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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. Incidentally, the Robert Davis referred to in your article was a tutor when I was studying.

     

     

    If he’s becoming the voice of the Celtic support then we’re in trouble.

  2. Vogue the Plagiariser (:>))

     

     

    Did you c ‘n’ p the ” Goodbye, Goodbye” bit as well?

     

     

    I posted that last week, to a chorus of silence!

  3. Glendalystonsils likes a mr whippy with his lime green jelly on

    Murdo McLeod ‘s article in todays Daily Ranger is staggeringly uncle Tim-ish even by his standards.

     

    Celtic need R@ngers, Scottish football needs R@ngers, R@ngers shouldn’t be stripped of their tainted titles ‘cos it’s a shame for

     

    the poor wee souls, so it is blah, blah, blah.

     

    Another day, another dollar (,or should that be another 30 pieces of silver), eh Murdy?

  4. ibleedgreenandwhite1 on

    voguepunter says:

     

    20 February, 2012 at 14:39

     

     

    Just read you r post m8,Excellent stuff,one question though??

     

     

    How much did it cost you to get James Forrest to write it for you :D

     

     

    Outstanding m8,,outstanding!!

     

     

    Hail hail

  5. Joe F

     

     

    I think CW is a bottom feeder / nickel and dime chancer.

     

     

    Consequently I think he has made his money with the fees / inflated interest rates associated with the LBG debt repayment – TFOD FC paying £270K / £360K per month to TFOD Group and CW providing some street theatre to keep the ‘Bears’ quiet for 9-10 months.

     

     

    He has milked the club for all that it was worth and played the Cashflow game to perfection. Heaven knows what would have happened if they had got into the CL / EuL?

     

     

    I think his punt is based on getting Ibrox after administration as payment for the floating charge. If he can keep Ticketus sweet then he can turn it into a significant financial asset.

     

     

    £5mill pa rental is worth £70mill capital value.at a long term 7% return.

     

    Add in a discount and some upgrading and CW could be looking at splitting the money with Ticketus and walking away with a tidy sum.

     

     

    The alternative would be TFOD NewCo having to pay a hefty GTF premium to get rid of him and Ticketus on day 1.

     

     

    One thought – players were bought not on price or talent but on payment schedule?

     

    No matter the price as long as the initial payment was low and it was 12 months to the next?

  6. Afternoon, I was at a sportsman dinner Friday night at the local bowling club, wonderful night with my mate and I acting all sympathetic to the plight of the good ole teddy bears. Although a few at our table were not to happy with the request for jelly rather than chocolate cake with our ice-cream.

     

     

    Anyway they have a cunning plan for the next few seasons , they are not going to buy a season ticket but will all revert to pay as you go and that way Ticketus are stuffed as they only have the right to season tickets not the match tickets ?

     

     

    Sounds more baldrick than James Bond to me.

  7. Smoke…an octopus… Ice cream…mirrors…gorilla eating jelly in the room…sounds like a luis Bunuel romp

  8. Alders … @ 16.46

     

     

    JB is a straight down the middle middle class / privately educated egg chaser.

     

    Consequently one step removed from the middle class segment of the TFOD support.

     

     

    Regarding football I would possibly suggest he has been to CP more times than Ibrox, his daughter played for the Ladies team for a couple of years. It would be interesting if he was ever called ‘Fenian …’ when he was standing on the touchline with the other parents / partners / hingers on and the obligatory two men and a dug?

  9. Apologies if this has been suggested before but if we can win the league at Ibrox could we arrange for a helicopter to land in the Centre Circle with the trophy at the end of the game????

     

     

    Could we also lock all the Rangers fans in so they can’t leave (for safety reasons I mean)?

  10. Madmitch

     

     

    Thanks for the comment. He actually said that he had only been to CP once and that was for a Scotland game.

     

     

    Good to hear him being so outspoken today.

  11. New entry in this month’s British Medical Journal.

     

     

    Fenian’s Jaw: pain and discomfort caused by excessive grinning, laughing and singing. Likely to be exacerbated by toothache resulting from over-consumption of confectionery such as jelly and ice-cream. Symptoms may take many weeks to subside. Avoid anything relating to Rangers FC (in administation)

  12. Glendalystonsils: Murdo is a tory- did you expect anything other than a “conservative” attitude to this splendiforous situation? Personally i thought it was only a matter of time before he jumped on the blue bandwagon…hope he doesn’t get hurt in the inevitable crash said bandwagon will suffer on the wall of destruction.

  13. Is the MBB back in Glasgow with a new business plan?

     

    Just saw a van passing the passport office with –

     

     

    “CW easyleasing Ltd”

     

     

    Someone mentioned earlier about getting lifted into games. I remember the Scottish Cup Final against Dundee Utd in the late 80’s. The traditional Celtic end had been done up with new turnstiles etc.. The stewarding was pathetic and me and large group of bhoys noticed a gate that you could climb over without too much trouble. Don’t know how many made it in before it was noticed but i reckon there were at least a hundred. Anyone else remember/hear of this?

