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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SFFS, cheers
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INS45005 – Successor companies: Background: What is a successor company?
For the purposes of this guidance successor companies (often called ‘phoenix companies’) are companies set up to continue the trade of the previous failed company with the same directors or company secretaries, often trading from the same business premises with the same assets and employees.
The previous liquidated company and the successor company can be linked in several ways, but the following links are ones which may give a reason to consider whether the successor company and the previous company deserve further consideration:
1.Are the directors the same or is there evidence that the directors of the previous company are connected with those of the successor company, or involved in its management?
2.Is the successor company carrying on the same trade as the previous company?
3.Are the employees the same?
4.Is the trading or company name the same or similar?
5.Are the trading premises the same?
6.Did the successor company acquire assets from the previous company?
==============
1. http://forweonlyknow.wordpress.com/2012/10/01/does-charles-green-know-anyone-at-ticketus/
2. Yes
3. Largely
4. Yes
5. Yes
6. Yes
IMO the only change from Saturday’s team will be Samaras for Forrest. Too soon for Ledley & Kayal, the pitch won’t help their chances either, they’ll be on the bench. Mulgrew will play in midfield again. With Ledley, Kayal, Forrest, Miku, Watt & Rogne we have a strong bench if needed.
1-1 draw.
BDO will look at the £5.5m sale of ‘assets’.
Either they will conclude that thems were traiding while insolvent or that D&P undersold those ‘assets’ to the severe detriment of creditors.
Either way its popcorn time.
Paddy Power a bit mental with their prices for tonight consider it is a Pot 3 vs Pot 4 clash.
5-1 for a win for us.
Spartak are very vulnerable from set pieces. 1-0 hoops, with Mulgrew scoring it is priced at 225-1!
Forster
Lustig, Ambrose, Wilson, Mulgrew
Commons, Brown, Wanyama, Ledley, Samaras
Hooper
Lennon….
Thanks very much for the info. My last day of EU trip. Went to Lisbon the other day and visited the famous Estadio Nacional – first time. Not much to look at these days but a fantastic aura about the place having seen it on video countless times.
Again – thanks pal
Forrest is a cert to start for his pace.Sami will be on the bench I fear.Commons can be the key man again,14/1 first goal.
starry plough——-
Music biz ?
Nearest Mathematical Physicist me got to the Music Biz was writing pretentious reviews for a student newspaper between 68 and 71.[ I got freebies in return ]
My brain seems to have been hard wired to retain the most arcane music related guff . My memory is real bad but ask me who played bass in The Ozark Mountain Daredevils and hey -presto -out it pops . I don’t even have to like it to know it.
Back in the Czech Republic this week, but I have a good feeling about tonight
Hail Hail
Brnobhoy
lorbobo
Hope your right mate , they can’t be allowed to get away with the biggest scandal in Scottish football history.
goldstar10
10:34 on
2 October, 2012
Forster
Lustig, Ambrose, Wilson, Mulgrew
Commons, Brown, Wanyama, Ledley, Samaras
Hooper
………..
Get your own team, that the team I posted yesterday!!!
;-)
Cracking article on the Rangers website – well worth a read if it has not been posted before.
A Thought For Spartak
Written by Andrew Dickson
IT won’t be too often that Rangers supporters will look across Glasgow at what Celtic do this season and give more than a little consideration to what is happening.
But ahead of their city rivals’ European match at Spartak Moscow this evening, there is good reason to pause and ponder a significant milestone which is approaching for the Russians.
People from Govan and beyond are well versed on the awful events of January 2, 1971, when 66 Light Blues fans went to the New Year derby with Celtic and never came home.
More than 40 years on, their passing in a crush after the full-time whistle brought a 1-1 draw with Jock Stein’s team to an end feels as raw to so many now as it did back then.
The Ibrox Disaster is one of the most shocking tragedies in British sport along with what happened at Hillsborough in 1989 and the Bradford City fire four years earlier.
Around the world, the devastating impact of each was felt, as was the case when football followers perished in the likes of Brussels, Bastia and Johannesburg too.
The same can not be said about the Luzhniki Disaster, a catastrophe few outside Russia knew about for several years after it happened.
To Rangers fans, October 20 marks when their team plays Queen’s Park. For Spartak’s supporters, it’s the 30th anniversary of the day many of their loved ones were lost forever.
What is perhaps most striking to those of a Light Blues persuasion are the eerie similarities between what happened at Ibrox four decades ago and what later followed in Moscow.
Back in 1982, as the Soviet winter set in earlier than normal, Spartak took on Dutch side Haarlem for a place in the last 16 of the UEFA Cup.
