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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Neil Doncaster has said that, following a lovely conversation with Rangers(sic), no further action will be taken in respect of non-payment of NI to HMRC.
He fully accepts the explanation that heavy traffic,due to late Christmas shoppers, delayed the cheque as it was bouncing down the road.
He would request that,for the good of our game, we all move along, there being nothing to see here.
proudbhoy
Agree to be honest and my opinion is that if Ronny isn;t backed this window with the players he wants then they would be as well replacing him. Backed him since day 1 but the current squad doesn;t fit his thinking and we are going backwards. Ross County game was a huge marker. Not scoring at home is criminal. Playing a system that requires wingers and having none fit is worse.
Patterson would be abck up for the unfit Lustig. Lustig and Matthews are seldom fit. If Lustig is injured next season again I would punt him as well.
It’s great to have a squad of good players but sitting in the stand they are useless to you.
LB
antipodean red
13:16 on
5 January, 2015
turkeybhoy,
I wouldn’t call myself a panic merchant but I think your last post contradicts itself. You say that Motherwell are dire, Aberdeen are a notch above and Dundee Utd do what they do and drop points.
Yet we don’t seem to be able to break away from at least two of those teams?
AR
Maybe if we had played the same amount of games,it would help.If we were 2 points ahead of the Dons,and 5 ahead of Unt,would that be OK.?.
kitalba
13:25 on
5 January, 2015
Turkeybhoy
4 in a Row… have you bet your house on that, or are you just pumping rhetoric for a wee hubris fix?
Suit you better to question one of the negative posters,like yourself.
Reports that there was no threat of winding up order and this was all about promoting the kind hearted Easdale. Still, even if there was no threat of winding up order, can Rangers then confirm that they have no past dues?
The SPFL have a right to look at the ledger no?
More to this than meets the eye and Doncaster et al are entwining themselves on an electric eal!
seen this and thought it was on the ball…..
http://www.bathchronicle.co.uk/Taxman-reveals-10-terrible-excuses-missing/story-25807219-detail/story.html
livibhoy
14:22 on 5 January, 2015
—
Id rather fisher was giving games than bring patterson in.. fisher more than good enough for spl.
Sadly I agree about lustig.. probably my favourite player but as you say. Useless in the stand.
Forest would also be let go ..
Im pretty confident if stokes had of stayed fit we would have scored against ross county.
Ronnie cant win at times.. we all wanted 2 up front against ross county me included. To do that he had to drop stefan back … it didnt work. Stefan hopefully will be pushed further forward as thats his best position.
We get rid of ronnie ..what then ? As every window passes and our squad becomes weeker so does the list of future managers.
we deserve better.
kitalba
Good bet – but would you get any odds from anyone who could pay up?
:o)
Neil : His Sandy this is Neil at SPFL, have you guys got into some bother with HMRC?
Sandy : Shut Neil ya clown.
Neil : Aye right ye are Sandy, sorry I called.
Brrrrr….
Well as we look forward to a match against our Ayrshire foes….of which I dislike as much as I once disliked a club of bygone days, I see me heading to the pub to watch the hoops.
Ayrshire is Green and White no blue and white…!
HH
burgas hoops
14:18 on 5 January, 2015Why not ask HMRC what the problem was?.HMRC cannot divulge information to a 3rd party ‘Fact’.
just get Alex Salmond to ask them….
Burgas Hoops
14:18 on
5 January, 2015
Why not ask HMRC what the problem was?.
HMRC cannot divulge information to a 3rd party ‘Fact’.
HMRC divulged plenty to a 3rd party when they contacted my mates new employer and told them to arrange for part of his wages to be paid directly into their account.
I think LG has a decent scoring record v Killie
lionroars67
14:11 on 5 January, 2015
Brian McNally @McNallyMirror
Fastest investigation in history as SPFL clears Rangers of NI default. So why did HMRC threaten winding-up order? Answer please Mr Doncaster
———————————————————————————–
Not being informed should have been enough for them to have been in breach.
If anyone was in any doubts whatsoever then today surely must open their eyes to how bent our game really is.
What a Sham!
proudbhoy
If Fisher was the answer he would be playing by now.
Look at the big earners we have on the bench or in the stand.
Derk
Matthews
Forrest
Lustig
Kayal
Bitton
Commons (At the minute)
Ambrose (when Denayer is fit)
In fairness all or most of them should be getting emptied. Obviously a lot of those guys are fans favourites but for me they are of no use to the manager at the minute.
We will not punt them all because it is not financially prudent to do so just now but anyone who can be cleared off the wage bill for a decent return should be.
The manager has to clear out who he doesn;t want and bring in players who will run through brick walls for him.
We have had two players who are not wingers play the majority of our games this season. McGregor and Stokes have been able and on occassions excelled. In the main though we have about 6 wingers at the club and none of them can get a game regular in front of these two except Forrest when fit. Every winger at the club should leave when they are bid for. All decent offers for anyone not deemed first choice should be accepted. Bring in cheaper squad players who are hungry for success. The subs should be straining at the leash. Ours seem to come on for a cameo and most of the time make little impact.
I have noticed in the last few weeks a real lack of urgency.