     

     

    HH

     

    AoW

  14. Patria O Muerte on

    Anyone else pick up on the news that in the early hours of this morning, doors all over Scotland, and a fair few in England(Chelsea fans), 50,692 people were arrested due to sectarian singing at a football match.

     

     

    All were refused bail.

     

     

     

    No?

     

     

    Or is that policy just reserved to 17 year old Celtic fans who make reference to the ‘RA and who is not part of the fabric and culture of Scotland???

     

     

    Answers on a postcard……

     

     

    Preferably to that buffoon Salmond …..

     

     

    POM

  15. As Thems FC (in administration) through their media consultants No News is Good News Inc release details of a Supporter based buy in (@ £1000 rangers a pop) to help the institution in their hour of need,

     

    Bridgeton Department of Social Security office has announced they are to take on more staff to deal with an increase in requests for crisis loans.

     

     

    First Minister Alex Salmond was strangely unavailable for comment

  16. BromleyBhoy, having them pay up over many decades is an interesting thought. Not my favourite, though.

     

     

    Kojo, I’ll no’ have you speaking about Our Hero in such disparaging terms. Craig’s a good guy.

     

     

    HelpForHeroesCSC

     

     

    Celtic Mac, yes, correct. A throw-away statement by the administrators (notwinding-up) does not mean time to pay.

     

     

    gscbhoy, ridiculous financial state for Wigan to be in. Still, they pay their taxes.

     

     

    ibleedgreenandwhite1, no worries.

  17. Paul

     

     

    I have a Man Utd Jersey with Henrik’s autograph on the front that I would like to send to you for one of your many charitable nights and auctions. My head office is in Scandinavia and knowing of my keen support for Henrik one of our Directors got Henrik to sign the jersey. Apparently we are in some form of sponsorship with him. No Celtic jerseys available at the time there,however may make it more unique amongst the Celtic family. Henrik hasn’t worn it, nor I, but he has signd it on the front with his famous No7 signature. Just mail me with the address for mailing and I will get it to you

     

     

    Pinta

  18. thomthethim @ 16.23 – I could tell you similar stories from my childhood nearly 50 years later. I didn’t know I was a Fenian bee until some older kids beat me up because of the school I went to.

     

     

    If we tolerate this, our children will be next.

     

     

    Re: the unions. I wasn’t born when the trade unions were at the height of their power in Scotland, but from speaking to older relatives I don’t get the impression that the Scottish trades union movement took anti-Catholic, anti-Irish discrimination very seriously.

     

     

    Certainly, while there were strikes-a-plenty in the 70’s in particular, often for trivial reasons, I don’t think I’ve ever heard of a strike against sectarian discrimination in Scotland, even though sectarian discrimination was rife in Scotland right up till the 80’s.

     

     

    In fact, there seems to be a direct correlation between the decline of unionised industries in Scotland, and the decline of sectarian employment practices. Mrs Thatcher did people from Irish Catholic backgrounds in Scotland a tremendous favour when she refused to shirk the challenge of the unions.

     

     

    Perhaps some of our more seasoned CQN’ers could confirm or deny. (thumbsup)

  19. nicked fae the huddleboard

     

     

    The rising of the spoon

     

    Icecream men from Crossmaglen

     

    Trifles of the IRA

     

    Bowl a vogue

     

    Johnston’s Ice cream van

     

    Soggy goo (?)

     

    Say hello to pavlovas

     

    Sean South bough Gary’s cone

     

    The jelly ploughboy

     

    Only our ripples run free

     

    Sundae bloody sundae

     

    Pistachio father why are you so sad

     

    Back home in dairy

     

    some say the ripples are red

     

    finnegans cheese cake

     

    A nougat once again

     

    Jelly the boy from Killane

     

     

    What did I have

     

    Said the fine old woman

     

    What did I have

     

    Said that fine old woman to me

     

    I had four ice creams

     

    one of them vanilla

     

    the others fudge

     

    but Hector took them from me

     

     

    But my fridge at home

     

    is full of cola ice poles

     

    and my four ice creams

     

    will be licked once again said she

  20. What is the Stars on

    Phivis

     

    Mrs thatcher

     

    You rascal,

     

     

    I am getting out here now,

     

    The revolutonary peoples popular front of coatbridge are gonna get ya

  21. anyone interested in recent republican prison history should out the Magilligan exPOWS site,excellent pics and handicrafs on show,oh and its non political party affiliated,you might see someone you know!

     

    bb

  22. philvisreturns says:

     

    20 February, 2012 at 17:34

     

    actually you make a very interesting point re the lack of trade union action on sectarianism, and to be honest i dont think your far off the mark

     

    as for Mrs T she did them all a massive favour phil,

     

    by making them stand in the dole Q together there was plenty of time to get to know each other better.

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