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Duff & Phelps £4m shortfall

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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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  1. The Comfortable Collective on

    Petec,

     

     

    Your always on here talking about the big fire.

     

     

    Wee joke there.

  2. time for change on

    Paul67

     

    I fear the creditors may never get the chance to publically ask those questions since Duff and Phelps are going for an acceptance postal vote.

     

     

    Methinks the HMRC appeal is now complete and the parties have been notified, suggested by meetings last week with Chuck Green and Murray and the now setting of a date by Duff and Phelps.

     

     

    I hope the Insolvency Act deters the use of a certain name from now on. Also noted RTC’s comment on players being personally viable for tax payments (better than coming for their medals)

     

     

    Thoroughly enjoyed the result on Satrday and the performance, looking forward to tomorrow.

     

     

    Paranoid bit……….how come this new team has had more home draws in less than six months than we have in six years (just asking…laws of probability and all that)

     

     

    Hail Hail

  3. The Battered Bunnet on

    “The evidence available to the Joint Administrators suggests that the claims made by Ticketus against the Company are unenforceable”

     

     

    See what happens when you clumsily Cut & Paste Clipart?

     

     

    Now, what’s all that uttering I hear?

  4. traditionalist88 on

    Mort

     

     

    Cheers for response – the work BDO have to do could clearly take years and my take on it was that part of their remit was to come to a conclusion if newco were trying to be a continuation of oldco(in all but company number) and order them to distinguish themselves somehow.

     

     

    I wasn’t sure if it’d be high on their list of priorities but I guess I assumed it would be there somewhere!

     

     

    Lots of fun to come though, I look forward to them getting started:)

     

     

    HH

  5. South Of Tunis on

    ernie lynch @ 13 01.

     

     

    ” that would suggest that the huns have been trading while insolvent for years ”

     

     

    Indeed ——it certainly does ..

     

     

    Hopefully the relevant parties will be asked —— How and why was this allowed to happen ?

  6. The Honest Cover-up on

    ASonOfDan

     

     

    They have a surprising level of arrogance for a team who have won 1 out of 12 Champions League home games.

     

    Their complacency can only be good thing for us.

     

     

    Incredible stats on the PR fees. £1000’s going into the pockets of Traynor and co while the creditors get shafted yet again. As a financial layman it really is staggering how murky the insolevency practises are int this country. Is it the same in Europe and America or are we the only country with laws set up to shaft the wee guys and line the pockets of spivs and thieves?

  7. Philbhoy - It's just the beginning! on

    subterranean

     

     

    Good post!

     

     

    I stopped my wee girl reading the blog a wee while back and I am glad I did, but sorry I had too.

  8. petec ,

     

     

    we moved away in ’74 . Main families in the area were Black , Kenny and McIlroy . We stayed at 1/7 Murroch – the first block with the ‘brill’ climbing tree out the front.

     

     

    went to st peter’s (top of the road – you could leave the house as the bell started ringing and not be late) and then st michael’s before st pat’s .

     

     

    Might know you in the rel world .

     

     

    Sanna

  9. The Honest Cover-up on

    time for change

     

     

    Would be very interesting to see what would happen if Coisty and Big Eck were given the choice of coughing up their tax liabiities or handing over their medals!

     

    Somehow I think their threats of physical violence to whoever knocked on the door for the medals might be toned down a bit.

  10. South Of Tunis on

    The Battered Bunnet @ 13 07

     

     

    ” Now , what’s all that uttering I hear ”

     

     

    Tendering and showing —-tendering and showing .

     

     

    Memories of a real stoned Berber trying to flog me a ” certificated antique figure ” at Jean Genet’s tomb in a Moroccan town called Larache .

     

     

    ” I can’t read Arabic “——- ” OK —– I’ll give you a good discount then “

  11. Dontbrattbakkinanger on

    SofTunis- FTLT, is Celtic’s recent away record in Europe not quite good?

     

     

    A draw would suit me fine.

  12. The Comfortable Collective

     

     

    ;)

     

     

    sannabhoy

     

     

    St Peters was very handy and we were always in there playing football, strangely enough in the playground rather than the cracking pitch. I think we hated having to retrieve the ball because of the slope at the school side.

     

     

    I just missed you though as I was only born in 72, you probably seen me waddling around at some point with my 3 big sisters. :))

  13. Philbhoy - It's just the beginning! on

    DBBIA

     

     

    I’ll be happy with a draw, DELIGHTED with a win.

