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Day of reckoning draws close for Rangers

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By on CQN BLOG & Comments

Companies have a statutory duty to produce financial reports in line with commitments made to shareholders.  The failure of Rangers to fulfil those commitments was put down to a lack of clarity over the future outcome of the on-going tribunal with HM Revenue and Customs.  As a consequence of this failure, trading in Rangers shares have been suspended by the Plus Stock Exchange.

The Plus Stock Exchange also told Rangers broadcast partner, STV, they were “currently conducting an investigation into the circumstances under which Craig Whyte’s seven year disqualification from acting as a director in 2000 were not disclosed at the time of his appointment to the board of Rangers FC on May 6, 2011”.

Rangers today suggested there was “little, if any, tangible benefit for the club to be a listed company”.  This may be true but the benefit of a listing is heavily weighted towards shareholders and creditors, who should have received structured financial information in a timely manner.  Shareholders have also been denied the opportunity to attend an Annual General Meeting, which, in line with stock exchange rules, should have been held before 31 December 2011.

Many of you have watched Rangers speculate wildly for over two decades with the feeling that they would crash and burn.  This has been a painful period for those who follow clubs who stick to budget, unprepared to take a seat at the roulette table.  The day of reckoning draws closer.

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  1. The Token Tim - HAIL! HAIL! To Kano 1000 on

    First post of the New Year – been busy enjoying the holiday and being tope of the League!

     

     

    So belated HNY to you all. And if today’s events are anything to go by, it most certainly could be a very HNY ;-)

     

     

    is the Cup draw on TV/radio Shortbread?

     

     

    HAIL! HAIL!

     

    Token

  5. St Martin's Bhoy on

    LiviBhoy says:

     

    9 January, 2012 at 14:29

     

    Gordon_J backing Neil Lennon says:

     

    9 January, 2012 at 14:06

     

     

    My birthday is 16th March. No presents required if that happens.

     

     

    —————————————————————————–

     

    Carlsberg don’t so Birthday Presents……

     

     

    Further to this news and my earlier post, the week running up to Gordon J’s wonderfully named Liquidation Day is the Cheltenham Festival!

     

    LiverAndWalletInTattersCSC

  13. Malc on

    5th Round

     

     

    Hibs v Dundee or Killers

     

    Murderwell v Morton

     

    St Mirren or Hamilton Accies v Ross County

     

    ICT or Dunfermline v Celtic

     

    Ayr Utd v Falkirk

     

    Buns v Dundee Utd

     

    Young Buns v St Johnstone

     

    Aberdeen v QoS

  14. Celtic Soul Brother- Supporting Kano 1000 on

    Think bbc know something we don’t.

     

     

    Can you spot who is missing from the BBC list of Scottish Cup Teams

     

     

     

    1422: So who will be in the hat?

     

    Celtic; Aberdeen; Hearts; Hibernian; St Johnstone; Motherwell; Dundee Utd; Inverness CT/Dunfermline; Kilmarnock/Dundee; St Mirren/Hamilton; Morton; Ayr United; Ross County; Queen of the South and Falkirk.

  15. Paul67 on

    philvisreturns, aye, him.

     

     

    ASonOfDan, you make a good case.

     

     

    Auldheid, well said.

     

     

    Ulster-Celt, yes, he sure was. Sitting along from me right now, too. This whole CQN thing was his idea. I’d never heard of blogging until he suggested I stop complaining to him and go do something about it. Irony indeed.

     

     

    Celtic Mac, aye.

     

     

    Bada Bing, I believe the SFA have no chance at getting Whyte with their fit and proper enquiry.

  20. !!Bada Bing!! Kano 1000 on

    Fud Tanner immediately trots out the Super Caley ballistic headline,dearie me

  23. Folly Folly on

    Soul Bro:

     

     

    I think the beeb listed all the clubs whose names were in un-heated balls …

  24. !!Bada Bing!! Kano 1000 on

    Paul 67- Do you think there may be grounds to ask questions re Euro Licence?

  27. enmac75 stands shoulder to shoulder with Neil Lennon on

    now there is a surprise ! itc or dunfermline away

  29. Celtic Soul Brother- Supporting Kano 1000 on

    Folly Folly says:

     

    9 January, 2012 at 14:38

     

     

     

    Could be right! Notice they are now back in on the list after Morton!

  31. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Ah well I suppose the huns will have gone belly up by the next round.

     

     

    Anybody who bet their house on us getting the huns at Ibrokes .. you should never listen to me

     

     

    ICT again !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! possibly

     

     

    and away from HOME yet again !!!!! is that the longest in SC history a team has went without getting a home game ?

     

     

    Hail Hail

  33. the long wait is over on

    RogueLeader says:

     

    9 January, 2012 at 14:20

     

     

    good post – identifies absolutely the core problem that Rangers have with their auditors.

     

     

    They’re probably finding out the hard way that their auditors dont consider them to be as important as they consider themselves to be and just how risk adverse auditors have become in signing off on companies as going concerns.

  35. Jungle Jim on

    This Cally go balistic thing. I posted here many moons ago concerning that headline. It is not even original. I saw it in either the Evening Standard or Evening News in London. A guy called Kelly had played well but his team ( I think, Kelly might have been an oponent,) had been awful. The Headline? SuperKellyquitefantasticQPRatrocious. I know it should not but it really angers me that the quality of wit is used as the excuse for rolling out the Supercally headline as often as possible when, unless not a single journo is aware of the origin, it is really just another excuse to have a go at Celtic. Hopefully, we stuff them (if they get through) and that will be the end of the SuperCally nonsense. I am away to see if I can find the SuperKelly headline on t`internet. Any help apreciated.

     

     

    JJ

  36. slap on

    From same document, Article 50 talks about having no payments due to Tax authorities:

     

    Licence applicants must demonstrate that as at 31 March 2012 they have no payables overdue towards their employees or social/tax authorities as a result of contractual and legal obligations towards their employees that arose prior to 31 December 2011.

  41. hen1rik on

    The day of reckoning draws closer.

     

     

    This purchased champagne has been waiting a while lol.

  42. the long wait is over on

    Slap

     

     

    that would cover not only the current tax cases but also any payments due in respect of current employees.

     

     

    There are rumours (probably scandalously inaccurate, I’m sure) that Rangers arent paying HMRC in respect of their current staff , both football and non football…

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