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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Sometimes we need to ask ourselves some basic questions
What is it that says to a woman…..”This is the man that I want to spend the rest of my life with?”
“How have we made it past the wooly mammoth stage?”
“Who said that the male is the natural breadwinner?”
“Are we really suitable as role models”
Mind you I like some of these and can see their aesthetic attraction and funcctional brilliance. This explains a lot about me probably.
Anyway thanks to Houl Yer Wheesht for the pics.
The child is in deed father of the man
Hail hail
Estadio
starry plough
The telling think is that CW set up a debenture with a “related” company to protect the assets of The Rangers Football Club Ltd. It’s only asset is the 85% shareholding in RFC Plc.
Nothing can happen to RFC Plc without his say so.
Mort
Avocado,
Interesting letter.
On official paper,bits about ”you can contact me via my office’ , and an SNP e mail address, but , he claims to be writing in a personal capacity.
I don’t have a problem with the guy , trying to help his club in a personal capacity.
Nor, do I have a problem with him doing so in a professional capacity, although others might.
I do, however, have a big question mark over helping in a personal capacity, but using paper, resources etc .
seventyxseven ‘gelee et glace’ on 5 April, 2012 at 09:32 said:
Aye Mark yous kin awe wave yer wee red cards and say naw yous don’t you naughty Liquidators, I’m sure that’ll work.
Orc fans united in their stupidity!!
Avocado on 5 April, 2012 at 09:19 said:
Where did you get that letter ? ….. Dynamite….. Has it been shared with PHIL, RTC etc ?
Clashcitybhoy on 5 April, 2012 at 09:34 said:
He is using his Political Position to interfere in the process.
If he were not, he would write without reference to his role.
Desperation knows no camouflage.
Ernie
You’re not referring the the Bollywood Mogul are you?
Re the letter
http://forum.rangersmedia.co.uk/index.php?showtopic=216042
Top of the morning to you all from Fife. I think that the bright-blue skied, but bitterly cold weather was what Eric Bogle had in mind when he wrote about a “diamond-hard morning”.
Great to look at the snow-covered Ochils to the North and the similarly dressed Pentlands in the South. That is great when you have a mug of Java in hand and the heating up at max.
What will today reveal I wonder?
Politicians telling lies?
Masonic referees cheating the tax-man?
Rangers out of administration by the end of the seson?
Stop it my sides are aching from all this hilarity!
67Heaven … I am Neil Lennon..!!..Truth and Justice will always prevail on 5 April, 2012 at 09:37
Just found it, when sniffing around.
Mort
Whyte gave up control/ownership of Rangers when they went into Administration.
Scottish Media CSC
The SFA are entitled to ask if the person breaches their Articles 10-13, but these simply ask if he is a fit and proper person, if he’s ever suffered from a mental disorder, or if he’s listed as an official of another club.
Surely this could be construed as being discriminatory.
“Mental disorder”, covers a wide spectrum of conditions.
Sadly for Rangers, megalomania seems not to have been a barrier.
jock steins celtic
He gave up control in terms of his directorship. he’s still a director but day to day running of company passed to administrators.
His ownership hasn’t been affected, neither has that of the other 15% minority shareholders who will include quite a number (4,000 I think) regular Rangers supporters who bought shares.
Mort
Coneybhoy @ 09:17 ,
apologies.
a bit of confusion maybe . The Kano Foundation EOS Night takes place on 28th April (the night before the Glasgow derby).
For anyone who is over/up/down/around for the game , you could do worse than coming along to Celtic Park to The Kerrydale Suite and joining up to 400+ fellow supporters of The Kano Foundation..
Tickets are £25 and details from eos@thekanofoundation.com
Sanna
If you were a foreign consortium looking to buy a football team in the UK, presumably for investment reasons (why else?), why would you choose a poisoned chalice such as Rangers, a team playing in a football backwater with little hope of making any money?
Surely one of the English clubs currently for sale would provide a much better investment?
This will come across as rhetorical but I genuinely would like answers if possible.
1. How can D & F “sell” Rangers without Craig Whyte’s consent?
2. If as I believe Craig Whyte “owns” Ibrox and Murray park, what is being sold?
Super Sammy an avid Rangers fan came home from the pub late on good Friday evening stinking drunk, as he often did especially on Good Fridays but this time he was laden with woe and anxieties due to his clubs circumstances he almost wished he was dead, ruefully he crept into bed beside his wife who was already asleep.
He gave her a peck on the cheek and fell asleep.
When he awoke he found a strange man standing at the end of his bed wearing a long flowing white robe.
“Who the hell are you?” Demanded Sammy, “and what are you doing in my bedroom?”.
The mysterious Man answered, “This isn’t your bedroom and I’m St Peter”.
Sammy was stunned “You mean I’m dead!!! That can’t be, The Newco will happen with a Russian Oligarch in charge throwing millions at the club Keith Jackson and James Traynor said so and I haven’t said good-bye to my family…. you’ve got to send me back straight away”.
