The core essence of Duff and Phelps protests at the SFA judicial panel punishment handed out this week, as they state, is that: “in our opinion do the panel fail to have properly apportioned culpability between the Club and Craig Whyte”.
Yesterday we found out the truth about how Duff and Phelps really think about apportioning culpability between a company and a director.
The Lawyer magazine yesterday reported:
“The administrators are suing Collyer Bristow and Whyte’s takeover vehicle the Rangers FC Group for at least £25m in damages. The firm is accused of conspiracy, breach of undertaking, negligence and breach of trust, with Withey – who acted as the club’s company secretary – complicit in the allegations.”
The Lawyer goes on to say that Mark Phillips, QC, acting on behalf of Duff and Phelps, “told the court that there was no evidence anyone else at Collyer Bristow was involved, but that as Withey had authority to act for the firm, it was liable for the losses flowing from his “conspiracy”.
Get this clear; in the opinion of Duff and Phelps QC, as Withey had authority to act for Collyer Bristow, Collyer Bristow was liable.
Craig Whyte acted on behalf of Rangers after 6 May last year just as the old board acted on behalf of the club before then. These people are using one argument to chase an enormous £25m but using the counter argument to subvert an SFA judicial panel.
The rules of the SFA are clear, Rangers are ‘liable’ for the actions of their directors, as anyone using this argument to pursue £25m should be well aware. These people are shameless.
Buy a hard copy of CQN Magazine, issue 7, by clicking on the button below. You can read online here.
1,179 Comments- Pages:
- «
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- ...
- 32
- »
The spirit of Segeant Schultz has been wandering the corridors and staircases of Ibrox for many years.
Listen to Smith G., McCoist, Murray P., et al and you will hear him.
Still mulling over Leckie’s article today, or moreover, the reasons for it.
I wonder……has Bill accepted big Billy is gonna die, and the silly billy boys wont be interested in following a baby billy playing in the 3rd division, therefore newspaper sales will not be flying off the shelves like Billy-O since silly Billy will not want to read the match report of newborn baby billy v Albion Rovers, so it’s now time to side with Timmy?
hmmmmm…..
How a Company Administration Works
Insolvency practioner producing a company administration report.
The recent rise in the number of small companies going into Administration is largely been due to the worsening economic conditions. In particular, property investment companies, pubs, bars and clubs have been particularly badly affected. Firms reliant on consumer spending power are suffering and many are falling into administration…..
What is Company Administration?
When this option is employed, the company is placed in the hands of an Administrator whose primary role it is to rescue and save the business from going into liquidation. In practice, the Administrator is usually a licensed Insolvency Practitioner with experience in helping struggling businesses. The role of the Administrator is to have worked closely with the directors and managers of the company in order to work out a debt reorganisation plan and to ensure the business continues as a going concern. The underlying objective is to represents the interests of the creditors to ensure the survival of the company means that creditors debtor can be repaid and is more than would have been repaid had the company been wound up. This also means that any property must be realised to ensure that secured creditors and preferential creditors can retrieve unpaid debt. The administrator (in most cases the insolvency practitioner), will work with the owners of the business in order to produce a Proposal which would be submitted it to the creditors. This proposal outlines of exactly how debt restructuring is to take place, including practical actions to minimise costs and increase sales potential.
The Company Administration Process
As soon as is reasonably possible, the administrator must send a written notification of his appointment of up to the creditors of the company. This proposal must include of the rationale and objectives of the administration process. For instance, it may include an option for a Company Voluntary Arrangement. This statement or ‘proposal’, must reach every member of the company and all creditors (whose addresses and contact details are known to the administrator), within eight weeks. The proposal should include the details of the creditors’ meeting and invitation for the creditors’ to attend. The administrator must invite all creditors who are owed monies exceeding 10 per cent of the company’s total debt. The proposal is then presented at the Creditors’ Meeting who vote upon of whether or not to approve it. Each creditor’s vote is directly proportional to the amount of debt the company owes the each creditor.
