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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Bertie Auld’s magic mug finishes the sky program singing ‘for it’s a grand ole team…..
magic !
Huge crowd
When we are top of the league it’s because we have no competition ……. funny that ….!!!!!!!!
mncelt
18:51 on
5 January, 2015
Anyone got any experience with Sri Lanka as a vacation destination?
mnc,
Sri Lanka is a country with fantastic potential – but populated by F@@kwits. If you have been to the sub-continent and know and like the mindset you will be fine.
Amazing countryside, nature, beaches, great surf. Good Elephant reserves, whale-watching, turtle centres.
Dreadful roads, food + accommodation is way overpriced for what you get. If you go, target a location where you do not need to travel, as it takes hours getting very short distances + dont even think about hiring a car.
Dont stay in or near Columbo. Remember that 50km can be a 5 hour drive. Dont go there thinking you’re going on the pull, unless you like 50 year old Russians or Germans. Be prepared for a country with no night-life. Once it gets dark (at 6:00) thats it for the day.
If you’re thinking of going to the mountains (eg Kandi), think about seaplane or heli transfer as it is a days travel otherwise each direction for what looks like a short distance on the map.
Always remember you’re being ripped off. Ask the price and start by quartering it at least. Don’t pay more than half original quote. If stopped by Police remember that they are all corrupt and only interested in greenbacks. Guides etc are all very friendly – always pay afterwards, never in advance.
hope the linesman doesn’t “do” scepovic again tonight!
PS did you see Rooneys goal against motherwell? if that was a celt the flag would have been up immediately! we never get the benefit of the doubt.
4-1 The Tic
Virgil first goal
Scepovic Hattrick
;))
Whatever the score it wont decide the league , lets hope the banters good :)
Wee Eddie from Creetown makes his usual appearance pre match on Sky Sports
TET, they are the biggest threat to Scottish Football at present.
Not the crowds drifting away, they would come back.
Not Sevco.
Not a lack of competition.
But the Authorities that are tasked with custodianship of the game in this country, they are the threat.
Incompetent and corrupt.
Doc
Another article up with over 40 posts
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 -))))
—–
Even I’d still k a fiver on that!
BetResponsiblyCSC
HH jamesgang
That was stick a fiver…..not five k!
Yikes Ted!
HH jamesgang
Bar again
Commons should have scored scepovic not looking interested
Dominant and could be all over by now. How has Commons not scored?
Been impressed by Liam Henderson, great composure and strength. Fine goal by Izzy too.
Clancy a joke as usual. Every foul for us seems to be a booking.
Dubaibhoy
19:33
You forgot to add ,have a nice time