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CVA plans melt in April heat

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Duff and Phelps and any prospective Rangers buyer quoted have been making confident noises about a CVA being agree with creditors, we’ve even heard the club could be out of administration next week.

The mood changed yesterday when the SPL announced potential sanctions for a Newco to be admitted to the league following liquidation and increased sanctions for clubs in administration, which would only affect Rangers were they to remain under court protection until the start of next season.

Duff and Phelps now say, “the fact that such measures are being considered at such a sensitive point in the sale process at Rangers is disruptive and regrettable”.

It’s time for Duff and Phelps to follow through with all those confident noises and agree a CVA with creditors.  If HMRC are open to the idea, conclude a deal, there is no need to wait for the FTT verdict.  If HMRC will not agree to a CVA, which is my understanding, drop the pretence and tell us how you plan to proceed.

Is it too late to suggest they just pay their bills and save everyone all this trouble?

Pay your bills and stop complaining!

More later.

Can you write an article for CQN Magazine? Give me a shout, celticquicknews@gmail.com

Pay your bills!

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  1. I cannot believe Huns are complaining about the SPL setting up a soft landing for them when they die

  2. Why don’t Celtic issue the SPL the 2 year notice period ,of resigning from the league.That is sure to put the cat amongst the pigeons ,re sponsors,Sky deal etc etc.It will say to other big teams in smaller leagues,that we are looking for change and we are a very attractive option for a Euro/Atlantic, even EPL 2/Championship that will need re-vamped if and when a few clubs go bust down there.It might not happen,but we need to plant seeds of doubt to the fans of voting in Newco (IA)

  3. ibleedgreenandwhite1 on

    Paul 67

     

     

    Rangers pay there bills???

     

     

    Dont be so ridiculous!!!

     

     

    :D

     

     

    Hail hail

  4. From previous thread on players to score in more than one European Cup Final …

     

     

    Got Tommy Gemmell, there’s the early madrid guys Di Stefano, Gento, Rial, Puskas. Then we’ve got Eusebio, Gerd Muller and Roth of Bayern, Phil Neal, Raul, Eto.o Messi.

     

     

    McManaman, Van basten, Del Piero been mentioned but think they only scored in one final? Could be wrong though.

  5. A crim steals your car, gets caught but is allowed to keep the car if he only drives at 50mph. Justice?

     

     

    I tweeted this to G Spiers. Awaiting a reply.

  6. Paul67 et al

     

     

    “Pay your bills”. Now there is a novel idea. Why didn’t Neil Doncaster think of that?

  7. up_over_goal on 12 April, 2012 at 11:51 said:

     

    ”ernie lynch

     

     

    How so? Would Craig Whyte continue to own RFC?”

     

     

    In theory yes he could. And he wouldn’t be personally responsible for the company debts.

     

     

    Unless he traded whilst insolvent.

     

     

    Which is a possibility that hasn’t been discussed much, either in relation to Whyte or Minty.

     

     

    As some stage D&P will have to furnish an up to date valuation of the huns heritable assets ie Ipox and Murray Park.

     

     

    It will be interesting to compare that will the balance sheet valuation of £120m and see at what stage the huns liabilities began to exceed the true value of their assets, which is one marker of insolvency.

  8. The Battered Bunnet on

    Mail arrived a couple of minutes ago.

     

     

    Letter from HMRC. Must say I wasn’t looking forward to opening it.

     

     

    Lo! A cheque for a few hundred pounds. Dancer.

     

     

    Might make a cheeky bid for Murray Park now. Least I can do in the circumstances is give it back to HMRC after all.

  9. Ernie Lynch

     

     

    Aye there’s plenty other more effective ways for sure, at the moment what they are i dont know. would need to be something not only just the celtic support agree on but fans of other clubs aswel, HH

  10. Paul67

     

    In keeping with your political theme from yesterday.

     

    Gerrymandering to be met with Filibustering.

     

    Could this route bear fruit?

     

    What’s your thoughts?

     

    medtim

  11. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Ernie

     

     

    HMRC pursuing the directors of a newly formed pre pack company if they are owed from the previous company is a “fact” as David Brent would say.

     

     

    As is delaying VAT registration and asking for a future bond for PAYE

     

     

    It is NOT a show stopper but it is an irritant possibly a big enough irritant to delay or prevent a new phoenix company arising and their is legal precedent

     

     

    Hail Hail.