     

     

    We’ve always got a chance.

  14. French ref tomorrow

     

     

    Tony Chapron lead Spartak-Celtic

     

    On Tuesday, the meeting of the group G of the group stage of the UEFA Champions League FC Spartak Moscow (Rus) – Celtic Glasgow (Eco) will be led by the Luzhniki stadium Tony Chapron.

     

     

    Assistant Referee: Cyril Gringore

     

    Assistant Referee: Fredji Harchay

     

    4th Official: Emmanuel Boisdenghien

     

    Additional Referee: Clement Turpin

     

    Additional Referee: Olivier Thual

     

     

    On 2 November 2010, Chapron took charge of his first UEFA Champions League match between Rubin Kazan and Panathinaikos; he showed three yellow cards during the game, all to Panathinaikos players.

  15. What’s the difference between Charles Green and Craig Whyte?

     

    About twelve months, hopefully.

  16. Philbhoy - It's just the beginning! on

    ASonOfDan

     

     

    I’m sure we’ve got ref’s in Scotland called Turpin.

     

     

    Iain Turpin, Willie Turpin. They are all related to Dick.

  17. The Pantaloon Duck on

    Happy with a draw? Such a lack of ambition! Such a lack of imagination!

     

     

    Yeah, I’d be happy with a draw.

  18. Different times and different Celtic teams but worth remembering we’ve picked up only one point away from home in the CL.

     

     

    We’ve played poorer teams than Spartak Moscow and been found wanting.

     

     

    I’d be delighted with a draw.

  19. .

     

     

    I have Never Pushed My Religious Beliefs on Here..

     

     

    But I do Remember when l was the..

     

     

    Only..

     

     

    Disciple of the Prophet Samaras..

     

     

    On Here..;0)

     

     

    Now You would Need to be Pythagorus to Count all the: “Av Ayways Liked the Big Man” Types..

     

     

    Summa of SammisRussianRouletteCSC

  20. Almost slipped my mind.

     

     

    Alloa is managed by the one and only Paul Hartley! I am sure he would have wanted a home tie but will be delighted to have pulled a Third Division team out the hat…

  21. Philbhoy - It's just the beginning! on

    ht

     

     

    We have never been allowed to forget it!

     

     

    Win Celtic, just WIN!

  22. Just_a_Bhoys_game on

    Dont want to pour oil on a dying fire but last nights wee,ahem disagreement, was hilarious.Now I know some will disagree so the tin hats going on.I log on using my phone an follow the blog,I gave up trying to post with the stupid thing a while ago. I’m at work so havent really got time to post. Ok so The bould b was out of order, he will know that today.

     

    But it was entertaining to us lurkers! No I’m not condoning it, but sometimes a good old row makes a boring shift fly by. HH

  23. South Of Tunis on

    DBBIA ——-

     

     

    I was referring to CL group stage stuff . ————

     

     

     

    on the quite good front –

     

     

    Bill Fay — Life is People .

     

     

    Great [ and available on vinyl ]

     

     

    Stateside pal send me CDRS of —–

     

     

    Woody Guthrie —-Woody at 100 Centennial Collection..

     

     

    Way too nasal for me but Ain’t Got No Home fits these times perfectly . Best stuff [ IMO ] is a recording of the stuff he did for a BBC kids program in 1944..

     

     

    A draw would suit me fine too !

  24. Philbhoy - It's just the beginning! on

    Just_a_Bhoys_game

     

     

    I’m sure one or two posters will have a “riddy” today.

     

     

    Not my idea of fun.

  25. Dontbrattbakkinanger on

    Pantalonio- a 5-5 draw? Imaginative enough?

     

     

    I’d settle for the ole 0-0.

  26. I think the least we will get is a draw. I really do.

     

     

    Asking our manager about 007 and our captain if he watches braveheart was absoulutely disgusting for a CL press conference.

     

     

    GET INTAE THEM CELTIC!!

  27. I never cease to be amused by our need to forecast the outcome of upcoming events.

     

    Some of us never let a Celtic game go past without boldly predicting the result.

     

    Experience has surely shown us how futile it is to indulge in this admittedly harmless pastime. Harmless, that is, so long as we don’t put significant amounts of our meagre resources on our rarely accurate predictions.

