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!
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Pay your bills!