It is scarcely credible that directors of newco Rangers have failed to maintain National Insurance (and, I presume, PAYE) obligations to HMRC. The arrival of a seven day winding-up notice from HRMC last week brings serious consequences for the listed company, who have now required three short-term loans for over the last two months.
This payment is due on the same date every month, it will not be subject to dispute and failure to maintain payments brings the club into dispute with the SPFL, who six weeks ago deducted fellow Championship club, Livingston, five points and fined them £10k, for non-compliance of the league’s tax and reporting rules, which Neil Doncaster said were “an integral part of maintaining a fair league competition”.
The club already have an outstanding charge from the SFA over their failure to stick to a written agreement over the shareholding of Newcastle United owner Mike Ashley. A five point penalty would bring them within three points of fifth-placed Falkirk, who are outside the play-off spots but have won six of their last seven games, pay their bills and will not be subject to a player fire-sale this month.
While newco are clearly short of cash their outlook is not as bleak as it may appear. They have assets they should be able to sell quickly in order to raise cash, specifically players, Murray Park and Ibrox. Rangers went into administration as their liabilities were considerably higher than the value of liquid assets, this is not the case with newco, whose liquid assets will be worth considerably more than immediate liabilities.
In short, an administrator will be able to sell players, Murray Park, Ibrox, or all three, and pay all creditors, so there is no reason the directors should not do so themselves.
There are a couple of observations worth noting:
I’ve never known a company to get to the stage of receiving a 7 day winding-up notice from HMRC which didn’t have many more stressed creditors.
National Insurance and PAYE for wages pad up to 30 November are due at HMRC on Wednesday 7 January. It’s unclear if the £500k loan from Sandy Easdale is sufficient to cover this payment.
Lots likely to happen over the coming weeks but keen an eye on the financial fundamentals: it will take tens of millions of pounds to keep this club afloat over the next few years, even on a very limited football budget.
No one has explained a scenario under which this club is viable. This story only ends one way.
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Kojo,
just a wee comment regarding our coversation yesterday about the Wee Bhoys performance over the weekend in the Mercedes Benz Junior Cup. They finished stone last and performances in the indoor arena were poor. Your response was that they are not used to playing 6 a side against the opposition facing them. I should tell you that ManU won the tournament on pens against VfB Stuttgart. We lost to 3 Bundesliga sides, Fenerbache and Zurich, none of whom were involved in the final. I watched the last 2 games on a stream and my son watched all the games in the stadium. He is a red hot Celtic Mhan but tells me that the skill level of our Bhoys was very poor when compared to the other sides in the competition. That is why I commented yesterday that we should not not be counting on their advancement to the first team squad. The one exception being Aiden Nisbet (sp).
Nice replying to ya Pal.
HH
Gerry
Neil Doncaster has just had his Gerald Ratner moment.
He won’t survive this feeble attempt at rewriting the law of the land regarding insolvency.
I don’t recall Leeds or Crystal Palace being liquidated. Curious how Doncaster ignores the more recent examples of Gretna and Hereford United, no surprise really as they don’t suit his agenda.
A complete fandan of a man.
Fourgreenfields Mr Doncaster is being deliberately loose with the term liquidation. Leeds, crystal palace and Bristol City were not liquidated. A quick search on the Internet will confirm that. rangers were liquidated, as were aidrieonians as indeed where third Lanark. Only one of those clubs where treated differently. I wonder why……..
It’s just lies. And celtic should do something about it.
So much nonsense has been spouted by so many people about the goings on at Ibrokes I think us normal punters are getting totaly confused.I honestly think by the way that is there intention. H.H.
MickTT
17:17 on 5 January, 2015
If a ‘club’ is owned or controlled by a separate legal entity, would the balance sheet of that separate legal entity not list the ‘club’ as an asset (or, for that matter, a liability)?
Or perhaps a ‘club’ is not an actual thing at all, but just some sort of nebulous feeling, an emotion, an idea or a feeling?
neganon2
We should all be doing something about it mate .
The fans / clubs / creditors etc should all be contacting Mr.Doncaster / SPFL /SFA etc on a daily basis demanding proper application ( not manipulation ) of the rules and the laws of the land .
