BBC today confirmed what we have been telling you would happen for months, HMRC have rejected the proposed Rangers CVA. One of the world’s oldest and most successful football clubs will now be liquidated.
Despite what should have been well-informed opinion from the Scottish accountancy profession, the proposal from Charles Green was always – always – destined to fail. His proposal to investors offered to treat football creditors different from other creditors in the same class, including HMRC, which contravenes the terms within which HMRC are able to agree to a CVA.
The line “All creditors to be wiped clear on consideration of £8.5m save for £3m being owed to other football clubs” ensured HMRC had no choice.
Prepare for the most intense two weeks of lobbying in Scottish history. Once the SPL received notification from Duff and Phelps of their intention to liquidate they will simultaneously receive an application from Sevco 588 to join the league.
My sources, which confirmed all along that the Sevco CVA proposal would contain a deal-breaker for HMRC, now tell me that Sevco will offer to back plans on the SPL voting structure, allowing home gate money to be shared at a vote in the near future as a price of getting entry to the league.
Sevco will gain out of this, as they will be able to sell more tickets to the SPL than the third division, the Gang of 10 will also gain, it is only Celtic who will lose financially as your season ticket money is offered BY SEVCO as an incentive to get them into the league.
Without Sevco in the league the Gang of 10 would be able to change the voting rights anyway but if Sevco acquiesce on sharing gate money, the Gang get to keep sponsors, TV money and earn a whole new slice of income every time they visit Celtic Park.
Enjoy your ice cream and jelly. There will be more soon on the consequences of liquidation of Rangers and what would be left in the event of a phoenix, but prepare for the bedlam that lies ahead.
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HM Revenue & Customs@HMRCgovuk
CVA would restrict action against those responsible for company’s recent finances #Rangers
HM Revenue & Customs@HMRCgovuk
Liquidation allows potential investigation and claims against those responsible for company’s recent finances #Rangers
26m HM Revenue & Customs@HMRCgovuk
#Rangers liquidation gives best chance to protect taxpayers and allows sale of club to a new company, ensuring football continues at Ibrox.
Souch for early signings… Silly Scottish Media !
Mind you it did say 12 were at European Championship.. I read that as players but probably meant spectators..silly me!
Dilema for Celtic. Stay in SPL winning every week and access Europe every year… Or seek an escape?
I’m happy either way!
:-)
:-)
To paraphrase FDR.
Tuesday 12th of June 2012
A day that will live in FAMY!
Or as the corpulent pie muncher might say….
” Infamy infamy rey huv aw goat it infamy!”
traditionalist88
Let me buy you a drink.
Ally McCoist demands to know the identity of the Prime Minister. (thumbsup)
Largs RSC – AGM 8pm Thursday.
——————————————————————————–
The Largs RSC Annual General Meeting will take place at 8pm on Thursday 14 June at The Waterside, Bath Street, Largs.
Anyone interested in joining our thriving club for next season, and wishing to come along, will be made most welcome.
HA HA Stupid Huns !
” Furthermore HMRC believes there will be an enhanced recovery of funds by creditors by pursuing those individuals who they believe are responsible. ”
Seems likely that HMRC and Operation Hornet are going to be working in unison as they pursue the shyster who was given astonishing money by a Scottish bank and never ever paid it back . — The relevant Bank being one that was bailed out by the UK taxpayer.
Whyte is relatively small fry but Hector will want his revenge on a man who stole @ £ 500k from under his nose by getting a bent accountant to do a bit of uttering.
Oh happy days.
Oh happy days.
LET THE PEOPLE SING!!
Paul67:
I have one thing to say to you:
I smell liquid…
Now the real fight begins, say no to newco…the will be playing Annan Athletic next season…:)
Keep the Faith!
Hail Hail!
No to a Newclub in the SPL.
Paul67 (or others who may know)
This “binding agreement” Sevco has to buy the assets for a fixed price of £5.5m is surely open to challenge?
If someone was able to offer £5.5m and a pound that would represent better value to creditors?
Do BDO as liquidators have a duty to raise as much as possible for creditors?
SwanseaBhoy
As we speak Sandy Jardine is lacing up the brown brogues, spittin’ out some wasps and preparing to go-a-marchin’.