I watch a lot of Hibs. My wife is a Hibee. I could see from the first match this season at Ibrox what Stubbs was about. Everyone knew their role and they played football on the deck. The progress was shown in December when they smashed 4 past the same team at home and could have scored double that.
Where is our progress currently? What is our team pattern? Why does it still appear that players don;t know where they are playing or what is asked of them? Where is the fast attacking football and where are the lashings of goals?
Am I panicking? No, I am just very concerned. Clear out of players and bring in his own men. I have said it before and can;t emphasise it enough. If we go to Gran Canaria with the same squad we had this morning it is a complete waste of time.
Get the new players in this week before the flight leaves.
LB
!!Bada Bing!!
Commons has an excellent record against them.
LB
!!Bada Bing!!
Why not ask HMRC what the problem was?.
It’s a thought -)))
Turkey
Not even a good try at a response there.
livibhoy
14:47 on 5 January, 2015!!Bada Bing!!Commons has an excellent record against them.LB
aye PL might want him in the shop window….
— —gordon—–
–Matthews– virgil–jason (efe)—izzy
———henderson — biton — brown-
–stefan–
—guidetti–grifiths—
Thats what I would go with tonight.
LiviBhoy
Fisher just came back from injury did he not??
burgas hoops-Hampden’s 6th floor will be on full Blackadder mode,hiding under desks with pencils up their noses.HH
Livibhoy
14.46
All pretty spot on. I do wonder about pattern myself. Espcially when we see virgil playing his own free role and leaving gaps everywhere.
Playing players out of position has always been a major problem for me… scott brown we finally discovered is alot better on the right of midfield. Once again we see him back inside.
Mcgregor everyone except ronnie can see is not a winger.
Stokes despite arguably being our best player this season is not a left winger.
Guidetti is not a lone 1 man band striker.
I dont understand why berget wakaso tonev were not all shipped back months ago.. pay whatever we owe and cut our losses asap. Young mcmullan in reserves probably do a better job anyway.
P.s
Half way through agassi book . Cheers for that . Good read.
starry plough
14:50 on 5 January, 2015
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Was thinking that aswel.
Played well anytime iv seen him.
Well,just about the right time for the “Kilmarnock could beat us tonight”mob to come on to back up their advance party on here.
Byeeee,will leave you to your running down of all things Celtic.
You would think that Hearts, Hibs, Queen of South and Falkirk would all be seeking a bit of clarity with regards what is going on at Ibrox – and should be entitled to get it?
Humped by Legia and humiliated by feckin Maribor. Who cares about Rangers?
So if Rangers didn’t receive a winding up threat then is this not breaking any rules regarding shares? Legal wans?
Phil tweeting that Andrew Ellis is telling all to the polis, I wonder if that includes how close he Whyte and king are? Meeting in the Switzerland way back?
We should all care – corruption is intolerable.
Tonights game is a must win. Nothing else will do. I have to say I am not brimming over with confidence. We will just have to wait and see. If we do drop points tonight it could spell the end for nice guy RD.
Just watching a 1947 propaganda war film, Against the Wind…. just doing a check on an Irish girl working at a munitions factory, she’s started seeing one of the soldiers.
She’s ok….
Nope she’s not… and the SOE have just jumped oot the plane
HH
proudbhoy
Looks a good prospect, every January we’re saying the same things on here, clearout, deadwood, wages sponges etc etc in the current climate we have box much cleverer than we have the last few years, I think the loans this year were a direct result of a disastorous window last year.
Whoever brought in Bangura and Balde needs a swift boot in the haw maws..
I blame the tories for this fiasco at Ibrox.
Clearly,that tax reminder got lost in the post. You can hardly blame the intended recipient for that. It would never have happened before privatisation.
Having said that,I’m delighted that the powers at Ibrox were able to get their excuses in so quick. Thank the Lord for e-mail,eh?
I thought it was only shredders they were expert in.
STARRYPLOUGH
The disastrous window last year was a direct result of PL making decisions which were beyond his ability.
But fair play to him,he’s a trier. If at first you don’t succed,keep going,secure in the knowledge that your position is inviolate.
people keep saying ………… so who would you get to replace lawell as CEO,
well hows about whoever is in charge of Dundee United.
Turnover up, profits up, player sales in at 100% plus of turnover.
ts not rocket science.
Imagine revenue for us at £60m …….. and having player trading of the same £60m.
Thats the ratio’s v united.
we are being short changed in everything, other than Pedros bonuses.
If we win tonight .. Lawwell will be thinking ‘ what’s the panic all about?’
Just in
Neil Doncaster to allow Kilmarnock to play 12 men behind the ball as long as they’re all from the same club. Not company. Club.
U
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
Hence Dermot not releasing any funds this season:)))
The whole scouting system has to take responsibility I’m afraid although having PL as the Devil may appeal to many of us:))
CULTSBHOY
Mibbe so,but that won’t be at the fore of my mind-nor yours,I reckon.
PL has already damaged the business plan. We know that.
As Celtic supporters,we support those who have to deal with it,the players and the manager.
I would dump PL before any of the above,but as it is unlikely to happen,three points for me,and fingers crossed.