Craig Whyte’s representatives have seen more court time than Andy Murray in recent months and were able to make the most of home territory at the Court of Session in Edinburgh today by gaining permission to appoint their own administrators, Duff and Phelps.
Scottish Premier League tables across the world will now be updated to reflect the new position which gives Celtic, who scrupulously pay all debts, a 14 point lead at the top of the table.
The hours and days ahead will be worrying times for the many employees of Rangers, not all of whom are on superstar wages, who await to hear if they still have jobs. Worrying times also for suppliers to Rangers, including Glasgow City Council, Strathclyde Police and the many small traders, who will be asked to provide services if Saturday’s game at Ibrox goes ahead.
One final push (this week) for the Vanessa Riddle Appeal. We have a Celtic top signed by the first team squad available to auction on eBay. You can bid on the auction and help send Vanessa for the treatment she needs by clicking here. Thanks to Penfold for the donation and to Taggsybhoy for organising (yet again).
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You know what my single favourite thing about this whole sorry mess the huns have become? The one factor that’s turned them into this beautiful, brilliant moral and financially bankrupted basketcase? That crazed egomaniac Murray spent hundreds of millions of other people’s money trying to emulate the feat of Scotland’s Greatest Ever Manager, the One Jock Stein, the man whose memory the more unsavoury among their support like to denigrate. How fitting it is that his biggest achievement has contributed to their downfall – the Big Cup Jock won at his first attempt and which remains as far from their grasp than ever and has now brought them to the brink of ruin.
Jock Stein- Hunslayer.
geebee1978, I’ve covered this point several times in recent days, but….
Newco would not have a league. Would need to apply somewhere.
Newco would have to deal with legacy securities to Whyte, bondholders, Octopus, anyone else, so incorrect to say there would be no debt.
Cousins should be the first.
Good Morning from Canada fellow Bhoys and Ghirls!
I haven’t posted in a long time…life does get in the way, but I do keep up with things…so please excuse me for expressing some random thoughts…
First, kudos to Paul67 for staying on top of these events so thoroughly…and to the rest of the great supporters here for the timely and at times hilarious posts…
To any of “their” lurking fans, and I mean those who are in it for the football only, I feel for you. One of my favourite baseball teams, the Montreal Expos, was moved to Washington many years ago, so even though the team is still around, I do understand the sense of loss. As for those who are attached for the more sinister qualities, no sympathy from me…
If administration does indeed come to pass, I hope that Celtic wins the league by at least 14 points. Lenny has the team in the right frame of mind, and despite the growing pains of the job, he has proven himself to be the right man to lead this team, and will add to his legendary status…
As for the problems with “them”, all is fair in love and war…businesses take risks all the time to achieve their goals, so even though they mortgaged the farm to gain all of the titles and trophies, that was the goal…however…as it appears that tax evasion took place as an aid to achieving those goals, I would wish that the related title and trophy recognitions be expunged…good luck with that…but if nothing else, HMRC needs to be resolute in their pursuit of all monies owing, regardless of any sentiment of the importance of the club to the Scottish tapestry…effectively the titles and trophies were to a large extent won on the backs of the ordinary Scottish citizen…and that is wrong…
The nasty side of me hates to see the laptop loyal crowing on about how much “they” are needed by Celtic and the SPL…didn’t see that in 1994 when things were the reverse…in fact many were baying in delight of Celtic’s downfall. I’m looking forward to seeing the biscuit tin mentality apply to “them”…and at least a good decade’s time spent in the trophy wilderness…
Cheers to Paul67 and everyone else here…cheers to wee Fergus, who with others saw things through when times were darkest…cheers to Lenny and the squad for bringing the pride and thunder back…and cheers to the Celtic supporter family for being the classy group we are…which others would do well to follow…
Hail! Hail!
Who would fund Newco, some Billionaire hiding in the shadows, oh hold on thats was Craig Whyte!!!
Themightyquinn
Please observe blog rules.
Foul language is not permitted.
Geebee1978
no we would prefer if HMRC appointed an administrator
Hail Hail
I wonder if we’ll get one of those headlines on rangers.co.uk – you know, the ones like ‘Full Steam Ahead’ or ‘Best of British’.
Then you open them to discover the first one refers to admin with immediate effect and the second is Whyte’s leaving message on a post-it pad.
Irrespective of who the administrator is he/she has a legal framework to work within. Sure a MBB appointed one might be a tad more sympathetic but frankly they are history either way.
Paul67 says:
14 February, 2012 at 14:41
geebee1978, I’ve covered this point several times in recent days, but….
Newco would not have a league. Would need to apply somewhere.
Newco would have to deal with legacy securities to Whyte, bondholders, Octopus, anyone else, so incorrect to say there would be no debt.
…………….
Also white would have to sell the assets to whoever wants to start a new club(or Tesco etc) as he and any previous directors can have anything to do with a new club.
geebee1978 at 14:36
Now, this sounds like good news for them. New clubs comes straight in debt free, the HMRC not getting paid and Rangers start afresh. Correct me if I’m wrong but this sounds like something we DON’T want happening…
HMRC take a dim view of phoenixism and while it is legitimate, the administrators have a duty (regardless of who appoints them) to, in the event that the company can’t be saved, to secure the best possible return for all creditors. A phoenix Rangers will have to come to some agreement with the creditors to purchase the assets of the club, i.e. players, stadium, training grounds etc and these won’t be sold for a pittance so any new buyer will still need pretty deep pockets to be able to get the club as it is.
