe, but they’re quite frankly terrifying.
Greece in particular is teetering on the edge of being a failed state. (thumbsup)
First priority to strengthen the squad is a gruntcrushing centrehalf.
A creative centre midfielder would be nice.
Moneygeddon
Annual salary of the Head of the wee section at JP Morgan that managed to lose £1 .2 billion in 6 weeks ?
$ 17,600 ,000
So are rumours of the huns causing trouble at cup final true? I think the hibs casuals would be delighted with that from what I have seen of them in my time. That may be one fight the huns regret
Anyone think the real wheeling and dealing will kick off behind the scenes now that we (the fans) are all tucked away for the summer?
KJambhoy
Not that long ago some on here were questioning the relationship between Sammi and Hooper and that they didn’t seem to celebrate their goals.
Well yesterdays second when Sammi finished off a defence piercing run with an unselfish pass to Hooper and then wild celebration together puts paid to that story.
Stokesy will have to work hard in pre-season to dislodge this pairing.
The God Like Genius of Georgios Samaras CSC
A CPA centre half type with experience/know how of administrators’ remuneration, disbursements and expenses and who can also play in goal at a push would be good eh!
Regards & Hail Hail
TBM
http://www.ianfraser.org/a-brief-history-of-halifax-bank-of-scotland/
How odd that The Scotsman which claims to be “Scotlands National Newspaper”
should have, on the front page of todays sport pull-out section, a picture of Man city players with the EPL trophy. Perhaps they were unaware that the champions of Scotland were presented with the SPL trophy yesterday too.
Or perhaps they just don’t consider us “Scottish” enough
PHILVIS RETURNS 1335
One of these days I’m gonna take the short trip from Swindon to Oxfordshire-they’re only two miles apart-and track you down for a beer.
I know such a thing would normally be a needle-in-a-haystack-type task,but I will be armed with some IDENTIKIT-style posters of the person I am looking for,based on the clues-no s..t,Sherlock-you have provided over the last few years.
http://www.google.co.uk/imgres?imgurl=http://www.myfreewallpapers.net/comics/wallpapers/mad-magazine.jpg&imgrefurl=http://www.myfreewallpapers.net/comics/pages/mad-magazine.shtml&h=768&w=1024&sz=78&tbnid=aDwdplSBj9evzM:&tbnh=90&tbnw=120&prev=/search%3Fq%3Dmad%2Bmagazine%26tbm%3Disch%26tbo%3Du&zoom=1&q=mad+magazine&docid=vbzrmuyGSMXzZM&hl=en&sa=X&ei=JwexT9TeO4e58gP1je2kCQ&sqi=2&ved=0CJIBEPUBMAM&dur=1855
Ooooooooooooooops.
Sorry about the length of the link,but it may be worth it-my first drink wi a Tory from Scotland…….