Hector on the ball at Ibrox

547

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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547 Comments

  1. bournesouprecipe on

    So with the ususal suspects all injured, we have right sided midfielder finally forcing his way into the more cautious than usual line up. Hope Darren shines.

     

     

    The bench is as strong as I’ve seen it.

     

     

    COYBIG

  2. Gene,

     

     

    I’ll give it 5 and he’ll be going on about how we haven’t won in 2015

  3. Burgas Hoops

     

     

    19:14 on 5 January, 2015

     

     

    I like Scep but i’ll give anyone 200/1 on him scoring a H/T the night -))))

     

     

     

    ================================

     

     

    Who’s got a grand?

     

     

    ;))

  4. ....PFayr supports WeeOscar on

    Time for Scepovic and Henderson to step up …both to take their chance

     

     

    Come on bhoys give us a bit of new year cheer

     

     

     

    HH

  5. BIG-CUP-WINNERS on

    Gene

     

     

    Thye have a reason for their agenda, it works and unfortunately our supporters are the medium they use to transfer it.

  6. Feb 2nd ultimatum………………

     

     

    Hmmmmmmmmmmmmmmmmmmmm.

     

     

    I smell keeeeech.

  7. BIG-CUP-WINNERS

     

    19:16

     

    Burgas Hoops

     

     

    Can I have a fiver on that ?

     

     

    You’ll need to come out to collect BCW -)))

  8. Celticrollercoaster supporting Shay,our bhoy wonder along the way on

    For the opTIMistic among us

     

     

    Scepovic hat-trick 25/1

     

     

    HH

     

     

    CRC

  9. Celticrollercoaster supporting Shay,our bhoy wonder along the way on

    Ok I’m betting with Burgashoops365.com :-)

     

     

    HH

     

     

    CRC

  10. Happy to see Henderson getting a start BUT…..always prefer when youngsters are introduced into a settled team. I don’t think its been fair on Henderson, Griffiths and Scepovic being brought into “experimental” teams and being judged thereafter.

     

     

    Ronny needs a settled team and format – then introduce players into that system.

     

     

    hope they gel and get the win!

  11. Celticrollercoaster

     

     

    “Scepovic hat-trick 25/1”

     

     

    And who in their right mind would go for that when 200/1 is on offer?;)

  12. Good evening friends.

     

     

    Excited by the tam selection. Not to be confused with confident but in Ronny I Trust ;-)

     

     

    Great to report that we now have 60 entrants for Last Man Standing 3. THose who applied to join in the last 24 hours – check your emails as your inboxes will be almost full.

     

     

    Still time for any last minute entries – email us at cqnpredictor@gmail.com

     

     

    Jobo

  13. Joe Filippis Haircut on

    Scepovic for me has good movement as a striker he just needs a wee bit of good luck. H.H.

  14. Big Georges Fan Club - Hail, Hail, Wee Oscar on

    celticrollercoaster supporting shay,our bhoy wonder along the way

     

     

    19:23 on 5 January, 2015

     

    For the opTIMistic among us

     

     

    Scepovic hat-trick 25/1

     

     

    HH

     

     

    CRC

     

    ____________________

     

     

    Hello this is WEE BGFC. Me and Dad away to the bookies then! :)

  15. Ruggyman,

     

     

     

    I think what bcw was getting at was why has mulgrew not kicked a ball for us but starred for Scotland?

  16. Tambourine Bhoy of 1967 on

    My prediction:

     

     

    Kilmarnock 1-3 Celtic

     

     

    Scepovic with 2 and Commons with the other.

     

     

     

    Nostrodamuswascrazytoo CSC

  17. joe filippis haircut

     

     

    19:26 on 5 January, 2015

     

    Scepovic for me has good movement as a striker he just needs a wee bit of good luck. H.H.

     

     

    Or a midfielder capable of finding him with pass. Same as Guidetti and Griffiths.

  18. BIG-CUP-WINNERS on

    Burgas Hoops

     

    19:22 on

     

    5 January, 2015

     

    BIG-CUP-WINNERS

     

    19:16

     

    Burgas Hoops

     

     

    Can I have a fiver on that ?

     

     

    You’ll need to come out to collect BCW -)))

     

     

    ====================================

     

     

    If it comes off I’ll be able to afford it !

  19. Stebhoy – good point. I think that Henderson will allow Broonie to sit tight in the middle and make us more solid in midfield. Our performances have been pretty erratic of late, so I am glad Ronny has switched things up a bit.

     

     

    If it all goes pear shaped it is of course his fault :)

  20. 67Heaven ... I am Neil Lennon ....The angels are with Wee Oscar in Heaven.. Ibrox belongs to the creditors on

    I hope you all watched that Lisbon Lions programme ther ….FANTASTIC ….. in tears here …..was 17 and in the stadium when the Bhoys arrived home….

  21. Celticrollercoaster supporting Shay,our bhoy wonder along the way on

    Jobo Baldie

     

     

    19:25 on

     

     

    5 January, 2015

     

     

    Fantastic news Jobo, that’s a payout pot to the winner of £300, with the same going to Wee Shay.

     

     

    You’re a far better salesman than that Doc ever was! :-)

     

     

    Shall, I revise my estimate to 67? :-)

     

     

    HH

     

     

    CRC

     

     

    HH