  12. Fortunes Favour Mibbes on

    I wouldn’t be surprised if this newco will be insolvent again within it’s first week anyway. But that’s okay, cos its them….in Scotland.

     

     

    Drop in ST sales, 75% (?) of ticket sales to Ticketus, tax paid up front….

     

     

    And no cheatin their way into the CL to rob us of £10M+ for 3 seasons…

     

     

    Insolvent FC.

  13. Paul

     

     

    Does it not suit D&P to play the long game here.

     

     

    The press have been well groomed in the ‘until the tax case is resolved Rangers are innocent’ schtick.

     

     

    The 30th will come soon enough. If any of these ‘resolutions’ are ratified, I’d expect a clamour for the worst hidden liquidation in history.

     

     

    Will the SFA or SPL pick over the corpse of the deadco? I think not. They’ll be too busy decorating their boardrooms in the colours of the newco.

     

     

    April is the cruellest month indeed…

     

     

    U

  14. Paul67

     

     

    So do they or do they not keep the history or is it down to individual perception?

  15. Pay your bills.

     

    I’m fed up paying bills ,it’s starting to affect how much I can drink.

  16. It Will Never Be

     

     

    They will never be forgiven

     

    As memory won’t fade

     

    In the land of corruption

     

    We are often betrayed

     

     

    They will never see the truth

     

    As a past full of lies

     

    In the land of the deceiver

     

    Why are we surprised?

     

     

    They will never be punished

     

    As history will tell

     

    In the land of the ringer

     

    Who is tolling the bell?

  17. ernie

     

     

    What about Fit and Proper etc? Wouldn’t SFA/SPL object (no laughing at the back) if Whyte continued to own them?

     

     

    Doesn’t this put Whytie boy in quite a strong position regarding bids?

  18. enmac, a bampot stands shoulder to shoulder with Neil Lennon on

    from previous blog:-

     

     

    The No.13 Shorts on 12 April, 2012 at 10:52 said:

     

    Let’s boil it down to the bare bones. If any newly constituted club gain immediate entry into any Premier League, that league is a Mickey Mouse League. That is an indisputable fact.

     

    —————————————

     

    i posted on the previous thread, what id Donald Trump decides the windfarms are to much for him, and decides, to keep his scottish interest, to start a soccer ball team ?

     

     

    he could lobby the SPL for one of the current shares ( wether that be through relegation, or simply a cabal of chairmen, with flashing pound signs in their eyes, to oust an existing member), get a licence to play football, just as the facecombers will do with these plans and then have his team playing in top flight football.

     

     

    money is obviously a key factor. the SPL can be bought.

     

     

    question is, can the SFA ? will the SFA do the right thing, and protect their ethos of developing, nurturing, and promoting the game at ALL LEVELS ?

     

     

    I would like to see them say they will not allow any new company to ‘skip the que’ straight into the top leauge, bypassing the other 30 clubs in the lower devisions. no licence will be granted, other than any potential vacancy at the bottom of the pyramid.

     

     

    i await with baited breath.

     

     

    on celtic, i will continue to support them financially ( unless they are party to this stitch up). I will not attend any away game ever, and i will cancel my subscriptions to sky/espn and either watch celtic via the pub or computer at home

     

     

    Hail Hail!

  19. Awe_Naw_No_Annoni_Oan_Anaw_Noo on 12 April, 2012 at 12:13 said:

     

    Ernie

     

     

    ”HMRC pursuing the directors of a newly formed pre pack company if they are owed from the previous company is a “fact” as David Brent would say”

     

     

     

    Happens with dodgy, hole in the wall, small scale double glazing firms, roofing contractors etc, not with outfits with magic circle lawyers (that’s in the English sense, not the rather different Scottish sense) big four accountancy firms etc.

     

     

    It will not happen with a newco huns.

  20. Paul67

     

    comments are right on the money .

     

    If deals have been done then nothing would deflect from RFC(IA ) from getting away with their mass swindle.

     

    However, NO Degree of Spin can alter the trajectory of the metor that is about to hit planet Rangers.

  21. up_over_goal on 12 April, 2012 at 12:18 said:

     

    ”ernie

     

     

    What about Fit and Proper etc? Wouldn’t SFA/SPL object (no laughing at the back) if Whyte continued to own them?”

     

     

     

    I’m not suggesting Whyte will be involved in a newco.

     

     

    All I’m doing is correcting an incorrect statement that if he was he would be personally liable for the debts.

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