I see Leeds United are being held up as a model for Rangers to liquidate and emerge as a new club. Leeds United’s circumstances are highly unlikely to bear any relationship with those at Rangers unless Duff and Phelps can agree a Creditors Voluntary Arrangement.
Leeds United AFC Ltd entered administration in the control of KPMG Restructuring on 4 May 2007 and on the same day were sold to a new company Leeds United Football Club Ltd subject to a Creditors Voluntary Arrangement (CVA) being agreed. Both Leeds United AFC Ltd and Leeds United FC Ltd were controlled by Ken Bates.
A CVA requires 75% of creditors (by value) to vote to accept a reduced percentage of the money they are owed. The company was forced to act as HMRC, who were owed in excess of £6m, had issued a winding up petition which was due to expire on 25 June 2007.
Before creditors voted on the CVA several other bidders came forward with offers for the club, however, the vote, on 1 June 2007, returned 75.02% of creditors accepting the CVA offer (75.20% after a recount).
Creditors can challenge a CVA within 28 days of the vote. On the 28th day, 3 July 2007, HMRC challenged. With the CVA subject to a challenge, KPMG asked for further offers for the company to be submitted by 9 July 2007. Despite the extended offer period, the administrators still accepted the offer from Ken Bates Leeds United FC Ltd.
With a CVA agreed, subject to challenge, the Football League transferred Leeds United AFC’s league share to Leeds United FC Ltd under its “exceptional circumstances” provision. The League imposed a 15 point penalty on the club for the 2007-08 season for failing to satisfy the outstanding legal challenge in time, necessitating the ‘exceptional circumstances’ rule.
HMRC withdrew their objection to the CVA the following month. Leeds United subsequently appealed against their 15 point penalty citing a CVA had been agreed and that the league programme does not allow time for spurious challenges to be dealt with. The Football League refused the appeal.
Believing Football League procedures were at fault, not their own behaviour, Leeds United served the League with a High Court writ to challenge the points deduction, however, both parties agreed to abide by the findings of an arbitration panel hearing.
The arbitration panel found against Leeds United citing the following two reasons:
A director of Leeds United FC signed an earlier agreement not to commence any proceedings against the League.
Leeds United waited 7 months before commencing the action, which brought unnecessary sporting consequences on other promotion chasing clubs, specifically Doncaster Rovers, who would no longer be in an automatic promotion spot if Leeds’ 15 points were restored.
In summary:
Leeds United AFC Ltd’s administrators achieved the necessary 75% support for a CVA.
They withstood the challenge from HMRC, paid creditors and concluded the transfer of assets, including League share, to Leeds United FC Ltd, according to the terms of the CVA before winding up the old company. No loose ends were left.
This is not a Liquidator’s Charter. Provisions in football only exist to transfer a League share from one company to another if creditors are satisfied, either by being paid in full or, as with Leeds United, with 75% agreeing to accept a diminished amount.
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1,227 Comments- Pages:
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Danny Murphy is pants!
We need a Lubo type player (yes I know that is in all probability a near miracle but still…Murphy?)
Never rated him that highly.
Summa of Sammi…. on 4 April, 2012 at 13:14 said:
I find it pathetic when fellow fans start taking the mick out of each others names,,,” IBLEED BLACK AND BLUE”??
Are you inferring that im a Hun,,is that it,,if so pretty poor?
Hail hail
The Honest…
Are you Kojo? :-)
I have been following alextomo’s twitter page and noticed these from the 31st of march…
Greig Maclean @Greigmac80
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@alextomo you also seem to have a bit of a bee in your bonnet about Rangers.
31 Mar Greig Maclean @Greigmac80
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FavoritedFavorite · Close Open Details @alextomo in Scotland that pander to Celtic in the fear they will use the bigot or Irish minority discrimination card. You appear the same.
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31 Mar Greig Maclean @Greigmac80
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@alextomo that would have given not just Rangers but Scottish football a better chance of winning a European trophy. Like much of the media
In reply to alex thomson Hide conversation 31 Mar Greig Maclean @Greigmac80
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@alextomo quite the opposite actually. You only have to look back to the europa league final in 08 when s.f.a refused to amend the fixtures
In reply to alex thomson Hide conversation 31 Mar Greig Maclean @Greigmac80
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@alextomo just for the record as a Rangers fan we feel that neither the s.f.a or the Scottish media show any bias in Rangers favour.
Yet again another Stupid Hurting Hun spouting the myth that the league wasn’t extended back in 07/08 season.
When are these stupid hurting huns going to realise that all of us Tims can remember how the SFA and SPL not only extended the season once but would have extended it for a second time if Celtic hadn’t stopped them.
Im pretty sure Alex Thomson has realised by now that huns tell lies and will ignore everything they say as being fact.
Also pretty sure if Alex hasn’t been put right regarding the season being extended back in 08.Some of you guys with Twitter accounts will.
