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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Group ‘disturbance’ at Ibrox stadium as object thrown at Rangers staff
STV 14 May 2012 14:51 BST
A group of people created a disturbance and threw an object at a Rangers employee at the club’s stadium at the weekend.
Strathclyde Police confirmed they had received a report of a disturbance by a group at Ibrox at 4pm on Sunday.
An object was reportedly thrown at a member of staff at Rangers, but it did not hit anyone.
A Strathclyde Police spokeswoman said: “We received a report of a group of people causing a disturbance at Ibrox on Sunday.
“Officers are investigating reports that a member of staff at the stadium had an object thrown at them, which did not hit anyone. Enquiries are continuing.”
Rangers finished their season on Sunday, with an away win against St Johnstone.
On their official Twitter account, the club posted confirmation on Sunday that they had reported the matter to police.
They tweeted: “The club contacted Strathclyde Police following an incident at Ibrox Stadium earlier today and they are now investigating the matter.”
Big fEck officially sacked (no mutual agreement pash!).
Lambo odds on fav for job!
HH
/Bishop B
Awe_Naw_No_Annoni_Oan_Anaw_Noo on 14 May, 2012 at 15:33 said:
Its all cleared up
apparently it was the towel being thrown in.
PHILVIS RETURNS 1449
Sorry,bud. My mistake.
I thought you had been educated by the Jesuit brethren.
Clearly,as you are one of the few Amish in this area,I will have to pencil in some whiskers to your identikit.
If this works,we can sell the idea to Craig Whyte and split the proceeds!
Oh,wait……..
Awe_Naw @ 15:33
Was the object the towel?
Just a thought!
HH
/Bishop B:
…….following a briefing from ranjurs, and the relevant comms teams…….
The polis are now looking for some rogue Chelsea fans who have attached themselves apparently……..to this dead husk of a club……..
Ouch !!
The Evening Times are calling it a BINDING Bid……….how can a bid going through the ‘due dilligence’ phase be termed ‘binding’..? ….. Am I missing something…???
67Heaven … I am Neil Lennon..!!..Truth and Justice will always prevail on 14 May, 2012 at 15:39
Its binding in the same way you can bind jelly to a wall using a drawing pin
Len Brennan on 14 May, 2012 at 15:36 said:
Awe_Naw @ 15:33
Was the object the towel?
Just a thought!
It could have been worse for them It could have been a bar of Soap
H.H
The interesting thing about Sammi was most fans, I think, agreed he was a talented footballer but not for Celtic. Now Neil has found a role for him it seems Ki has filled the talented footballer but not for Celtic role.
.
OK.. I will Omit it.. Sammi is Not a Out and Out Striker..
A Did tell You Hoops would Hit 25 in the SPL..;0)
Summa
AWE NAW 1533
The miscreant is a choob,but he should be safe from prosecution if the same police officers who calmly watched the hun hordes wrecking large parts of Celtic Park recently are put on the case.
Afternoon fholks.
Quick update on the Kibera Celtic games from the weekend. Won on Saturday, lost on Sunday so a mixed weekend.
Full results from the weekend are here
http://www.futaa.com/football/kenya/division-one-zone-a/2012
The season runs March – Nov, so keep in touch with the Celts in Nairobi during the SPL closed season…..
Philvis, how did you enjoy the banner displayed from Hill St the other day? Brought a tear to my eye….
Che on 14 May, 2012 at 15:41 said:
LOL ….. that’s the old LL for you…..
DBBIA 1519
Good point-never thought of that!
The description could have fitted them both,but it was Carling I referred to.
I think the dispute was about access rather than paternity,to be fair.
Still a perra c c c cads in my book……
I’m still savoring the fact that it took 20 huns to scrape up two pound between them.
—–
http://phoenixcsc.com/image/misc/rangers_three_preferred_bidders.jpg
Billy’s Bhoy on 14 May, 2012 at 15:21:
Although I don’t think Mark Wilson is good enough for us- he was a fantastic player before that catalogue of injuries- I do think he’s too good for any other club in Scotland. Think he should go to Championship. Look at McNaughton with Cardiff. Willo is a much better player than he ever was…who knows maybe he will stay clear of injuries…unfortunately I think that’s unlikely.
imo, i think wednesday will tell us how things are gonna go with the vile club,
if they get the 1 year ban suspended or lifted then the games up for scottish
football.
Gincher67 on 14 May, 2012 at 15:50 said:
Afternoon fholks.
15:00 13/05
Administration Police – Kibera Celtic
Division One Zone A (Kenya) at Kenyatta Stadium
15:00 13/05
Administration Police – Kibera Celtic15:00 13/05 4 – 0
——————————————————————–
Even in Africa ,we’re up against the brotherhood:O(
voguepunter on 14 May, 2012 at 15:57 said:
this is true. turned over 4-0 too. 15th out of 20 in the league, so need to keep beating the teams around as, as they say….
http://www.futaa.com/football/kenya/division-one-zone-a/2012
new article posted.
Have we signed anyone yet:-)
Someone trying to outbid Green and threw a £2 coin at Whyte?
Gincher67 on 14 May, 2012 at 16:05 said:
Got their T-shirt,look forward to the day,some hun calls me
a black Fenian bassa………my reply “and don’t fekn forget it”
How long before the bares figure out Green is worse than Miller because he is just going the Newco route and not giving a damn about their history?
Ticketus has confirmed it has “no future involvement” in Rangers as administrators accepted an offer from consortium headed by Charles Green.
The London firm said it now expects to become a creditor in the company voluntary agreement (CVA) Mr Green said his group are striving to achieve.
This comes days after Ticketus formally launched legal action against Rangers owner Craig Whyte over the £27m in personal guarantees he gave the branch of Octopus Investments as part of the season ticket deal.
The ticketing agency, which bought the licence to sell around 100,000 Ibrox season tickets until 2015 for £25.3m last year, also confirmed it had held talks with Mr Green recently but no agreement was reached between them.
So Ticketus are quietly joining the queue. Very strange….
goood afternoon cqn
Celtic won the S P L yesterday, do the Media here in this great we country no it,answers on a postcard.
O H R Park still got the ash marks to this day,lived in South douglas st memories
Googybhoy miserable hear in Balloch,and Mr and Mrs Whitecrook tim each with sore throats,a Renton Woman as well
http://www.youtube.com/watch?v=T6fVDAjs9f0
http://www.youtube.com/watch?v=bZaudkR8Vtg&feature=related
Voodoo Chile – this time
Get your Voodoo Chile Wallpapper