In other news, Rino Gattuso has run away and joined the circus.
truly chuffed that I got first step on the podium for a historic article! :D
but now, the real battle begins.
NO TO NEWCLUB.
@HMRC
Anybody want to but a bike, a rowing boat and a pair of Brown Brogues?
philvisreturns
….he also demands to know where he lives.
The GLORIOUS GLORIOUS TWELFTH!!!
now i know why you’re called heidthebaw
Goodbye, goodbye – they were the Billy Boys :))))
I just drove past Ibroke, nothing, not a single hun.
Loyal and true!
They didn’t even get to July.
Shatner says….
” Ah deemand fur tae know who urrr these peepil.”
HMRC KO CVA..RFCIA FUBAR!
The transfer of Craig Whyte’s shares to Charles Green was dependent upon the CVA being accepted. Craig Whyte still has his shares but they are now worth nothing surely (along with those of the 26000 other shareholders) as the company is now effectively bust.
What happens now to Craig’s floating charge on Ibrox, Murray Park and Albion Car Park?
Can I Have Raspberry On That on 12 June, 2012 at 12:00
Hail Hail my friend. It is indeed an amazing time to be a Tim!
HH
Today’s the day the teadybears get their nuts kicked !
AVOID A BEAR WEEK JUST BEGINNING !
Green Lantern (((((0))))) on 12 June, 2012 at 11:43 said:
“It looks as if HMRC are going for the jugular now.”
SKY Sports News.
Woo Hoo!
share on F’book or Twitter
*******
the best way to scupper the circus is to go for the juggler!
Beautiful. Just beautiful. No titles. No history. No huns!!
i can’t wait for the HMRC to get BOD out of retirement and start selling of rangurs piece by piece, a fitting end to have a 70′s cartoon character sell off the stolen silverware, can’t wait for the theme music as he walks into the room.
traditionalist88
My pleasure, my fridge will be opening at 3 pm approx.
HH
Is there a further punishment for liquidation?
PHILVISRETURNS 1127
Nice wee put-down there,bud. Also no offence taken,of course.
If the tax rules are so inordinately lax that HMRC genuinely do not know for sure that they have a case,and companies are encouraged by this to set up departments with the express intention of finding new means in which to evade tax,why are they asking for a judge to decide?
Is a judge likely to have sufficient financial and accounting expertise?
Doubtful,since the best minds of the government and of one of the country’s biggest companies cannot agree.
It would be so much simpler,and fairer,if everyone was taxed at their level of income according to the appropriate rate.
No allowances,no incentive to cheat.
Companies too. No taxes paid in this country despite declaring huge profits and dividends equals no licence to operate.
I know,I know. It’s not as simple as that. But it is!
The reason it’s not as simple as that is simply to make sure that the Vodafone scenario will be a recurring nightmare for UKPLC,and a beanfeast for lawyers and accountants.
DownwiththissortofthingCSC
Congratulations to Gary Hooper for scoring the last ever goal against Rangers.
SffS
Since the SFA have stated that a condition of a membership transfer will be the acceptance of the punishments of the old club will a year’s suspension of membership by the upcoming appeals tribunal resit now suit SEVCO Utd?
Step forward Gary Hooper-last ever goalscorer against the Huns.
Celtic also last team to beat them.
Haill Hail
thomthetim. If Whyte/Murray is the juggler, does that make the rotund one the clown?
So the gloved hand of bigotry is not to be found within HMRC
betcha that came as a shock to some down Govan and Hampden way.
Hector congratulations on doing your job.
Mr Regan,
its time you did yours.
Mr Doncaster
Why are you under that sofa?
I think the stance and wording of HMRC indicates that they have also lost the BTC?
Just my opinion CSC
No gloating, just a quiet contentment. Stage 1 is over, now the hard work begins. Removal of titles and punishment for the EBT givers and takers is the least we should be happy with. Having a beer tonight with my oldest Rangers supporting pal, will be fun, he wants newco and a new dawn for Rangers FC.. He may get his wish
ProphetOfRegret on 12 June, 2012 at 12:05 said:
now i know why you’re called heidthebaw
Now I know why you’re called ‘headtheball’.
:-)))