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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Let the people sing
https://www.youtube.com/watch?gl=GB&feature=related&v=zhkdy0AOpaM
Just win Celtic :)))
kitalba
I would like to hear not only Celtic but other member clubs give a clear statement on the duncaster same club bull.
moravcik:
I’m long deaf to the PLC ‘s silences. The PLC is not, and never will be, no matter how much their hubris tells them differently, the PLC is not Celtic.
It is not you… and it is not me.
JR – agree , i think our biggest risk is brown getting injured! we don’t have a replacement and we have not been nurturing henderson as much as we could in the 1st team environment. i’d like to see us spend on the the defensive side – we are cut open too easily.
hoping for a convincing win tonight – lennon’s turning point was against Killie – is this Ronnies
fourgreenfields,
Honestly, I have no idea why the other member clubs’ lawyers don’t collectively issue a statement condemning him…..maybe they’ve given him a length of rope to play with hoping he’d hang himself with it…..in that case it would be a masterstroke ;-))
H.H.
Gene:
Me too mate, but we’re the biggest club in Scotland, we boast so much so often but officially we no nought. Why should we look to the smaller, more vulnerable clubs for inspiration/motivation?
Cheating is not a product of the hun…. forget the hun…
take the hun out of every equation.
I’m sick of ready about how the huns cheated us.
No they did not.
Not once not ever.
The authorities cheated us.
And all of Scotland too.
I am sure the Bhoys will do the business tonight despite Killies stance on the pitch.
I also see that the lying king( what a hypocrite) telling the bus man that he should give the loan monies to the buns because he has made such a mess of the new club. Was he not on the board when they left massive debts and went into liquidation and died ?
Hey Prince!
Well, has Doncaster been in touch with Dundee Utd re false information about their accounts – saying that the CLUB made a profit? Company, surely?
JonnyRambo67-agree,Johansen when played further forward,plays same position as Armstrong.
kitalba
it will be interesting if anything happens with resolution 12 which is a specific example of the cheating – get your finger out on this Celtic
fourgreenfields
17:08 on 5 January, 2015
Auldheid and anyone else who is interested .
This is a copy of a response I received from Neil Doncaster regarding his same club statement .
Message from Neil Doncaster, SPFL Chief Executive
A remarkable mix of incompetence and arrogance. Where to begin?
England has a different legal system.
Leeds United were never liquidated. Neither were Crystal Palace.
Last week he unilaterally rewrote Scottish business law.
Idiot. £200,000 per year idiot. Paid by us.
FFS
Scotland – Banana Republic.
could anyone explain to a financial illiterate what ‘liquid assets’ are !
Hello this is WEE BGFC. Me and Dad going again tonight. I hope Kilmarnock don’t have sneaky goundsman!
Prediction:
Kilmarnock 0-3 Celtic
Anyway…
3-0 Celtic.
Have it settled before HT….p-l-e-a-s-e!
If ever there was a chance for the PLC/Board to get the fans back inside it is now. They can speak out against Doncaster and his incoherent ramblings, the Semi Final also gives the opportunity to welcome the new club, we are in the transfer window and a few good signings would galvanise the support. We have the Milan game coming up and the supporters who were arrested in Amsterdam seem to be winning their cases.
So it’s up to them…there is an open goal…but if it’s similar to the strikers that have been foisted on us, it’s likely to miss an open goal of Van Vossen proportions.
Kikinthenakas
jackie mac – melted boobs!
Neil Doncaster makes George Graham and Harry Swan look like Bro Walfrid and Willie Maley.
I used to buy into Pauls philosophy of not interupting your enemy when they are making mistakes but it wouldn’t be clever in a boxing ring.
Urgency and above all accuracy in front of goal needed tonight lads. The footsteps are getting louder
Feck it….Kit knows I have empathy with his views…but not agreement. We’ve sat on his verandah in Brisbane…we’ve disagreed…we’ve also stunningly agreed. We’ve shared a bottle or twenty … but we’ve always hugged as pals, as have his weans and a most beautiful wife he has been fortunate enough to meet.
But as I said we disagree on many a thing.
I think that’s why I enjoy his company….he makes me think.
I’ve never walked the path that anyone else has …..how can I judge…all I can only learn!
And let’s be honest the one thing I’ve really learned is that …………………………………………
I can justifiably call youse all a bunch of tits! :) :)
Hail hail
Estadio
Jackie mac,
An asset that can be converted into cash quickly and with minimal impact to the price received. Liquid assets are generally regarded in the same light as cash because their prices are relatively stable when they are sold on the open market.