Whatever is raised from this sale will go towards paying HMRC and other creditors.
There is then the issue of what happens to Rangers share in the SPL. Will the SPL board vote to allow a new Rangers to purchase this share?
If HMRC don’t feel they have got as much out of it as they would have liked, they can go after the phoenix company although that is a long process that will involve them having to prove that the new company is merely a sham to get out of paying existing debts.
Mort
Paul67 says:
14 February, 2012 at 14:41
‘Newco would have to deal with legacy securities to Whyte, bondholders, Octopus, anyone else, so incorrect to say there would be no debt.’
Not unless newco agreed to assume those liabilities as part of a purchase of assets from the liquidator.
The only debt a newco would have is in respect of the start up costs.
Little things like providing a stadium, a training ground, players, a trophy room, brown brogues etc.
Phil MacGiollaBhain @Pmacgiollabhain Reply Retweet Favorite · Open
The important thing about the court room manoeuvres is that HMRC has bossed the schedule. RFC will file today. That’s job done for Hector;0)
tetweetewwweeee
I’ve read reports , which hopefully are true, that HMRC are happy to recover nothing by taking a hard line and chasing them over the edge of the cliff.
Ten Men Won The League
I’m unaware – my senses are blitzed from 24hrs of unconfined joy. But, yeah, they’re selling players before Sat? Cool, man. Bring it on. ‘s all good.
So much win.
from bjmac
it appears to duff and phelps
Hi all on CQN, this is a long time coming and i’m enjoying every little second – can’t seem to get any work done though!
Can someone tell me what advantage the MBB gains for applying for Adminstration now rather than later on down the line when the result of the taxcase is revealed.
If (and i god damn Hope not) they win the Tax case, could they come out of Admisitration before the end of the season and still be eligible for european competition.
HH
ZKS
Let’s not get all c0cky now we’re 14 points ahead, after all we managed to pull ba…….. ach what am I saying! Hail Hail the Champs are here….
The only problem is we won’t get the credit for this win. The didn’t stop claiming undeserved titles but we have a higher moral plane.
Latest tweet from BBC
Douglas Fraser @BBCDouglsFraser
I hear from a lawyer working in the Court of Session building that Duff and Phelps have now been appointed administrators of #Rangers
Is that good, bad or indifferent from thems point of view?
Urcyl
greenjedi at 14:44
Also white would have to sell the assets to whoever wants to start a new club(or Tesco etc) as he and any previous directors can have anything to do with a new club.
It would be the administrator who would be in charge of selling assets and the primary role is to get as much money as possible for creditors.
If some new “billionaire” offered £10m lock stock for everything but Tesco offered £20m, the Tesco offer would be accepted.
Mort
The Herald – GAME OVER!
Looks like they’ll get their own administrator in, if they think the taxman is going to go away or to do a CVA deal which sees a large amount wiped off their bill they’ve got another thing coming.
He’s already over the brow of the hill on both sides of the valley and holds all the ammo as they quiver below. Surrender or death are the only options.
The administrator can’t sell any players to bring in money either before March 31 (plus 2wks grace) so chances are they’ll not be able to get out of administration quickly to be fit for purpose and enter any Euro competions next season …should they qualify!
What a mess their in . Does anyone think they’ve got plans to sell Ipox and/or training ground, to bring in some cash flow, then to lease them back off buyer .
More Re-mortgaging essentially when will they ever be able to conduct business in a proper fair manner , who would want to support such a disgraceful outfit !
So proud of Celtic today for the way they have conducted their business they are to be applauded.
Oh and yes I’ll still buy my season ticket irrespective of the opposition.
Will be interesting to see if more penalties are applied to them and can they pay their bills to keep trading .
Someone on SSN i think it was said, HMRC consider then to be Trading while insolvent due to their lack of cash flow and mountain of debt and loans.
Hope the nasty element of their support really enjoy the misery ! They are having the last of their dignity stripped from them in public and they deserve it .
BE SAFE OUT THERE
hail hail
Surely you can’t sell the players, transfer window etc, but do they not becoame free agents and only the wages are saved
HMRC have officially withdrawn their application
Cara Sulieman @carasulieman
Close
HMRC have officially withdrawn their application
Paul67….
Sorry mate, haven’t had much time to pop in. cheers.
Awe_Naw_No_Annoni_Oan_Anaw_Noo and Mort – thanks.
Sorry guys, it all just seems to good to be true right now….
Stefferano del Bhoyo (but you can call me Neil Lennon) says:
14 February, 2012 at 14:41
Love your post mate. It makes me so mad when I see them try to sully the legend that is Mr Stein. Makes their predicament today all the more sweet.
HH
For what it’s worth fellas.
The beast will be unfettered this week and weekend.
I get the feeling that the hate songs will be in full swing and violence will be up.
Be careful chaps.
Afternoon Celts que pasa?
V
Huns in admin
sorry stupid question – who’s hector?
According to wee shug cousins papers will be binned if admin kicks in.
Now official.
This is bad news for HMRC, they would have had more control if they had been able to appoint there own
administrator.
Hail Hail
Tax man
Lardo 66
I quite agree, scary times
What do they have to lose now? Nothing!
All you guys in their neck of the woods take care :(
Ernie, IanBhoy929
I dont see how it is such bad news just more hassle for HMRC
They are owed circa 75 million making them the biggest creditor. Not the preferred creditor but the biggest.
So…………….. they will never approve a CVA …. NEVER
Hail HAil
Administration – the gift that keeps on giving. Off to re-stock on jelly and ice-cream.