Following on from the SFA issuing an important announcement just as the Olympics opening ceremony was getting underway (Mr Regan, take a long hard look in the mirror), Duff and Phelps yesterday issued their final progress report to creditors of The Rangers Football Club PLC (in administration), recently renamed RFC 2012 PLC.
….On a Sunday, when the Ryder Cup was guaranteed top dominate sports reporting. Anyone would think they didn’t want you to read it.
Take your time to read the report in detail here. For those of us who follow football finances there is a treasure trove of information seldom revealed in this detail.
During the period in administration covered by the report, 14 February 2012 to 25 September 2012, the club incurred trading shortfall of £4,007,635. Quite a remarkable figure.
The administrators received £2,457,420 remuneration on 10 August while the club paid £1,325,756 in legal fees as well as over £400k in legal and administration disbursements.
Buried (very) deep into the report is money paid to PR companies. They paid Spreckley £28,941 for media consulting in relation to the administration. They also paid Media House £141,441 for media consultancy in relation to the company. Is this another remarkable figure? Some creditors may be surprised but there is none here. Duff and Phelps will no doubt be prepared to explain to creditors the value they gained from this expenditure on their behalf at the forthcoming creditors’ meeting.
Duff and Phelps will soon be discharged and the club will be handed over to BDO who will liquidate it.
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I would also like to add my condolences to the Hendersons…
jeg er neil lennon-greeninbingley
22:01 on 1 October, 2012
I could not agree with you more ……. The administrators completely ignored the creditors at every stage …… There was interference from somewhere …… JJB are placed into administration and, most regrettably, the first thing they do, as is the case in all administrations, is announce redundancies …… Why the big earning rankers players weren’t made redundant in February is beyond me, and it is a question which needs to be answered…… Noone wants to see anyone made redundant but their retention was not for honourable reasons……..
Scottish Football was shafted for 12+ years, the creditors were shafted, and we have all seen the (green & Whyte) shaftmobile in full flow ……. All the conspirators deserve what they get…… I HAVE NO DOUBT THAT THE LIQUIDATORS, HMRC AND THE LAW WILL CATCH UP WITH THE WHOLE LOT OF THEM …..
sannabhoy-Cheers mate.
RFC tax bill comes in at just over £16.90 for every single person living in Scotland.
Condolences to the Hendersons.
Steve Marriott, Ronnie Lane and Kenney Jones walk into a bar.
Barman says “Why the Small Faces?”
Bada Bing, what a kind hearted act.
Voguepunter, I didn’t know that. It doesn’t surprise me though.
Kilbowie Kelt, he is a good man and good men aren’t measured by which team they played for, but by what they do.
I feel very sad for him and his family.
Willie put a bottle of whisky/vodka up for the Celtic bus raffle that left from the Barnyard.
Sad news for wee Willie Henderson condolences to him and family.
HH
A wee thought,
When BDO take over and begin the liquidation, investigation and recovery process, the only recoverable funds will be the unpaid tax.
Will HMRC be happy to share any recovered unpaid tax with the other creditors or will they be looking to recover other assets to improve the the taxpayers return.
Condolences to the Henderson family
I recall watching a game in the hoose against them we were mince at the time wee wullie was running amock, I bluttered “I hate him” my mother asked me why, couldnae really answer her, her next comment was “you only hate those you fear” she was right. He was never the same player again after he had the bunnion problem.
BTW when he was in the first team after displacing alex scott, the latter was still first choice for the national side.
Saw him one day in airdrie and he was laughing and joking with a couple of punters wearing Celtic scarves which shows thw manner of the man.
RIP tae yer daughter wee man.
canamalar,
“the only recoverable funds will be the unpaid tax”.
From where?
The SCAM was completed when Sevco moved in.
canamalar
All the recoverable monies are in D&P’s final report.
Nothing to recover, all gone, done up like a kipper, erse oot the winde on a cold night , etc
HMRC said they wanted a club to continue in Rangers’ place that would start paying the tax 45,000 customers produce. I can’t see HMRC or BTO putting the existence of Sevco in danger. Like the SFA SPL etc, no interest in justice just the greatest possible income generated.
Silver City 1888,
That was before Liquidation.
There’s nowt to recover.
‘d like to add my condolences to the Henderson family.
.
What has happened to Willie Hendersons Daughter..?
CT,
when it comes to the taxman, the scam is never complete, everybody that cheated the taxman will be investigated and a demand will be issued, the taxman holds every individual responsible to pay theri own tax, telling the taxman a big boy did it and ran away will cut no ice, ignorance is no defence.
So with that in mind, will they instruct their liquidators to forget any missold assets and concentrate on getting the tax back and sharing it with the rest of the creditors or will they be looking to reduce their burden as much as possible.
What it all boils down to is….they have gotten away with it.
A few years of turmoil, a few titles stripped possibly, a 100+ million debt dumped, go bust again, free from the shackles of Hector and his hounds, a new debt free start.
More rabid than ever, the fabric of the nation, free to polute the nation of bile and hate filled bigotry, scotland whas like us.
Well unless BDO can charge them £94m + 22p for their history,
SoS
She died today. She had cervical cancer and it was her birthday.
or to put it another way
the taxman does not do walking away :oD)))))
canamalar,
Do all debts not die with Liquidation ? (I know they are clinging to the history cos, that’s all they have :-(
CaltonTongues
HMRC are looking for income from the new company. The persuit of the old debts will not compromise that stream.
RTC tweeted earlier that BDO will not be looking to go after sevcos assets.
Nite all
Take care and god bless Timland.
3 points the morra I will dream of.
HH
Everyone found to have operated the EBT illegally will receive a demand
all will be fined on top of the demand, some also be jailed, but recovery will happen.
Now, I dont think the creditors will have access to these funds so its BDO’s responsiblility to also recover as much as possible for the rest of the creditors :o)
As I said just a wee thought, and a happy one :o)
Silver City 1888,
See THE EXILED TIM below.
Forget all this shit about money owed, even though it’s the evil one’s.
I WANT THEIR HISTORY FINISHED, PERIOD!
CT,
I dont think so, tax evasion is a different beast.
If evidence is found of cheating then the money is still outstanding.
But, there are better qualified than me here, who could put me right.
In the Northampton area for the game tomorrow. Anyone know a good venue?
As far as I’m concerned, their history is finished. Green may yet end up pulling the house of cards down around him but I just don’t believe the powers that be will do the right thing. We all knew what was going on at Ibrox after Feb14. It’s hard to imagine HMRC didn’t. Yet what did they do? I hope it was giving them enough rope but I’m not counting on it.
Titles stripped…..money back……assets sold……creditors paid……summa dem rankers mob in the slammer…..mibs exposed,sacked,charged……sfa reconstructed….orange ordure criminalised…..
…..that’ll do for starters.
http://www.ipetitions.com/petition/the-people-together/
We ara peepel!
Ha Ha Ha. Oh how the worm has turned :-)
Les Mis…,
I’ve signed it, be careful what you ask for :oD))))))
That petition is a total wind-up…….if the huns can’t see it for what it is…….well, they didnae see Whytie comin’ and they don’t see what Greenie’s up to……so the petition is what it is.
Scandalously funny.
Oh…..the huns……they are so deeply stupid…..deep down stupid.
Get it signed
Any bets on The Ranjaz going under before the seaon is through, or will the Intrepid Duo step in and attempt to save the day again?