Stupid Hurting Huns…..telling people lies!!
So are we confident now huns will be liquidated after SNP/Salmond getting involved and having secret meetings ?
Guys
I missed the LA woman documentary.. I´ll be sure to check it out after your recommendations
Quickdraw,
Fairy nuff !!! apologies … for my remark but nobody was advocating racism
HAil Hail
Ladies, ladies
Let’s all take a deep breath and calm down. Remember we have a league to win on Saturday.
Morning Fiona
Thehonest mistake
it’s true I tell you..
i was out all by myself on Sunday night but in my mind I was with my alter egos..
HT,MWD,CRC,oldtim, hebcelt, clash city bhoy,Four green fields,subteranian, dick Byrne, Mort and I also had time to introduce my imaginary friends Mrs Mort..
the mind is a wonderful thing…..
Nurse…
I always wanted Stan back at Paradise, He would have been great for our young team. Now i just hope he survives. YNWA
Wonkyradar
Murphy has played at a high/ good level in the EPL for years now.
He has a wealth of experience and the ability to pick out a pass offering goal scoring opportunities.
I think he’d be a catch if only for a year to supplement and nurture our youngsters.
Bhoys
I see debt laddened Lloyds Banking Group have pumped £118m into debt laddened Murray Group. Does this mean they make their target for small business loaning?
The Honest Mistake loves being first
dont go there !!!!!
I did and Paul67 got pulled away from his sun lounger and Pina Colada !!!
Hail Hail
Loaning should be lending obviously!
Vmhan
Good idea bud.
Thought it might be good to sing at the next game v them…if indeed there is a them.
Re: Danny Murphy
Was he not offered a chance to move back up north, a couple of years ago? Stayed at Fulhsm due to wife being some kind of celeb or other?
Just asking
hamiltontim:
I’m all for being proved wrong…especially when has good results…
but I would love to see some real charismatic creativity in the team next season.
But then who knows what Ibrahim will be like or even young Dylan?
Starry P
A bit like turkeys voting against Christmas.
Love Top Cat. I especially like the opening sequence with TC giving officer Dibble one coin, tied to a piece of string. Top Craig!
I would like to see Kris Commons be the player he was last season!!
SPL chairman Ralph Topping today appealed to the Gang of Ten to ditch their bid to scrap the league’s voting structure – because he believes the unrest is driving away sponsors.
Topping reckons two potential backers have walked away from lucrative deals with the governing body due to fears over the breakaway group’s controversial plans. The 10 top-flight clubs outwith Celtic and Rangers want the 11-1 majority needed to force through change to be reduced to 9-3 – so breaking the Old Firm’s control on decision-making. The thorny issue will be voted on at the governing body’s general meeting on April 12 and Celtic and Rangers – represented by their administrators – will oppose the move. Now Topping has written to the rebel clubs asking them to ditch their proposals because he feels it is damaging the league’s financial prospects at a challenging time. He said: “Having spoken candidly to Rangers’ administrators, they have made it clear to me that they will not be supporting the members’ requisitioned resolution on 12 April. “On the basis that it appears likely the resolution will not achieve the 11 votes in favour that it requires and there is now some damage being done to the league’s commercial prospects and, by implication, your own club’s potential future distributions, I would ask you to consider whether you would, especially given current circumstances and uncertainties, wish to withdraw the resolution. “It would seem to me progress is far more likely to be made by 12 clubs engaged in debate about the future than by forcing a vote on a resolution that, on the face of it, has no apparent prospect of success.” He added: “On the commercial front, I am aware of two companies who were strongly attracted to the idea of sponsoring the SPL when Clydesdale Bank’s tenure comes to an end in summer 2013. Both were viewed as serious potential bidders for the title rights. “Unfortunately, they have withdrawn their interest in the light of recent developments in the SPL. “It will not have escaped your notice Sky and ESPN have so far failed to return draft contracts sent to them in 2011. “I have spoken to one of our live broadcast partners who is concerned about current uncertainties with Rangers and who at the time of our conversation was anxious to learn more about recent talk of clubs resigning en masse from the SPL.”
I still doubt they will get liquidated hybrid or otherwise. They will get away with a CVA and will continue to operate on a reduced scale until they can figure a way to get out of it. I hope Celtic are requesting ticket and stadium damage costs upfront before the game on the 29th. If not agreed no away tickets issued then trophy presentation after game easy peasy!!
Jon Daly is 27,scored 20 goals and he’s a Dub!! Jist sayin like!! <0)
Philvis
I have pointed out before the fall of Rangers has already been captured in film. Rango – the story of a pop-eyed lizard duped by an evil wheel-chair bound tortoise. In the end the evil wheel-chair bound tortoise is unmasked as an evil wheel-chair bound tortoise.