Shareholder/ owners of the struggling company may or may not have get the opportunity to vote on the proposal (depending upon the decision of the administrator). Indeed, shareholders might also not be allowed to attend the creditors’ meeting. Once approved, this proposal may take months or even years to be implemented in practice. As a major shareholder, business owners can expect to lose the value of their shares, following the redistribution of assets by the Administrator. In practice, the shares may be exchanged for shares of lower value depending upon the circumstances. Typically in practice, the shares become worthless due to the indebtedness of the company. Prior to voting, creditors may choose to amend the proposal if they so wish. If a majority vote is passed by the creditors, then the proposal can be ratified by the Court. Following any possible modifications the proposal must be sent to the registrar of companies. Ultimately, the court has the power to veto the decision of the Creditors’ Committee if so required. The Court approved proposal forms the basis of Administration.
How is the Administrator Appointed?
Under the Insolvency Act 1986, an Administrator can either be appointed in the following ways:-
Appointment by the Court – a court will only initiate an administration order if it is satisfied that the company will not be able to pay its debts and that the order is likely to achieve its goals. The application for the order to the court, can be carried out by either of the creditors, the company or Directors. The applicant must notify all parties that the order has been applied for. Upon hearing of the application, the court may to a number of things:-
approve or dismiss the application
make an interim order
delay any proceedings using an adjournment
treated as a winding up petition
Appointment by floating charge holder – an Administrator may also be appointed by the holder of a ‘floating charge’. The floating chare holder must hold a debenture secured upon a substantial proportion of companies property assets. If an Administrative Receiver or Liquidator has already been appointed, then an Administrator may not be appointed.
Appointment by The Company or Directors – this can only be achieved if at least five business days written notice has been provided to person(s) entitled to appoint an Administrative Receiver. A statutory declaration to the Court from the Company must be made, stating that the company cannot pay its debts and that it is not in liquidation.
Functions of the Administrator
The main functions of the Administrator are as follows:-
General Powers – the administrator can remove an existing Director of the company or appoint a new Director. Indeed, existing directors cannot exercise any ‘management power’ without the prior consent of the administrator. They also have the power of to call a creditors’ meeting and receive clarification from a court regarding the extent of their powers.
Creditor Distribution – the administrator can make distributions to secured or preferred creditors. Any distributions to other types of creditors will need prior written permission of the court.
Charged Property – when first appointed, the administrator takes control and power of all property of the company. In addition, he may take action to sell property that is subject to a floating charge.
Impact of Administration on the Company
The immediate impact of administration is to generally nullifying other possible insolvency procedures. These include the dismissal of any pending winding up petitions and the immediate dismissal of any administrative receiver. The administrator must approve all the legal processes impacting the company (such repossession of hire purchase goods by creditors or a landlord exercising their right to forfeiture). However, following a reasonable period of time, creditors or members of the company may choose to apply to the court, claiming that the administrator may be damaging the financial interests of the company, or in some way acting unfairly.
Source: http://www.businesslifeline.com/administration-order.asp
i am confused now about the impending demise of Scottish football. how come all the sfl clubs are still existing when they don’t play against rangers.
brimmer
That was a good spot by you. I think it is understandable how the ref (Mason Murray) missed it as he was looking directly at the incident whilst standing approx 5 yards away!
Happy to add him to my list of horrible huns I hate!
I’m not too keen on McCulloch either or McGregor or Bartley or..!
HH
Paul,
Surely you couldn’t blame and punish Rangers for the inconsistent arguments of their administrators?
No doubt this would be their response to your article if anyone bothered to ask them the question…
When their clubs custodians were cheating everyone else, the Ibrox hordes were perfectly happy and they are only unhappy now when they discover that the current custodians have been cheating them as well.
and my confusion remains. why should a team who owe other clubs outstanding monies for transfers be allowed to keep signing players.
Saint Stivs
If you want to be even more confused, look up how many league titles rangers won between 1967-1987 and how the rest of Scottish football fared during that period.
Twists n Turns
Take a look at the SFL league tables – the huns will be aspiring to big games against the mighty Albion Rovers (they’re in Div 2 to save you the bother)
:)
Saint Stivs
You should know better :-)
your confusion is borne from the fact you are not considering the rule of “moving goalposts and illogical rationale” which only applies to der hun sympathisers.
JohnnyClash on 25 April, 2012 at 11:40:
Legless is brilliant – my main source of amusement in these past few months.
All these exclusives and contacts in high places, but he is still out of work … unlike ODIOUS CREEP!!!
My favourite Legless line is; ‘Craig Whyte is an expert poker player’ – written a week before the Huns entered administration…
Tim
thx for the correction and apologies to all Rovers fans out there. All 16 of you :-))
Well Said Paul..
A beacon for truth and justice..