They would win 2-0 on their way to a 5-1 aggregate victory but the progression came at the most appalling cost.
For so long, it was wrongly claimed Colin Stein’s late leveller for Rangers against Celtic in 1971 had prompted the crush which killed so many people.
As it was, the incident which caused those to die occurred after the match had ended rather than before it.
Sadly, a goal late in Spartak’s match with Haarlem from Sergei Shvetsov – who later said he wished he hadn’t netted – did seem to spark a stampede that would have fatal consequences.
With much of the Luzhniki covered in snow, the vast arena had little more than 15,000 spectators in attendance and they were crammed into a single section of the ground.
As the clock ticked down on a comfortable win for the hosts, pockets of fans began pouring down a stairwell to catch an early train from Lenin Hills underground station.
While they left, Shvetsov struck the clincher and many of those departing turned back to try to join the celebrations.
What happened next is still somewhat unclear but the end result left hundreds of people caught on icy steps on a dark gangway and chaos ensued.
Few could see what was going on from other parts of the stadium and news coverage the following day in the local press was minimal with nothing more than injuries reported.
The reality, however, is that as they slipped and fell in the darkness, 66 people – mostly youths – were crushed to death, just as had been the case in Glasgow almost 12 years earlier.
Unofficially, the approximate death toll runs close to 350 but such was the way of things in communist Russia at the time, we’ll never know for sure how many were lost.
It was only in 1989, after the Soviets had tried and failed to cover up the nuclear explosion at Chernobyl in April 1986, that some elements of truth began seeping out.
The first public revelations of what might be the biggest mass loss of life at a football match emerged despite the Russian government’s fears of bad news getting out.
In turn, it allowed Spartak fans to openly come together for the first time to both mourn and remember those no longer with them.
Nowadays, a small statue stands at the foot of the stairs where those who died lost their lives and it is common practice for visitors to lay red carnations in front of it.
The story of how Muscovites died there, however many there were, is one many Rangers fans can certainly relate to through their own experiences and those of others they know.
The Disaster of 1971 will never be forgotten, nor will an earlier accident in 1902 or the incident in 1961 which led to the deaths of fans Tommy Thomson and George Nelson.
But just as we should always remember those lost at home, we should always bow our heads in memory of fellow football supporters who have died so needlessly elsewhere too.
And at a time when a milestone anniversary of something so dreadful is nearing for many of those affiliated to Spartak, they are in our thoughts as we pay our respects to them.
The Daily Record
Russell Finlay 19th Aug. 2012
Temperature is turned up on rogue central heating boss
A NEW company, in the same office and with a similiar name, has arisen after Rod McDougall put his firm into insolvency.
CENTRAL heating rogue Rod McDougall has crashed another firm leaving a trail of debt.
Around a dozen creditors are out of pocket after the 54-year-old put William Smith Heating Solutions Ltd into insolvency.
But a new firm – based in the same office and with an almost identical name – has risen like a phoenix to continue trading.
William Smith Heating Solutions Scotland Ltd is owned and run by one of McDougall’s former employees, heating engineer Stuart McCartney, 33.
One source said: “McDougall crashed the company to leave the debt behind and the creditors have been bumped.
“There was no big surprise when the new business popped up with the same phone number, office, staff and website.
“Any customers who have warranties from the old business would have been unaware of what has happened.”
Seven years ago, the Sunday Mail exposed high-living McDougall, who left a £2million trail of debt – including £1million in unpaid taxes, when his Central Heating Advisory Service (CHAS) went bust.
Customers were left with botched boiler repairs and dozens of workers lost their jobs.
As a result, McDougall was bankrupted for a second time.
William Smith Heating Solutions was launched two years ago in Bearsden, near Glasgow, but history may be repeating itself as McDougall put the firm under.
A meeting of creditors was held at the Glasgow office of insolvency firm MLM Solutions last Monday.
McDougall said: “The company has been taken over by another member of staff and I’m now an employee of that company. No customers have lost anything and there are less than 12 creditors.”
He claimed the company debts were only around £20,000.
The new firm was set up four months ago with McDougall’s son Liam, 27, as director. He has now been replaced by McCartney.
McDougall denied that folding one firm and setting up a near identical one was a scam.
He said: “It was mainly pressure from one creditor who was threatening liquidation so I was forced into doing it.
“All the people with warranties with the old company will be protected. Stuart is going to honour them.
“I’m going to retire. I’ve striven hard for the past seven years and went through bankruptcy, which was absolute hell.
“I’m not some sort of scam artist who is avoiding paying people.
“There is nothing underhand here. There is no loss to the customers.
“Creditors are owed about £20,000 and I will endeavour to pay them as well.”