Hey does anybody know how Celtic got on with their legals with Jabba over Jabbas claims of a ‘mutual two-way gentlemen’s agreement’ vis-a-vis a reciprocal Celtic/Rangers pay up front for the tickets?
It’s been a while since Celtic got all bellicose over that, a wee bit older than Res 12, but I’m sure Celtic are still taking legal advice and we’ll soon see Jabba getting his arse plastered sooner rather than later if you’re of the infinite patience family.
And just before I go to bed, did Celtic ever publicly apologise to all those they barred in err, post the Motherwell game.
Your future is in their hands, in their hands,
Oh! no, it is not.
Aye it is.
No it’s not.
Aye it is.
No it’s not.
Do you even care?
FGF,
I would avoid even getting into that debate with him aboiut whether english clubs are the same clubs.
keep it to scotland,
ask him if you can continue a club called airdire, becuae the original one is on the shelf out there somewhere.
the guy is really treating s with contempt now , and chosed his allegiances
Sorry – been away all day – has Doncaster stated more since last week – if so, any links?
U
PS
Kris Commons says he could take you.
ulysses mcghee
See my post at 17:08
::::::::::::::::::::::::::Gordon :::::::::::::::::::::::::::
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Matthews:::Ambrose ::Van Dijk::Izzaguire
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
::::::::::::::::::::::::::::: Biton ::::::::::::::::::::::::::::
::::::::: Brown :::::::::::::::::::::::: Johansen ::::
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
::::::::: Forrest ::::::::::::::::::Commons::::::::::
:::::::::::::::::::::::::::Guidetti::::::::::::::::::::::::::::
Ernie lynch
Or perhaps a ‘club’ is not an actual thing at all, but just some sort of nebulous feeling, an emotion, an idea or a feeling?
——-
Or simply something that can used to strike a ball or by cavehuns* to hit people over the head with…..
HH jamesgang
*with no association with or offence to progressive, cultured cave dwellers of whom there are many.
Cavephobia on CQN. Time for some diversity training to curb this caveism.
Think you will find bristol city were liquidated in 1982
http://www.bristolcityst.org.uk/trust_news/article000649.shtml
And the cry around the hill side was not “No pasarán!”
Naw… it was emdy any spare for the auld firm game?
It is really going to be interesting to see who attends that game and who pretends not to.
Have you ever played a game of chess against an opponent who starts his game with nine queens, none of which you can kill?
Naw! Neither have I,I can’t see the point in PLAYING on such an unlevel chess board.
Checkmate….
Feck of Timmy I’m a hun, your a bogie, you’ll never checkmate a huns not matter how nuclear your silence.
Ah! who knows, maybe in the afterlife.
Hail Mary, full of grace…………………
On the other hand
http://www.theguardian.com/football/2010/jun/01/crystal-palace-saved-liquidation-cpfc-2010
and we know leeds weren’t
he is a numpty
There was a daft twat named Doncaster
whose reign was a feckin disaster
he ruined the game
by protecting the shame
of his beloved Sevconian masters.
Limerickcsc
If Keith Jackson’s report in the DR is accurate, and that’s a big if, then serious questions have to asked about Mr Doncaster abilities for one paid £200k+ annually.
Jackson’s report states an urgent probe was launched at lunch time today by Doncaster into HMRC’s proposed wind up order on newco Rangers (newco Rangers should have informed him 2 days after the default).
Jackson’s report fails to mention this and instead states the SPFL were unaware despite an early warning system in place with HMRC to report any defaulting SPFL clubs.
Doncaster is asleep at the wheel. The alternative is that every SPFL affiliated club is happy for him to cast a blind eye on a member club’s blatant disregard for the rules.
Neil Doncaster speaks out on the rumours:
https://i.imgflip.com/g1k4f.jpg
(thumbsup)
Don’t say I didn’t warn you!!!
Not only the pub name……but surely that is a peepul tree taking root…Something needs to be done!!
https://enematic.wordpress.com/2015/01/05/you-wouldnt-listen-would-you/
Hail hail
Matt
Night Night Celtic Supporters…
and tomorrow the future is yours,
What colour will that future be?
