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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Burgas Hoops
Can I have a fiver on that ?
Celtic Football Club@celticfc·4m4 minutes ago
Henderson starts for Celts against @OfficialKillie http://www.celticfc.net/news/7412 (NM) pic.twitter.com/IRCKOMellZ
Tanner in “it’s a must win for Celtic” shock
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
Burgas Hoops
I will have a wee quid on that :)
Gene,
I’ll give it 5 and he’ll be going on about how we haven’t won in 2015
leftclicktic
Is he one of the brothers?
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?
;))
Who’s Darren?
big cup winners
Flash git! ;)
Finally – A start for young Henderson – well deserved
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
Gene
Thye have a reason for their agenda, it works and unfortunately our supporters are the medium they use to transfer it.
Burgas
I will have a fiver on that, charity of your choice.
HH
Feb 2nd ultimatum………………
Hmmmmmmmmmmmmmmmmmmmm.
I smell keeeeech.
Mon the Darren…
Celtic Mac
NAWWWWWWWWW :)))))))))))))))))
Holy Ground – Clancy Brothers and Tommy Makem
https://www.youtube.com/watch?v=61sMrJOI9_4
Big-cup-winners
Analyse it ? Wtf … I wrote it
BIG-CUP-WINNERS
19:16
Burgas Hoops
Can I have a fiver on that ?
You’ll need to come out to collect BCW -)))
For the opTIMistic among us
Scepovic hat-trick 25/1
HH
CRC
Ok I’m betting with Burgashoops365.com :-)
HH
CRC
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!
Celticrollercoaster
“Scepovic hat-trick 25/1”
And who in their right mind would go for that when 200/1 is on offer?;)
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
Scepovic for me has good movement as a striker he just needs a wee bit of good luck. H.H.
Burgas Hoops you serious? I’ll take a tenner with you. Hail Hail Hebcelt
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! :)
Ruggyman,
I think what bcw was getting at was why has mulgrew not kicked a ball for us but starred for Scotland?
My prediction:
Kilmarnock 1-3 Celtic
Scepovic with 2 and Commons with the other.
Nostrodamuswascrazytoo CSC
Mon the Tam
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.
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 !
bankie
JacksHun?
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 :)
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….
new article posted.
Burgas Hoops,
I’ll take that action, £3 tia ;-))
H.H.
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