     

    For some reason very few of us appear content to just wait hopefully & see what transpires.

     

    I am not sure if our compulsion is from our need to look ‘clever’ on the odd occasion that we call it correctly.

     

    Like I said, I just don’t understand it.

     

     

    By the way, I’m going to have a few bob on a 1-1 in Moscow.

     

     

    :¬)))

  28. petec

     

     

    12:59 on

     

    1 October, 2012

     

    sannabhoy

     

     

    12:13 on 1 October, 2012

     

     

    HamiltonTim , you no talking to me ?

     

     

    petec , noticed a post earlier during the madness last night . believe you’re a bellsmyre lad . where from and when ? myself – murroch avenue , glenside

     

    __________________________________________________________________

     

     

    Muir Road just round the corner and we moved around about 1981. I cannae remember the exact number but it was something like 9/10 right across from the building that had the big fire.

     

     

     

     

    I was about 9 years in Stoneyflat rd left in 66.

  29. Just_a_Bhoys_game on

    Philbhoy, fair do’s. One thing I did think, where are these ‘Rules’? Or are they unwritten?

  30. Philbhoy

     

     

    The easiest way to rid ourselves of the MSM critics of our poor results away from home in the CL is to start picking up points.

     

     

    There, sorted ;-)

  31. Just_a_Bhoys_game

     

     

    I think the rules come under, common decency and acting like an adult, not some buckfast fueled ned.

     

     

    HH

  32. tomtheleedstim on

    The old Rangers Football Club owed more than £94m in unpaid tax and penalties, according to its administrators.

     

     

    The final report to creditors from Duff and Phelps reveals that the size of HM Revenue and Customs claim against the club totalled £94,426,217.

     

     

    It also shows that the administrators are claiming £3,121,683 in fees.

     

     

    Creditors have until 12 October to vote on the report. When the administration period ends, the old Rangers FC will be placed in the hands of liquidators BDO.

     

     

    Rangers was forced into administration by HM Revenue and Customs (HMRC) on 14 February over non-payment of tax totalling about £14m.

     

     

    Third Division

     

    Craig Whyte, who bought the club from Sir David Murray last year, was successful in having his nominated firm, Duff and Phelps, appointed.

     

     

    Continue reading the main story

     

    Rangers crisis explained

     

     

    Rangers went into administration owing up to £134m to unsecured creditors.

     

    As a result its registrations with the Scottish FA and Scottish Premier League were terminated.

     

    Charles Green led a consortium which bought Rangers’ assets for £5.5m.

     

    The former Sheffield United chief executive reformed Rangers as a new company.

     

    The ‘newco’ did not get the required votes for re-admittance to the SPL and started life in Scottish Division Three.

     

    Following a hearing at the Court of Session, David Whitehouse and Paul Clark were appointed as joint administrators of the club.

     

     

    After HMRC rejected proposals for a creditors agreement that would have allowed the old club to continue, Duff and Phelps negotiated a sale of assets to a consortium led by Charles Green for £5.5m.

     

     

    He has since formed a new club which is playing in the Scottish Football League Third Division.

     

     

    In its final report to creditors, Duff and Phelps states: “The joint administrators have continued to review the claims made by HMRC in the administration.

     

     

    “The claims are largely made up of determinations issued by HMRC in accordance with Regulation 80, penalties and outstanding PAYE/NIC.

     

     

    “The joint administrators have adjudicated on these claims and confirmed to HMRC that for voting purposes, their claim will be admitted for voting purposes at £94,426,217.22.”

     

     

    The majority of that figure relates to the old club’s use of Employee Benefit Trusts (EBTs), on which HMRC claimed unpaid tax and penalties in excess of £49m.

     

     

    October judgement

     

    A judgement on an appeal of this assessment, which was heard at a First Tier Tax Tribunal, is imminent.

     

     

    The creditors report notes: “An outcome has yet to be determined by the tribunal and is currently expected in October 2012.”

     

     

    Among the resolutions which creditors are being asked to approve is Duff and Phelps’ fees.

     

     

    The report states: “That the creditors approve the remuneration, expenses and outlays of the joint administrators in respect of all accounting periods not previously approved, being, in respect of remuneration only, £2,930,644 for the period 14 February 2012 to 29 June 2012 and £191,039 for the period 10 August 2012 to 14 September 2012.”

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