The more one thinks of Jabba’s ridiculous articles and comments on BBC Radio Scotland there is no doubt in my mind that he also has a third income stream.
He can only be ridiculing himself so much due to a large wedge coming his way from
Media House via Duff and Duffer.
What a twat of a man!
Greenjedi- That will be 2 of us wrong then! :)
jimmci – or somebody with something on him is making him dance to their tune…..
Rogue Leader,
they are suspect at set pieces. We have to exploit this, we have loads of big players now. Sammy Victor Mulgrew Ambrose Rogne all good in air, just depends on selection. But what’s needed is delivery, good consistent delivery from Commons.
Sffs
For all his improvement can’t help but feel Kelvin Wilson is an accident waiting to happen – hopefully I’m wrong – two or three moments in the Benfica game back this up though. Steadying influence of Ambrose beside him hopefully will help his concentration.
HH
Brnobhoy
Are you Czech mate? I have also very good feeling for today’ game although dont know reason why ;)
Kitalba, identical scenario at Ibrox, google INS45005, wonder why Daily Record never printed same about RFC.?
SffS
SK-Bhoy
No Mate I am Scottish, I used to live here and come back often as my company still has an office in Brno.
as long as we dont lose an early goal tonight I think we will be ok.
BrnoBhoy
Would be happy with a draw tonight but unusually for me , think we can pull off the victory .
Usually very cautious but can’t shake off this belief that this could be our night .
brnobhoy
Don’t drink any hard alcohol in the Czech Republic – folk are getting poisoned from it and loads have been recalled.
sk-Bhoy
Lets hope we get the right result today.
Hail Hail
Seven Fishes Four Steaks:
I don’t wonder, I know, and I suspect you do too.
No matter what happens, they’ll never be able to put ALL the worms back in the can… EVER!
Russian sources say that circa 200 Celtic fans will be at the game tonight.
Somebody posted article from Celtic official about friendly between Spartak fans and Celtic fans. This game is not going to happen. At least very unlikely to happen.
South of Tunis
If I am not mistaken I think the original bassist with the Ozark Mountain Daredevils was Larry Van Fleet?!
musicgeekCSC
Top of the morning to you all from a Fife bathed in autumn sunshine.
I have a feeling that we will win again in Moscow. The Hartley header may be emulated by a Hooper howitzer. Hear’s hoping anyway.
I didn’t expect the press to make much of the 94 million tax dodgers and wasn’t disappointed but come on micky67 get off the fence and tell us what you really think of Traynor?
I blame catholic schools
http://www.bbc.co.uk/news/uk-northern-ireland-19796833
For any Tims in Bangkok,
Thanks to the early kick off, the game tonight will be shown in Finnegan’s bar (Sukhumvit Soi 4 (Nana)), home of the Bangkok CSC.
If anyone is in Bangkok or is planning any trips to Thailand, please see our facebook or twitter accounts for updates on live games…
http://www.facebook.com/pages/Bangkok-Celtic-Supporters-Club/139665642752869
http://twitter.com/CelticBangkok
Hail Hail!!
Frank (BKK CSC)
Snake we were talking about that last night with the Guys here, a lot of people have died and gone blind, shocking stuff.
Anyway I stick to the beer when I am over here, its the best in the world
Brnobhoy
I imagine BDO will pitch up in Govan with a copy of the relevant Insolvency Acts in the ole briefcases -.
Did The Hun know they were insolvent .?
Was The Hun playing slow and loose with the ole Annual Returns ?
Was the Hun playing slow and loose /fast and loose with the relevant Payment Schemes. ?
VAT ?.
Taking credit from suppliers ?
Willfully accumulating debt ?
Taking excessive wages ?
Paying excessive wages ?.
Continuing to dig whilst knowing they were in a very deep hole .?.
They might have been very ,very naughty
I think we should be told –
VP
Your Chopper is confiscated ya big choob ye!!!! ;-)
South Of Tunis
Just goes to show how far online ideas can be wrong, here was me thinking you were a retired music biz bod.
Mathematic physicist, Holy Moly as the Vaselines would say!
Hamiltontim,
do you actually ever teach????
;-)
HAIL! HAIL!
Token
Commons dingied by Scotland again.
lorbobo,
feel it for him, but personally im delighted as there’s at least 1 less game where he can get injured!
Levein is a twat though.
HAIL! HAIL!
Token
TTT
Only popped in for 2 minutes ‘cos that big daftie from South Castlemilk text me to tell me he was mocking me on CQN!!!
Glad to see you turning up for an event on Saturday night ;-)
TTT
Ps and I only checked my phone whilst having my snack at playtime ;-)