Well that depends on which colour you want to paint it and fight for.
Well I always thought a pale shade of yellow was mellow…..
Celtic NEED to take care of business tonight – I’m not convinced Ronny could handle the MSM psychological abuse to carry us over the line. I also think we need to strengthen asap (defense and midfield priority).
Like the look of the nigerian fella.
Anyone else not convinced by Armstrong ? From what I’ve seen he is clumsy looking , like stephen pearson type.
Re Neil Donkey…
None of the clubs, other than Bristol City, were liquidated. See comment below re Bristol…which hardly endorses his view.
“For the only time in its history The Football League allowed Bristol City to retain their status as a then third tier club. A new board of directors under a new company Bristol City (1982) Plc replaced the liquidated company. Nowadays any club in a similar position would have to start afresh the following season, possibly dropping several divisions lower down the Football Pyramid.”
Other clubs like Portsmouth, Coventry are multiple ‘administrators’ but NOT liquidated.
The man is an eel.
HH
Doncaster is either on a kamikaze mission to get sacked or knows he has authority from the other clubs to spout the same club fallacy
Shouldn’t take long to find out which of these two scenarios is the case
Q. How do you know Captain Caveman is a hun?
A. Because he looks like one.
https://lucyinnovation.files.wordpress.com/2010/12/captain-caveman-color-3.jpg
(thumbsup)
the glorious balance sheet:
Have Celtic issued a statement distancing the Celtic Football Club from Doncaster’s statements?
Any links?
How do you know duncaster is talking bull?
His lips are moving
big performance required tonight bhoys
COYBIG
glendalystonsils
17:51 on
5 January, 2015
There was a daft twat named Doncaster
whose reign was a feckin disaster
he ruined the game
by protecting the shame
of his beloved Sevconian masters.
VG ;]
Cultsbhoy – I don’t want to hog the board with this debate but Adam Rooney, Mark Reynolds and Willo Flood are a million miles from being good enough for us.
In less than 48 hours post the Motherwell game Celtic banned 128 Celtic supporters from their club, from their club and not a single one of them was ever proved a bad bhoy in any court of law either.
But Celtic were quick to judge.
Now I’m sure there is a very valid reason why Celtic are putting miles and smiles and days, maybe even decades if your not in too much of a hurry to die, between Doncaster’s statements and the official club view.
I’m sure.
I’d bet my feckin house on that one.
Fourgreenfields,
Re: your response from Neil Dungcaster, it seems to me that what he is essentially saying is that the SFA/SPFL don’t have a scooby-doo. His examples are all from England, and therefor under the laws-of-the land there. But that is immaterial because an insolvency event does not equal LIQUIDATION.
From everything I’ve read only the following applies directly to Rankers:
once a CLUB is INCORPORATED the CLUB becomes the legal entity responsible in LAW, when a club enters liquidation it’s the CLUB who are the legal entity under the LAW not a holding company,SCOTS LAW is quite clear on this and is the reason WHY not 1 single lawyer has been asked the definition of a club once it becomes incorporated,all these fairy stories may dupe the permanently duped but people with an IQ above 1 know right from wrong, lies from truth.
H.H. & KTF
Celtic to win by 4 tonight ( I’ve got to get 1 right at some point ) ;-))
kitalba,
Don’t hold your breath, our silence is deafening.
Gene:
How do you know Celtic are lying?
Did you see their lips move, well did you, did you hear anything?
Anything at all?
Anything?
The sound of Silence is profound.
stebhoy
17:55
Anyone else not convinced by Armstrong ?
—————–
Think he is a decent player, don’t think he’s any better than Johansen, we need first team starters, not squad players.
“There is no suggestion that the Club is a legal entity or has a legal personality which is different from whatever is the legal entity or person which is the owner and operator of the Club.”
So the club is simply a part of the company. And when the company s liquidated so it the club.
QED.
thelurkintim
You are of course correct and I’m sure Mr.Doncaster knows this too SO why is he not being pulled up by the clubs for it ?