However, as no one knows who owns what at Rankers, and when these assets were last appraised…..their liquidity is variable…..;-)) Hope this helps
H.H.
I’ve thought about it, and I’ve thought about it, and I’ve thought about it.
I’ve concluded, rightly or wrongly because I’m just a wee guy who does not understand politics or law or procrastinating, stagnating, statuating (sic) rhetoric.
The sharpest weapon we have is the pound we have in all our wallets.
That is all.
I’ve had it guys.
You all be good to each other.
Embrace those of low esteem who need ten logins to make twenty points all meaningless and most no more than a whinge about your grammer.
I’m taking a wee break bhoys.
I need it.
And before I go…
For the love of your family and bank manager, don’t put your house on Celtic to win the league.
And please never put Celtic and honesty in the same sentence… please, you’re only fooling yourself.
For the time being… peace and a wee patch of land for the Palestinians please.
No pasarán
Our day will come
Keep the faith
etc. etc.
If nothing else… be brave enough with yourself to be honest with yourself.
See you guys in Glasgow, my Gods City.
Mon the hoops.
6-1 tonight.
200 Norwegian Kronor says so.
stebhoy – sounds sore – better cool me moobs down
Aaaannnnd… We have the first flounce of the year!
Jackie Mac, assets which you can get money for, i.e. Sell an asset and have the liquid cash, perhaps with which you could pay your debts.
Ahhhhhh decisions decisions boycott the Killie game on Sky and watch the Liverpool game on the hun BBC or vice versa
Haud oan a minute the pub is likely to be showing baith gemmes hi ho hi ho it’s aff tae the boozer I go
Good Evening Timland.
A must win tonight,would love to see a performance but in
truth I’ll settle for any kind of victory.
The hun think they can get away with murder.
The hun are getting away with murder.
The hun will get away with murder.
sadbuttrueCSC.
Sky Sports 1 HD ….. 7pm …..1967 European Cup win Team Profile ….. Then the Killie game at 7.30pm
I once hoped Celtic and every other club would stand up (in public) and demand answers from the suits, regarding the absolute shambles surrounding The Mighty Morphing Peepils Rangers.
So much confusion, so many questions unanswered and so much at stake.
Are all other clubs content with what’s going on, knowing ‘they’ will possibly continue to drag scottish football further down? Are they keeping quiet, not wanting to disturb ‘them’ while they slowly destroy themselves? Is it just about money?
Now, I want clarity and an end to all the confusion. I want an end to it mostly for sporting integrity and a fair and level playing field… but I now also want it for the sanity of everyone who’s affected by this absolute shambles.
It sure is amusing at times though, heehee :)
HH
-Tambo-
Poor Celtic, getting it in spades becasue some f*ckwitted angry rockabilly-refugee lesbian tries to put the obscenely bloated carcass of the Zombies front and centre.
Green and Whyte, and now the Huns are being stalked by a guy whose lifelong passion has been the hoops. Paranoia abounds on their boards.
Scepovic must play tonight. 4 up by half time and a hat-trick for the Serbian Sniper.
I notice that “Phoenix suns” is rhyming slang for HUNS
Is that the suns of will I am :)
kitalba
Haste ye back.
FourGreenFields
Ask him why he said this:
“Clubs can shed a huge amount of debt already,” Doncaster added. “Clubs can theoretically shed £100m of debt, agree a CVA at a penny in the pound and come back in with all that debt shed. Clubs can do that now within the rules.
(http://www.bbc.co.uk/sport/0/scotland/17892984)
Yes, “CLUBS”.
Oh, and while you are at it, maybe you could ask him why financial Fair Play hasn’t came in yet – THREE YEARS on…..
#Celtic team to play Kilmarnock: Gordon, Matthews, Van Dijk, Ambrose, Emilio, Brown, Biton, Johansen, Tonev, Forrest, Griffiths #CFC
Hold that result,is Tonev not suspended?
Estadio:
Five years ago or so you sat in my house here in Brisbane and I was choking up and holding back the tears then because I could see then how we as a club were tearing ourselves apart.
I’m proud of those tears because they were honest and pure.
I don’t want you to agree with me, I don’t want anybody to agree with me, I want to hold my head up proud and agree with you, you, and Peter Lawwell, and everybody else too.
But I can’t do that because I think as a collective we are weak, our track record of silence (whilst our enemies (sic) make their mistakes) rams it home) I really think we are weak and that makes me hurt.
We are big mouths who talk a lot and do feck all. Feck all but bleat, and bleed and whinge and whine.
You be careful mate until the next beer.