Lots to chew over in this afternoon’s statement from Duff and Phelps but this nugget grabbed my attention:
“If we proceed with an offer that is based on a sale of the business and assets, then we would expect the football club share to be transferred within a matter of weeks, with a preference of prior to the end of the current season.”
This means that unless a CVA is concluded beforehand, Duff and Phelps plan to ask the football authorities to award Rangers’ share in the SPL to a new club prior to the end of this season. This share is worth money, Duff and Phelps would be able to sell it to generate cash, so there is no harm in them asking!
The enormous problem for the league is that the Newco would not employ any footballers and the final date in the season for signing non-contracted player passed a month ago. Rangers players are employed by Rangers FC PLC and their registrations cannot be transferred to any other football club outside of a transfer window.
In the event of a liquidation (which Duff and Phelps have not accepted as a likelihood), player registrations revert to the SFA. They are not assumed by a phoenix Newco to pick the following week. There is absolutely no circumstances for a club to avoid liquidation and still manage to transfer their players to a Newco outside a transfer window.
How did they concoct such a fantasy?
This is a Fifa rule and cannot be altered by the SFA or SPL. The entire debacle has become farcical.
SPL clubs, who vote on Friday on whether to introduce a procedure which would allow a Newco to be allowed straight into the league, have the proverbial gun pointing to their heads with this statement. They must stand firm and refused to become embroiled in the mess.
The other SPL clubs and the SFA did not design this crisis at a member club and it is not their responsibility to resolve it. We will find out soon enough whether member clubs take account of the overwhelming voice of their supporters on this matter.
Pay your bills!
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celticrollercoaster says In Neil we trust on 23 April, 2012 at 19:09 said:
Evening Bhoys. At the youth cup final with the rollercoaster family. Posh seats as well :-)
HH
CRC
******************
Get in amongst the GB, best seats in the house :¬)
Richard Gordon’s BBC in depth research……..”Headed away by the Queen of the South defenders”
Anyone else losing posts tonight??
to add: how can they possibly state that HMRC would be bound by an agreement they were not party to (either by voting or by abstention)?
As I said: not surprised by Clyde’s take on this at all.
When it turns out that HMRC turn them over after a CVA it will, however, become accepted fact that HMRC are treating Renegers as a special case.
Well done Clyde. Flanges.
Vmhan supporting Lenny and his Lions on 23 April, 2012 at 19:46 said:
celticrollercoaster says In Neil we trust on 23 April, 2012 at 19:09 said:
Enjoy the game mate. Keep us updated.
CRC, what like’s the turnout?
dirtymac \o/ on 23 April, 2012 at 19:45 said:
The way I understood it was that since HMRC are on the list of creditors already, for the small tax case, then should they agree a CVA for that then they would be obliged to the same CVA for the BTT: The wording was ‘if HMRC agree’ – but there was no discussion about what woul happen if HMRC do NOT agree but the CVA is carried because, until the BTT is declared, then they don’t have a big enough share of the debt to block it if other creditors agree to it.
This cannot be true, surely? Or is it a reason for stringing this along, building up the debt, forcing a CVA before the BTC is declared?
Third corner for Celtic – still 1-0
dirtymac \o/ on 23 April, 2012 at 19:45 said
I think the point is that before the big tax case result HMRC wouldn’t have a large enough % of the debt to stop a CVA.
If HMRC are faced with a CVA being pushed through against their wishes they’ll interdict the process until the FTT result is known.
Sparkleghirl,
I may be wrong but I very much doubt that that is the case. The debt to HMRC already exists. Rangers have appealed it. In the unlikely events they win their appeal then it will help their chances of a CVA. If they lose the appeal then the old debt will stand and will need to be taken into account under any CVA.
This is just my layman’s take on it of course and I am happy to be corrected by anyone with more knowledge of these affairs.
sparkleghirl on 23 April, 2012 at 19:50 said:
dirtymac \o/ on 23 April, 2012 at 19:45 said:
The way I understood it was that since HMRC are on the list of creditors already, for the small tax case, then should they agree a CVA for that then they would be obliged to the same CVA for the BTT: The wording was ‘if HMRC agree’ – but there was no discussion about what woul happen if HMRC do NOT agree but the CVA is carried because, until the BTT is declared, then they don’t have a big enough share of the debt to block it if other creditors agree to it.
This cannot be true, surely? Or is it a reason for stringing this along, building up the debt, forcing a CVA before the BTC is declared?
+++++
Nope, that’s not true, as they are two separate debts if they are not banded together in full detail in the creditors report, which they are not.
Thanks to ernie lynch and reiperman.
