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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I have a genuine question I am sure somebody on CQN will know the answer what did Sir David Murray do to get a knighthood? H.H.
VOGUE PUNTER 1439
What a post,bud. What a post.
voguepunter says:
20 February, 2012 at 14:39
Just send that to Salmond, in fact all the so-called leaders at Holyrood.
Answer that question Salmond..
What do you mean by RFC in Admin being the fabric of Scottish society and why is that so important to you?
(ok two questions)
VOGUE PUNTER 1442
Fair enough,but what a post!
Kojo
After recent shenanigans I am not so sure but even if they do they will not be granted a UEFA license for sure.
I cannot believe that 50,000 gloryhunters will turn up to watch youth projects over an n year period.
Nobody will accept an infeasible arithmetically inept business plan.
No Europe = No profit = No chance
HH
vogue punter – what an absolutely brilliant post!
Incidentally, I too recall the typical glory hunter kids who used to annoy the hell out of me in the early 80s for supporting aberdeen or dundee united, even though they had no conneciton to the east.
But as though that wasn’t bad enough, come souness they all started supporting rankers! Sickening!
Anyway, they were just kids, but a part of me would like to bump into one or two of them now.
67th…
Tinytim
I don’t expect a conclusion on that one until at least the summer
HH
TBB 15.01
In the excitement of last week I was predicting the Huns would be dead and buried forever any day now. I still don’t see how they can survive. So any time someone suggests they have a plan I have to question it. I thought Whyte had taken the money and ran. I don’t see the logic of him paying the wages this week.
I suppose instead of taking the money and running he could engineer something whereby he gets an ongoing income from the Huns but that would seem a very risky/foolish strategy given it’s difficult to see him winning any type of court case should someone inevitably challenge his ongoing involvement.
Craig Whyte is called to testify at the HMRC and asks his accountant for advice on what to wear. “Wear your shabbiest clothing. Let him think you are a pauper.”
Then he asked his Solicitor the same question, but got the opposite advice. “Do not let them intimidate you. Wear your most elegant suit and tie.
Confused, he went for a walk and as he was walking by a Chapel he thought “What the hell, I need all the help I can get.” Whilst sitting a Priest comes up to him and asks him what is wrong, Craig tells him of the conflicting advice, and requested some resolution of the dilemma.
“Let me tell you a story,” replied the Priest. “A woman, about to be married, asked her mother what to wear on her wedding night. ‘Wear a heavy, long, flannel nightgown that goes right up to your neck.’ But when she asked her best friend, she got conflicting advice: ‘Wear your most sexy negligee, with a V neck right down to your navel. Craig protested, “What does all this have to do with my problem with the HMRC?”
The Priest smiles and says “No matter what you wear, you are going to get screwed!”
Folly Folly,
:) Don’t worry, the schadenfreude is alive and well in this Bhoy!
Does anyone know if all SPL clubs are asking for money upfront for tickets for Der Hun away support! Makes perfect sense to do so to me.
My dear,dear,dear,friend… Tiny Tim
Hiya,palomine?
wi
Good tae see ye ur.. alive and well.. and residing ,contentedly , and Happily. ensconced, in the Bosom
of yer Family… in the Kingdom.
That,tae which ye Allowed.. is the Sixty Four Dollah Question.
Wull they or Wullnae They…
Dodge…. the I.R.S. Cannonball???
Kojo
yer pal..who likes ye the best o’ the loat.
Does David (“we must save this great club”)Cameron know about the singing on Saturday? Maybe lordie lord mc fall can inform him??
voguepunter says:
20 February, 2012 at 15:05
This is getting embarrassing,IT WISNAE ME.
OK, but you get credit for putting it up!
Malarkey 15.09
Yes I suppose maybe there is no grand plan as such. No doubt Whyte sniffed a chance of some money or just the ‘prestige’ of owning Rangers and things are now getting out of control.
However it was him who signalled the intent to go into adminstration and there must be some sort of plan related to that move.
Vogue
Cracking article and not a spelling mistake in sight. See what a hun free universe can inspire ? ;-)
HH
Joe Filippis Haircut says:
20 February, 2012 at 15:09
I have a genuine question I am sure somebody on CQN will know the answer what did Sir David Murray do to get a knighthood? H.H.
___________________________________________________
Funny you should ask Joe,it was for services to industry/business.
Someone posted earlier that his business was kaput from the
early nineties.
Obviously put forward as GIRUY to timmy,kinda backfired a wee bit.
If White has ensured their is enough money to meet current commitments for the foreseable future why the hell did he apply for Administration?
This is getting murkier and murkier!!!
Awe_Naw_No_Annoni_Oan_Anaw_Noo says:
20 February, 2012 at 15:19
That’ll be the last time :O)
Greenjedi
HMRC wouldn’t negotiate.
HH
THE GHOOD WILL PREVAIL 1511
When I moved back to Kilwinning after 25 years,my Dad and I went down to HIS local to watch a derby game.
When Stubbs scored that late header,we were the only ones in there to celebrate,perhaps a bit to loudly for a couple of eejits behind us who gave it the full momty of GTF,ya perrafenian,etc and shouldnae even be in here.
You know the type.
A fair few of the Rangers fans in there were about to take exception-my Dad is a fairly popular bloke-until I swung round,identified them after all those years,and reminded them all of the strips they wore when we were all weans!
Gotcha…..