They may have set it in an American west animated movie but any resemblance to characters living or dead was completely intentional.
NEIL LENNON’S ability to spot a player has been one of the key reasons Celtic have transformed their fortunes over the two years he has been in charge.
From a club going rapidly downhill under Tony Mowbray – whose signing policy appeared to be scatter gun and based on volume – the Hoops of today are very much on the up, and looking to raise the bar even further. The clear-out of personnel undertaken by Lennon from the first window in which he had control was as necessary as it was dramatic. Room had to be made for the likes of Gary Hooper, Anthony Stokes, Beram Kayal, Emilio Izaguirre, Victor Wanyama, Fraser Forster, Joe Ledley, Kris Commons, Charlie Mulgrew and Adam Matthews. Married to quality already in situ, including Scott Brown, Georgios Samaras and Ki-Sung Yueng, the net result has been a much better squad, with a massively increased sell-on value.
It is the reward for scouting the globe, looking for the raw talent which can have its rough edges knocked off at Parkhead to reveal a hidden gem. But if you put Lennon on the spot and asked him which player’s emergence during his time in charge has brought him most satisfaction, the answer would lie much closer to home. James Forrest remains his pride and job. The decision to promote the then 18-year-old from the Development Squad to first team was an easy one for Lennon to make. When marginalised by Mowbray, the man who had been brought back to Parkhead as an assistant coach by Gordon Strachan took charge of the club’s emerging talent. An amalgam of youngsters from across Europe and beyond benefited from the coaching provided by Lennon. But no one more so than Prestwick-born Forrest, who was immediately identified as a raw talent ready to be unleashed on the first team. Had Mowbray survived longer than his 10 tortuous months, who knows how Forrest’s career path would have unfolded. But, given his opportunity by Lennon, the precocious youngster at once confirmed that, if you are good enough, you are old enough, and that the new man at the helm could spot a player. Now Lennon is looking to the club’s nursery to see if there is any more blossoming talent waiting to be moved into the hothouse of the first team. The club’s Under-19 side have just been crowned champions for the third year in a row. And, with Forrest’s story as their inspiration, there is every incentive for the young Bhoys to become men. But, Lennon – who has already given Dylan McGeouch, Filip Twardzik, Marcus Fraser, Callum McGregor and Paul George a taste of the big time this season – knows timing is all important if they are to have their progress is to be managed properly. It’s just one more reason why he would like to see the SPL title wrapped up this weekend so that he can give the Hoops fans a glimpse of what might be the future. He said: “We would like to give the younger ones a bit more playing time. But, just at the minute, we can’t. “If we can get over the line soon enough in the league, then I will be looking to blood some of the younger ones and give them not just one game, but maybe two or three to give them that experience. “We are delighted with the progress they are making. Chris McCart and the guys at the academy level have done a fantastic job, and we are really pleased with the next bunch coming through. “We are not going to get three and four in at a time. But, if we can get one or two in a season, that’s a fantastic return.” With millions committed to the scouting and development programmes at the club, the pressure is on to ensure a conveyor belt of talent is in place. But Lennon appreciates that you can’t force through quality, and that it has to be given time to flourish. “There may be seasons where we don’t get any through, where we don’t feel some of them are going to make it at this level,” he explained. “There is no shame in that.But I think there are one or two who will come to the fore in the next couple of years.” If any of the current crop prove to be as good as Forrest, it will be a tremendous bonus for the club. The manager acknowledges what a special talent the winger is, as confirmed by his ultra-quick promotion to the full Scotland side. He was brought through carefully, not least because of a few physical issues which had to be managed by the medical staff and coaches. Forrest is currently missing from action as he recovers from a calf injury picked up in the League Cup final. But Lennon believes it has already been an epic season for the kid, who has played 46 games in this campaign for club and country – compared to 25 last term – and become a first-pick in the Celtic team. He said: “James had injury problems last year with his pelvic area and his hamstrings.The medical team, have worked very hard with him. “So, for him to play 46 games, and to play consistently well for 46 games, is testament to the boy. I think he has been one of the best players in the country by a long, long way. “He’s a wonderful talent and he has had a wonderful season.”
JAMES FORREST is battling to recover from his calf injury in time to help Celtic clinch the SPL title at Kilmarnock on Sunday.