Clyde get it wrong then. Phew.
and thanks too to dirtymac
ernie lynch on 23 April, 2012 at 19:51 said:
dirtymac \o/ on 23 April, 2012 at 19:45 said
I think the point is that before the big tax case result HMRC wouldn’t have a large enough % of the debt to stop a CVA.
If HMRC are faced with a CVA being pushed through against their wishes they’ll interdict the process until the FTT result is known.
+++++
Yes. This is true. IMO, a CVA cannot be agreed and ratified until such time that the result of the FTT appeal is known. Until such time, any CVA is barely worth the price of the stamps on the envelopes sent to creditors (well done D&P, more costs racked up).
By agreeing to a CVA on account of the small tax case, HMRC are not bound to do the same for the larger one.
rankers will not win the FTT. No cva will impact on HMRC and HMRC will not accept any cva under any condition. Thems will be liquidated it is only a matter of time.
HH
^^although that would be a very strange circumstance.
I think the bottom line is: HMRC will not agree to a CVA.
The bottom line in all of this…we’ve heard from D&P, Craig Whyte, rankers directors and management, all the “bidders”, ticketbus (c BFDJ), countless pundits and experts, and the excellent online bampots.
The only people who have been keeping schtum are the ones who will bring the whole ‘big house’ of cards down…..
What’s that comin’ over the hill………….. ?????
Googybhoy naw me mate, CRC’s at the game, I was merely providing some advice , as if CRC needs it, the weans will be dragging him over towards the GB, the support sounds great.
V
dirtymac \o/ on 23 April, 2012 at 19:58 said:
^^although that would be a very strange circumstance.
I think the bottom line is: HMRC will not agree to a CVA.
+++
that was in reply to my own post and not Mighty Tim’s.
2-0 young hoops
Celtic 2-0
2-0 Baby Hoops. Jackson Irvine.
GReat strike there. 2 nil
Jackson Irvine scores. Preston & Gordon on shortbread raving about him.
dirtymac \o/ on 23 April, 2012 at 19:48 said:
I have asked the same question on rtc blog.
I think it is nonsense as it would give the Administration the added incentive to get a CVA agree before the BTC is decided.
I thought that if HMRC are listed as creditors on both the WTC, Unpaid Paye and the BTC then they are in the total “pot” and can vote against the CVA.
What Hananh was suggesting was that as things stand Ticketus are the majority creditor in the absence of the BTC and could vote a CVA through,
my mate is a manager in HMRC and he states it is not in HMRC policy to accept any CVA from football clubs, also that thems is being used as a flag bearer to go after bigger ones in engurland. Lot of nervous clubs watching.
Thems had a chance to pay up when originally found guilty but decided not to, now they will be battered.
HH
Filip Twardzik leaves the field on a stretcher.
When is the decision about the BTC being announced or is that delayed as well?
When is the investigation concerning the dual contracts being carried out? Delayed?
If this was Celtic we would have been hung , drawn and quartered weeks ago……
Apparently that nugget Kyle Bartley is answering questions via Twitter at AskBarts.
He has been asked if designer headrests are valued more than the cleaners monthly wage at ibrox.
belter!
In at the cup final – an absolute joke! Get there a bit late and see that they’re not letting kids in without an adult. Get in and they’re only allowing us in one segment of the stadium. Empty seats everywhere yet we’re stuck standing on the stairway – I’m pretty sure that’s against all sorts of health and safety regs.
Celtic_First
Hope and pray it is not a bad one. Smashing player who has had major injury problems in the past.
HH
Life is full of modern type misfortune
Full of strife and woe and grief by fright
But even though you come upon misfortune
There’s one thing that will save you in the end
When life is not all bliss, please remembering
When you’re drowning in the water of a shark infested bay
Give a little [whistle] and whistle your cares away
When your standing on the gallows at the dreaded break of day
Give a little [whistle] and whistle your cares away
Spike Milligan
Celtic_First
Any relation to Irvine Jackson:o) Ooooppppsssss
Auldheid,
As HMRC have already issued Rangers with a bill for the big tax case, I would image their stance remains that this money is owed to them. This alone would give them enough scope to tie any proposed CVA that doesn’t include that amount up in court long enough for the FTT result.
theweegreenman not weeks ago, years ago, the press would have been sniffing around years ago, however the support would have saved CFC……
wheres aw the loyal true blues?
V
3-0 Young hoops
CRC
Now that game is more or less over,
why not do the quiz on location.
I’ve been swotting up,and if HT and GCT
can win it ,canny be that hard.
Stunner from Dylan McGeoch