We shall not be moved and will highlight any attempts to avoid or subvert natural justice..
Through all media channels we as Celtic supporters will highlight this utter nonsense at every opportunity ..
Well said Paul..
Dearie me , caught, found guilty and they continue to lack humility.. Mc Moist cannae believe they’re getting punished..
HH
Rangers defence about the recent transfer embargo and £160,000 fine basically boils down to
“ a boogy eyed boy done it and ran away”
Pay yer buills and stoap greeting about and man up csc
They make me sick as do Duff & Phelps; pitiful apologists
People are sniffing around our players like vultures complains the Ragers boss.
Perhaps they are following the example set by his club, for example, Sandaza, Goodwillie, Boyd, Naismith and the numerous other transfer targets that were announced in leaks or even in press conferences.
Saint Stivs
The answer is simple. It’s because they are the peepil.
By Bill Leckie
Published: Today at 00:52
THE strain of the Rangers crisis appears to have taken its toll on stylish boss Ally McCoist.
The once youthful Ibrox legend’s sported a cheeky grin when he took the reins in June last year.
But 10 months on that has been replaced by a grim reaper of a frown as the strain of the club’s woes hits home. And beauty experts fear McCoist could be enduring EVEN more havoc on the INSIDE.
Dr Dorian Dugmore, president and founder of Wellness International at adidas, claims stress on footie managers has become worse year after year.
He said: “Negative emotions are linked to premature ageing — like anger and frustration and dishonesty. At their worst they may precipitate changes to the heart’s rhythm. This causes a cascade of reactions, raising the potential risk for heart attack and stroke.”
He added: “Most managers were also ex-players with high fitness levels. But once they become bosses they neglect it.
“Often comfort eating will be used to make the person under pressure feel better”
“Constant stress is now right up there as a risk factor for ill health.”
He’s aged over ten years
CELEB cosmetic doc Neetu Nirdosh, 36, looks at the shock change in McCoist’s looks in 10 months as boss.
June 2011 (top left)
ALTHOUGH Ally has signs of middle age; greying, wrinkling, balding, a hefty paunch, his physical appearance shows no stress signs yet. His face is glowing with vibrant colour and perfectly plump as oxygen-rich blood is flowing to his greying skin.
October 2011 (top right)
HE looks like he’s aged five years. The stresses at the club are causing his body to produce vast amounts of the ageing hormone cortisol. The damage is evident in the change in facial features and possibly will limit sexual pangs.
December 2011 (bottom left)
NOW we have a man who looks 10 years older in just six months. Ally’s previously bright, taut face is full of lines and has drooped. His hair is thin and dry.
April 2011 (bottom right)
HE’s lost so much hair his scalp can be seen and his undereyes have bags of excess skin and fluid. His rough skin and lack of smile shows a man in a depressive state and no amount of Greggs pies can address these issues.
When a Cheat and a Bully cries “Foul”…
…the rest of us laugh.
two hibbies are next to me in thwarting tongue discussing possible disruption to cup final by the blue meanings.
let them flipping flip flap try it seems to be the translation i picked up on.
Can’t see our hero Craig’s name being mentioned without thinking of Kaa, the snake from Jungle Book with the twirly eyes singing ‘trust in me’.
Saint Stivs
I work with loads of Hibee’s and the Talliban wouldn’t be able to stop them getting to Hampden for the cup final.
If Rangers fans try a protest of some kind it will end in voilence.
What a shock!
LB
My apologies if posted already
Maybe these papers will shed some light on whether Minty was “duped” by Whyte
http://www.bbc.co.uk/news/uk-scotland-glasgow-west-17840164
awe-naw
You never cease to astound me!
Where do you get them from?
I’m beginning to think you’re an highly developed alien life form who has been programmed with millions of anti-hun tales and song lyrics (mainly from the 1980s)!
HH
off topic though anyone watching PMQs? Cameron looking as bad as Ally McCoist these days!
Watched SSN the other day it showed highlights of Senegal v Oman in a Olympic games play-off match.
I thought that manager off Oman looks like a slim Ally McCoist……..strange!!
“Integrity is doing the right thing, even if nobody is watching.”
“Honest hearts produce honest actions.”
“To be persuasive we must be believable; to be believable we must be credible; credible we must be truthful.”
One of the panel named on a Rangers site apparently.
Eric Drysdale, director at Raith Rovers.
