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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Nice easy day back at work
More hilarity from Mordor
Other half away to her ma and das wedding anniversary
Just made myself a wee steak dinner
C’mon Celtic round off a lovely day pleeeeassseeee
B-)
Tonev suspended
Ma Heid is bursting wi the Sevco cheats and their oldco predecessors.
Ma Heid is bursting with the incompetents who run our game which is skewed to advantage Sevco.
Ma Heid is bursting coz our club ain’t doing a damn thing about it.
Taking a night off from all this Heid bursting to roar on the Bhoys and concentrate on the game.
COYBIG
Kit et al
That’s why I disagree with you….the pound in our wallet is only useful in the same way as fighting fire with fire.
Take on the money grabbing bampots wae the same weapons as they have???
Naw …there’s a better way
Let’s not decide to WITHDRAW support. Let’s SUPPORT in a a way that could stun the world.
A ‘second class’ league, with a ‘second class’ team….?
We are only second class in money terms! Does that make a poor person less valuable than a a tosser wae cash? Ok that was a wee bit pejorative!
Hail Hail
Matt
G67-Sorry,just reposted what i got sent,looks a bum steer
Sandman
18:44 on
5 January, 2015
Poor Celtic, getting it in spades becasue some f*ckwitted angry rockabilly-refugee lesbian
Do us a favour and drop that last word from your rants against Doncaster, you seem overly fond of it, not a good trait to have, in fact you could do without the refugee reference as well
CelticLIVE@Celtic_LIVE
We’re currently experiencing technical difficulties with the CelticLIVE app. We’ll keep you updated when content’s available again.
A bit slow on the uptake here, help would be much appreciated.
If Hector issued a warning prior to a winding up order, that tells me the hun were in default, or have I got that wrong ?
If, as I think I am correct, how come that don’t contravine the spl rules ?
CavemanCSC
HH
That`ll be Guidetti dropped then.
Sandman……..f*ckwitted angry rockabilly-refugee lesbian…think
I was went oot wae her.
I don’t think it’s a night for Jamesie tonight. Commons is a must start
Anyone got any experience with Sri Lanka as a vacation destination?
!!Bada Bing!!
Wasn’t expecting team lines till 7pm
Paul67 et al
Well Aberdeen fans led the way at the weekend, so hopefully some of those heading down to the Rugby, have been busy making a few banners.
Doncaster Out!
the glorious balance sheet-not sure the team i posted is right mate,Tonev suspended.
Bada,
Tonev = tonee?
Oh and happy new year y’all.
!!bada bing!!
18:47 on 5 January, 2015
#Celtic team to play Kilmarnock: Gordon, Matthews, Van Dijk, Ambrose, Emilio, Brown, Biton, Johansen, Tonev, Forrest, Griffiths #CFC
>>>>>>>>>>>>>>>>>>>>>>>>
Oh dear, where’s Guidetti / Stokes.?
SPFL: Playing Tonev will not breach any rules.
Rules? what rules?
TET, for any other club, that would be correct, but rules and Sevco????
Nah.
Ah, not confirmed team….ta !!!!
No worries Bada Bing thought we were going for our own Legia Warsaw ineligible player mishap then!
Listening to the clyde scoreboard…
I listen to Hugh, and often disagree, to the point of disliking the guy.
But what they are discussing tonight, I couldn’t agree with Hugh any more…
He’s spot on concerning an element of our fan base….Spot on
67Heaven -hold your markers,false call
#bingocsc
ffs naebody ask him
Celtic Football ClubVerified account @celticfc
The squad have arrived at a wet & windy Rugby Park for their match against @OfficialKillie
https://twitter.com/mcnallymirror/status/552174128439242752
So, we’re not at the head of the table. Aberdeen have played more games and acquired more points due to an excellent run of form.
Did Aberdeen play in the Champoions League Qualifiers. Or the Europa Leage matches? Did they sustain injuries and suspensions to the same extent as we have?
I’m not saying our football has set the heather alight (not Heather was the Weather) but we were on a pretty good league run ourselves as we hauled ourselves from 6th up to 1st. Then the scorers stopped scoring. And we dropped points in games we should have won.
It could happen again tonight though I seriously doubt it.
Barring an extraordinary performance from the Killie keeper I foresee at least 3 goals for us.
But even if we win with a 93rd minute deflection it will be do for me – and my 20 quid bet.
Just heard Mulgrew will be leaving …thought id pass it on….
Celtic Mac
18:52
Well Aberdeen fans led the way at the weekend, so hopefully some of those heading down to the Rugby, have been busy making a few banners.
Doncaster Out!
Everytime our support unfurl a banner another 30 odd get their ticket from Lawwell !!!!
Celtic team to play Kilmarnock: Gordon; Matthews, Ambrose, van Dijk, Izaguirre; Brown, Bitton; Henderson, Johansen, Commons; Scepovic (MH)
Celtic team to play Kilmarnock: Gordon; Matthews, Ambrose, van Dijk, Izaguirre; Brown, Bitton; Henderson, Johansen, Commons; Scepovic (MH)
Celtic Football Club @celticfc 4s5 seconds ago
Celtic team to play Kilmarnock: Gordon; Matthews, Ambrose, van Dijk, Izaguirre; Brown, Bitton; Henderson, Johansen, Commons; Scepovic
Subs: Zaluska, Guidetti, Griffiths, O’Connell, Fisher, McGregor, Thomson (MH)
Celtic Football Club @celticfc 43s44 seconds ago
Subs: Zaluska, Guidetti, Griffiths, O’Connell, Fisher, McGregor, Thomson
BGX. Where is Mulgrew Going ? H.H.
Subs: Zaluska, Guidetti, Griffiths, O’Connell, Fisher, McGregor, Thomson (MH)
Interesting team selection. Scepovic ahead of Guidetti. Suggest Guidetti has an injury or crisis of confidence. Commons starting. Henderson starting. Bold move.
Nice one Ronny Deila. No complaints from me.
@celticfc: Celtic team to play Kilmarnock: Gordon; Matthews, Ambrose, van Dijk, Izaguirre; Brown, Bitton; Henderson, Johansen, Commons; Scepovic (MH)
Official team
Subs: Zaluska, Guidetti, Griffiths, O’Connell, Fisher, McGregor, Thomson (MH)