St Peter replied “Yes, you can be reincarnated but there is a catch. We can only send you back as a Catholic or a hen.”
Sammy was devastated by his choices, but knowing there was a farm not far from his house, he asked to be sent back as a hen. A flash of light later he was covered in feathers and clucking around pecking the ground.
“This ain’t so bad” he thought until he felt this strange feeling welling up inside him.
Neil the farmyard rooster strolled over and said, “So you’re the new hen, how are you enjoying your first day here?”
“It’s not so bad” replies Sammy, “but I have this strange feeling inside like I’m about to explode”.
“You’re ovulating.” explained Neil, “Don’t tell me you’ve never laid an egg before”.
“Never” replies Sammy “Well just relax and let it happen”.
And so he did and after a few uncomfortable seconds later, an egg pops out from under his tail. An immense feeling of relief swept over him and his emotions got the better of him as he experienced motherhood for the first time. When he laid his second egg, the feeling of happiness was overwhelming and he knew that being reincarnated as a hen was the best thing that ever ever happened to him…ever!!!
The joy kept coming and as he was just about to lay his third egg when he felt an enormous smack on the back of his head and heard his wife shouting:
“Samuel, wake up you drunken bas*ard , you’re sh*tting in the bed!”
just read
HUN FANS BOYCOTT IF LIQUIDATED?
silly huns
HH
celticinthesun
D&P are still doing Craig Whyte or maybe Ally Mc Coists bidding …. why else would they refuse to pay the Arabs yet still pay ICT and Dunfermline or are they masons too.
Hail Hail
Awe Naw
“Fry up.”
Far East consortium bid is a sweat shop – stitch up.
German bid is a sauce company – ketch up.
American bid is a tobacco company – roll up.
Blue Knights bid is just people interested in football – balls up.
celticinthesun
1. How can D & F “sell” Rangers without Craig Whyte’s consent?
Technically they can’t sell his (or anyone elses) shares in the company. They can sell individual assets of the company provided they aren’t secured by a charge i.e. debenture.
All they have done is invite offers and when they select a preferred bidder, they will ask CW if he wants to sell.
2. If as I believe Craig Whyte “owns” Ibrox and Murray park, what is being sold?
Million dollar question. No one knows whats secured but its a fair bet he has these assets secured.
Mort
The Battered Bunnet, 09:02
Could you tell me where you got your figures? If not here get my email from Paul
Would be interesting to see what kind of people would be interested in our club if DD decided to sell his shares. Reckon there would be more than 4 options. Alot more!
Serge
Sent you email looking for postal address for the strips.
jc2
Thanks mate will reply to you now. HH
.
Mort..
Do You have..or Know where to get the Percentage to Games Started to Games Won for the Celtic Squad..
If You tell me where l can find it I’ll get it..
I know Before Sammi was Dropped/Not Picked for 2 Games we Dropped points last Month he was on 94%..it Would be interesting to See all the Stats for the Squad..
Cant remember Who posted Sammi’s %..Up-Over-Goal..?
Summa
Awe_Naw_No_Annoni_Oan_Anaw_Noo on 5 April, 2012 at 09:59 said:
Hilarious my man :)
Awe_Naw_No_Annoni_Oan_Anaw_Noo on 5 April, 2012 at 09:59 said:
Very funny ..
Starry Plough & Mort.
Thanks for both your inputs.
As far as I can see,The Whyte Knight still owns Rangers,and everyone interested in the buying must go through The Whyte Knight,love that name for him.
I’m sure Phil etc are on the case now to UEFA regarding that letter.
MP’s going all out to help the tax dodgers but I’m sure once UEFA see that letter the games a bogey.
Smoking gun as Phil would say.
Raff
The figures are public domain, extracted from Rangers’ annual reports through the years.
Mort
Thanks.
A good clear answer as always.
3/ Why would anyone buy a business that has a £50m tax liability hanging over it if liquidating it first wasn’t the plan?
That was rhetorical.
Gents anyone willing to send me strips to take to Jordan can get my address at serge78@hotmail.co.uk, Thanks.
Sftb
Self preservation will instinctively make judgement kick in but there it is not a matter of will, its in the DNA , but yes there are levels of judgement. However at the cognitive level we have the choice and there the Serenity Prayet plays a role.
God give me the serenity to accept the things I cannot change,Courage to change the things I can, And the wisdom to know the difference
On Antifa I too decided to leave his judgements (of everyone) in his head whilst noting he judges himself a good man. On such a basis much wrong can be justified.
Now we are in a new tax year, does the not paying Vat or NI on time change the status from being late, to illegal ?
.
AuldHeid..
wisdom to know the difference..
Well Said..
Summa
hen1rik………………just logged on ………………whats this about mps and this letter
new article posted.