Vogue
You need to Awe Naw them … Less flak that way ;-)
HH
Guys,
Everybody should now be emails the people below about the sectarian bile being spoted on the below website
http://forum.rangersmedia.co.uk/index.php?showtopic=211521
Get in touch with these people they cant ignore it if we shout loud enough
reporters@dailyrecord.co.uk
scotsol@the-sun.co.uk
press@centralscotland.pnn.police
Lets show them up for what they are
gj
Worserurr and worserurr even!!! lol
Neil Lennon says NO to BESNA!! says:
20 February, 2012 at 15:05
Cheers for that.
I must have missed it in my haste to try and catch up on the backlog blog.
(From the last thread) a post spoke of how if they go bust the RFC fans who sing their filth will also wash up at other clubs, especially when we’re playing them.
The campaign and violence against NL last year uncovered a groundswell of complicity from across Scottish society for the anti-Lennon festival.
More and more, it seems that there are many Scotlands. The tourist’s Scotland, the Scotland Scots export to England, the Scotland that a small number want and hope it can be, and then there is the small minded, inward looking, hegemonic Scotland that revels in high doses of cognitive dissonance. They celebrate hypocrisy and discrimination and paint it up as culture.
Salmond, we have a problem.
If Whyte’s plan was a simple hedged punt on the big tax case, and he still has cash enough from his various wheezes to keep them going in some shape for the next few weeks, I’d expect him to provide the cash required on a scaled down basis.
Whyte’s singular motivation in all of this was and remains profit.
I suppose he’s got a decision to make now: Stay in the game, or stop throwing good money after bad.
Which option is likely to be most profitable?
Voguepunter. Thank you for your answer, well as we know they took the Knighthood off Fred Goodwin I can see no reason why Murray should be allowed to keep his if Rangers are found guilty of tax evasion. He as chairman was in charge when Rangers chose not to pay her majestys the tax that was due to them we must await the outcome of the case but if as expected Rangers lose the case constant pressure must be put on the media to ensure Murray doesnt walk away scot free.H.H.
St Martin’s Bhoy, v difficult to get work done recently.
Billy’s Bhoy, yes, there is an air of inevitability.
Folly Folly, ha.
Awe Naw, inserting an occasional space will suffice.
ibleedgreenandwhite1, no probs, you copied and pasted something from elsewhere.
mickthetic, sure will, thanks.
ASonOfDan, football is a bizarre business.
BlantyreKev, your scenario cannot happen in football. If players were contracted to a holding instead of the club, any game one of these players competed in would result in a 3-0 forfeit.
ArranmoreBhoyLXV11, not so good at marriage counselling.
Kojo, I don’t see it happening.
Uncle Fester, deleted, language.
Celtic Mac, good call.
Paul67,
Think we would be incredibly foolish to raise some kind of campaign to not let Rangers pay their debts over 10 years.
Frankly, they would be absolutely crippled by paying >5 million a season (assuming they lose the big case).
I can’t think of anything more delightful!
Then we would see the so-called GoD at last.
If I were HMRC I would ensure that they kept visibilty over future cash flows – perhaps a seat on the Board? – to ensure that they didn’t stray back into ‘bad habits’.
Them being made insolvent and walking away from their debts as a NewCo would simply not have the desired affect… so please be careful waht you wish for.
B
TBB – by using the Ticketus deal to fund his purchase and then not passing on the PAYE I don’t see how Whyte was planning to be in it for the long term ie next season.
My dear,dear,dear,friend.. Awe Naw
Pal.. yer Astuteness knows Nae Bounds!
Ye hiv jist Gubbed the Nub o’ the Problem, which , even a Relieved and
Bloodied… but Unwashed… Survivor, from it’s nasty Bout of Administration
Sickness…such as oor Hateful Rivals…. wull still hiv tae face.
and that is…
The Loss of this League Championship.
Fur that means..
Nae Chance of Engaging, fur them… in the Lucrative Euro Championship League..
And .. this wull be a Devastating Blow tae them, no question aboot that.
The Loss of A Ten Million Addition tae their Coffers ..wull.
ensure that next year they wullnae be able tae Buy any New Players of
Note.
And.. Ah dinnae need tae elaborate, any further.. as tae
How Crippling tae The G.A.’s Chances a Winning Next Season’s League Championship…That.. Wull be..
A Troubled an Impecunious Future..is whit Ah predict fur oor Hated Rivals.
Kojo
yer pal..who likes ye aloater
The Battered Bunnet @ 15 01
” There is no loan ”
Correct . Ticketus are owned by Octopus . Octopus do investment. They want a return . They will not have invested money in something as mercurial as the potential value of a ticket to an entertainment event without having secured their ass to the value of the original investment plus an allowance for inflation . I assume Octopus will have secured an agreement which says — ” the fewer tickets sold-the more we get of something else.”
The question is what security did Octopus take ?.
Liquidation is still a possibility .-at that point The Floating Charge becomes a Fixed Charge.
Drip Drip Drip.[ into whose pocket ? ]
Jeez Vogue, that’s some story. Are you ok?
Lardo66 says:
20 February, 2012 at 15:35
I am as ok as the mentally challenged can be :O)
Voguepunter
Just catching up as usual.
What a post!
Keep it up!
follow follow thread on the rangers fan lifted for sectarian singing… most replies giving advice of “deny everything and it will be hard to prove..one classic reply as per below :
not if ten of his mates who were with him all stick to their stories and say that he was singing Celtic Blood because they know to sing fenian blood is wrong
then 10 > 2
not guilty or NP at worse
Last edited by Russell_Nash; Today at 15:29.
Am I right in saying if we win all games between now and March 25 and the nasties drop 5 points we win the title the week before we go to da big house. bigotdom. If so can we please get the presentation at Iroke LOL