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How administrators can avoid redundancies short-term

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There have been many questions about the unusual circumstance in football of Rangers going into administration but not making any players redundant.  It is possible, and not totally uncommon, for directors of a company in administration to arbitrarily choose to provide funds from their own resources to pay any chosen creditor, including staff. In football, players’ contracts of employment need to be with the club, but the source of payment can come from anywhere.

In this instance, Rangers Group, the club’s holding company, or any other body or person, could be in sufficient funds to provide the administrators with enough money to not only pay players, but to continue operating in a relatively normal state.  Rangers’ administrators have already suggested Craig Whyte has guaranteed to make-good wages due to be paid this week, although it was not made clear which entity would be paying, or the source of such funds.

Administrators will only be forced into player redundancies if they do not have sufficient funds available to see them through to the timely conclusion of negotiations with creditors, or if they are unable to receive binding undertakings from another source that they will step forward to pay players next month.

Various sources over the weekend suggested HM Revenue and Customs were prepared to extend generous time to pay terms to Rangers.  This club is owned by Craig Whyte.  While we all know what a stand-up guy Craig is, how likely to you think HMRC are to believe he will stick to a plan stretching out years into the future?  It’s just not going to happen.

I hear a ‘We’ll take a few years to pay too’ campaign is set to trickle through the SPL if HMRC agree to this one.  Better using the tax man as a bank than using an actual bank.

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1,072 Comments

  1. Pulitzer Prize for this one Guys… :)

     

    May have missed a post, any idea how far back this goes or is it only this season?

     

     

    Going back to St Patricks Day in NY, was watching my 1st outside Trump Tower late Nineties…I think -5C . Yank woman next to me said to her friend

     

    ” Love this parade…but really wish they would have it in the summer” buckled up laughing.

     

     

    Hail Hail

  2. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    St. David did not give two tuppeny sucks about the huns once Lloyds toed his baws.

     

     

    His 23 year dalliance with the huns has been proven without any doubt to be self serving. LOL

     

     

    He didn´t sell to Ellis in the “nice London hotel” … where does he normally stay Travelodge

     

     

    So after his bank baw booting escapade .. and warnings of homelessness and going back to plain old Mr he promptly phones Ellis back.

     

     

    Ellis has a poor history within football and is an asset stripper.

     

     

    Whyte is then nominated as being the Motherwell Born Billionaire ….. It has Murray and Media house hallmarks all over it.

     

     

    Can´t wait until it all comes out in the wash.

     

     

    Hail Hail

  3. pedrocaravanachio67 on

    PeteTheBeat says:

     

    21 February, 2012 at 10:31

     

     

    No amount of money is worth that. Do we have a Witness Protection program :-)

     

     

    He wont need a witness protection plan. he’s been wearing a mask ( just like dick turpin ) all this time…. that shiny latex skin and those froggy eyes. I’m sure i seen it in tamshephards. Agent Whyte will be fine.

     

     

    PC67

  4. On holiday in Tenerife been here a week havent seen the sun much because of the wonderful and addictive site this is.Keep up the good work.HH.

  5. Marrakesh Express on

    I know I’m a sucker for listening to phone-ins but its worth it to hear Keevins and co getting embarrassed, and to hear timmy showing up lazy journalists. But when I listen to two buffoons of the highest order, Johnstone and Dalzell, I really have to question myself. If its not DJ trotting out the same line for every call on the huns crisis..’We cant get too ahead of ourselves but only time will tell’, its the equally cringeworthy Dalzell saying for the 500th time ‘Scottish football needs Rangers’. Thats about the sum contribution from these two, apart from snidey remarks at us as part of the obligatory evening up process. Absolutely no attempt at analysis and total ignorance of the questions put to them. I know we cant all be well informed in the complexities of the huns’ financial woes, but my God, these radio stations go to the other extreme. They’d be as well asking my dug to explain pythagoras theory.

     

     

    To be fair to the other lazy journos, they do have a go at answering the questions posed and comments raised, to the point when you just know they’re doing the old hand on throat signal to Delahunt to cut, when getting out of their depth, or in Flanders’ case being outwitted.

     

    Every one of them apart from Spiers has stopped short in total condemnation of RFC/Whyte/Murray. There is still a fear amongst them that even in their death throes, the huns still wield power in this country, probably through the masons, and it will cost them their jobs.

     

    As for Spiers, the guy is a born and bred Rangers fan, and it says a lot that he’s the only one with enough professional integrity, and bottle, to give it both barrells.

     

     

    The biggest story ever to hit Scottish Football has not only exposed RFC but its also sorted out the Scottish media.

     

     

    hh