It would mean a massive amount to the Ayrshire 20-year-old to win his first championship medal. And it would be fitting if he could help the Hoops achieve their goal at Rugby Park – because that is where he sparked the turnaround in the club’s fortunes back in October. Celtic were 3-0 down to Killie at half-time, and Neil Lennon later admitted he feared for his job if they had gone further behind. But, inspired by a tremendous second-half performance from Forrest, the Hoops fought back for a draw to kick start their revival. Now the same venue could be where they cross the winning line in the title race. And, having had to sit out the first opportunity to seal the deal at Ibrox a fortnight ago, due to an injury picked up in the closing minutes of the Scottish Communities League Cup Final, Forrest is desperate to be involved on Saturday. Initial scans showed no bone or ligament damage to his right leg, and Lennon was hopeful he might be fit in time to line up against St Johnstone last weekend. But the recovery has been slower than predicted. So a second set of tests were booked, and the result of these will determine when Forrest can get back into full training. The youngster admitted being sidelined at this crucial stage of the campaign is frustrating and said: “I was gutted to miss the Rangers game because it was a big match. “It would have been good to have played in it, but these things happen. I have been taking it each day at a time. There’s not much else I can do just now. I don’t want it to drag on, and it has been getting a lot better.” Forrest was clearly in enormous pain when he picked up the injury, the result of a heavy tackle as the Hoops chased an equaliser in the League Cup Final. With all three subs already committed, he had to remain on the field, even though he was in severe discomfort. Forrest left Hampden with his right ankle protected by a moon boot, and said: “I took the kick at the end of the final, and since then it’s been sore to walk on. I hobbled about the park until the end because I couldn’t run on it. I could barely walk. “I’ve been trying to rest it and it’s just a matter of waiting and checking on it every couple of days.”
Paul67,
Are you having a Graham Poll moment? I make that Kojo’s second yellow!
jude2005 is Neil Lennon \o/ on 4 April, 2012 at 13:37 said:
Daly is 29.
The only SPL players i’d sign would be Russell and Mackay-Stephen
jude2005 is Neil Lennon \o/ on 4 April, 2012 at 13:37 said:
No bad at CH as well!
Just saying like
I would rather we went after Jamie Carragher for a year. He would be great to nurture our young CB pairing of Rogne and Fojut.
Well before Christmas, someone claiming to be a Leeds Utd. Supporter made a few comments on rangerstaxcase.com. re what happened to his club. There was some reference to hitherto unknown creditors (with a strong ken bates connection IIRC) who swung the vote in favour of a CVA.
The rtc discussion occurred at roughly the same time as stv announced their partnership with rangers (ia).
Craigwhites optometrist…
Thanks for the info. Lokking forward to it!
The making of LA Woman was a very interesting documentary. I thought it was great. Need to see if I’ve still got the software to record from iplayer and if I can work it this time!
The future does seem to be very very bright for us:
Paul George
Ibrahim
Dylan
Fraser
Tony Watt
Twardzik bros
Atajic
Have heard a lot of glowing reports about Jackson Irvine as well.
Then when you think of the average age of the first team squad.
Lets just hope the Huns are removed from the equation and we can give them all the breathing space they need to development…without all this obsession to constantly win we have now.
Jimtim.
This isn’t advice,but when I went to Poland a couple of years ago(I know Poland is a different country to Romania)But my good friend Zbyszek advised me to wait until I arrived in Poland to purchase the currency of the country,I would advise you to query the exchange rate in Romania,you can do this on-line, or speak to Zbyszek here on CQN,he will be more than likely to help you with the advice you require.
More importantly,Are you entertaining us with your company at the CQN golf tournament this year at Aberdour.
Wonkyradar
I think we could use his craft and guile to help those you mentioned.
Starry makes a great point, if we had the Kris Commons of last season this conversation may not have been necessary.
Until we meet again…
Keep the Faith!
Hail Hail!
1Tkt for the killie game this saturday for sale phone 07572349224 after 6pm
WARNING – Miserable old git curmudgeonly post coming up……
Sunday I was going to treat myself to a pie and bovril.
Eyesight not brilliant at the moment so I stood in the queue for the whole of half time only to find out that they wanted £4.10…..FOR A PIE AND BOVRIL
The polis ushered me back to my seat explaining that the fact that ‘Brother Walfrid would be spinning in his grave’ was no excuse for asking Peter Lawwell for a square go.
I said I would have asked him for a square sausage but couldn’t afford it.
Hail hail
Estadio
wonkyradar on 4 April, 2012 at 13:42 said:
Atajic is returning home to Malmo onc his contract ends.
Afternoon all!
Good post Paul67.
On another point, does anyone have an inkling of the message that the team will have on their t-shirts when we win the league on Saturday? (oh yes we will win)
I know a lot of fans would like a Hun based comment but i would rather we didn’t. Enjoy our moment in history and forget the end of theirs on the day. A message of support to Neil/Stan/ maybe?
Thoughts?
HH
NeilR at 13.04,
I read your post and I agree wholeheartedly with everything you said.
I don’t believe Kojo’s post can definitely be described as racist. Also, I strongly believe the people that don’t like Kojo are desperate for it to be considered racist unilaterally.
I’m not Kojo’s biggest fan at all, but I’ve got to say your post sums up exactly how I feel. Fair is fair and I don’t think some people are being fair and / or objective re Kojo’s post.
Hail Hail
Roccobhoy