LB
Courtesy of MattMcGlone, the babbling GenSec of the RSA speaking on Radio Scotland. Almost a masterclass in not answering the question and being unprepared.
http://t.co/EELLuZ5D
right final boarding call.
for the huns .
cqn button badge on.
and off we go.
keep it lit
Murray company MHL to hand over Rangers takeover papers
Sir David Murray sold Rangers to Craig Whyte for £1
Rangers’ administrators Duff and Phelps won an order at the Court of Session giving them access to the papers.
Duff and Phelps said the documents were vital to an investigation into the takeover of Rangers by Mr Whyte.
The administrators are suing Collyer Bristow for about £25m over the firm’s handling of the takeover in May 2011.
Duff and Phelps returned to the Court of Session in Edinburgh to secure the order for the recovery of documentation from Murray MHL under insolvency legislation.
Confidentiality clauses
Their counsel Susan Ower told Lord Hodge: “These documents which the administrators seek to recover are sought to facilitate the administrators’ investigation into the circumstances of the takeover of the company.”
The material sought included all letters, faxes, filenotes and emails between the Murray firm, of Charlotte Square, Edinburgh, and English solicitors Collyer Bristow.
The London-based law firm are now being sued by the administrators at the High Court in London, relating to the sale of 85.3% of the share capital in Rangers to Mr Whyte’s firm.
Ms Ower said lawyers had written to the Murray company, which had said it had no objection to providing documents but was concerned over confidentiality clauses. Therefore, a court order was being sought.
Controlling shares
She said Mr Whyte had also been informed by email about the move.
Lord Hodge asked if there had been any response from Mr Whyte or others who had been informed, but was told by Ms Ower: “None at all.”
The judge said: “It is clear that, speaking loosely, the vendors at Rangers, whose solicitors have the documents, are content that the order be made, but need a court order because of the terms of the share purchase agreement.”
Lord Hodge said he was prepared to grant the order after a brief hearing at which only the administrators were legally represented.
Mr Whyte bought the controlling shares in the Ibrox club for £1 before it was plunged into administration in February.
merseycelt lmfao as the big house door slams shut on 25 April, 2012 at 11:55
lol.
Whilst really looking forward to Sunday, for the biggest party/wind up ever.
I can’t emphasise enough just how important it is to win. I know this may seem like a ‘no shit Sherlock’ kind of thing to say, but we have to start in 5th gear and stay there, as you know 100% that they sure as hell will.
A win in the last derby league game for a while is paramount as it will add tenfold to our day, whilst a defeat would most definately put a dampener on it, albeit for a little while. I cannot see us getting beat if we start properly, match their certain aggression and then class will kick in.
Elbows was made to look like Shearer last time out and that was our biggest fault by far for me. A journeyman (i’m being kind) of a player like this should never ‘rumble’ our defence up, and i’m positive it won’t happen again.
IF we want it, IF we’re really up for it, we’ll score 4. We will.
brimmer
Merseycelt
http://www.thefreelibrary.com/Leckie%2c+Bill-a11558
I get lots of them from this site
Put in your favourite hacks name and have a laugh
Hail Hail
The only time Elbows would ever remind me of Shearer is when singing that song about a Swedish gentleman being The King of all Kings.
Calum Murray now ref for Sunday
http://www.scottishfa.co.uk/resources/documents/RefereeAppointments/SPL/SPL/Round%2035%2828-29%20APR%29.pdf
brimmer
Barry Robson type challenge in the first minute on McCulloch for me. He put kayal out for the season and needs to take some of his own medicine. Get in about them from the start!
LB
31003 on 25 April, 2012 at 09:44 said:
Today I have absolutely nothing worthwhile to say, so if you see this post don’t read it, you’ll just be wasting your time. If, on the other hand you are reading it, you are as well to read it all the way through, just in case I say something interesting, even though I told you at the start of this post I had nothing of interest to say, yet, you’re still reading it. Do yourself a favour, stop reading it now, you’ll just waste more precious minutes of your life, then you’ll get angry for reading it, even though I told you not to. IF you’re still reading this then there is no point in me telling you anymore that there is nothing interesting in it cos it looks like you’ll read anything. Even if its not interesting. Have you no work to do?
______________________________
Having studiously read your post, it is my painful duty to inform you that the market in long-winded contributions that say absolutely nothing has already been captured by a poster in Nevada.
Sorry.