For three months a charade took place, where Craig Whyte – who is and will remain owner of Rangers until they are finally ‘flushed away’, Duff and Phelps, The Blue Knight(s), Bill Miller, Charles Green, several members of the accountancy profession who should have known better, and some of the Fourth Estate, who clearly didn’t know better, all told you Rangers were likely to achieve a CVA.
As we (and several others) told you, a CVA was never, ever, going to be accepted by HMRC. A cursory glance at the HMRC web site would confirm that. Once Alex Salmond had his wings clipped, that debate was over.
The charade was a distraction. There are many other distractions available today and they will multiply in the days to come, but I reckon if you’re looking for the critical path on this one you should keep an eye on Lord Carloway. The chair of the SFA Appellate Panel is worth listening out for. Say his name in hushed tones, better still, abbreviate. Even the mention of LC will cause anxiety and distress, for some.
[calameo code=000390171589b022d8848 lang=en hidelinks=1 width=100% height=500]
1,566 Comments- Pages:
- «
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- ...
- 42
- »
SSN: Brian Kennedy back on the scene with the bloo nights! he may compete against Cee lo Green.
Ally arrived at brokebusters for a briefing: ‘Car keys Ally’ left as a passenger.
Phrase of the day: ‘They deserve to be punished….but’
When does the big padlock go on the gates of the Big House?
HH
The only link oldclub and NEWCLUB will have is the name “Scotlands Shame” tainted till eternity .
Thank you (S)dm, Craig Whyte , Cambpell Ogilvie and all the directors who looked the other way over the last 20 years.
HAIL HAIL
Inverness chairman Kenny Cameron has pledged to consult fans over a newco Rangers application.
Cameron refused to make a “snap judgment” over any newco bid to acquire the Scottish Premier League share of Rangers, who are on the road to liquidation.
And the Caley Thistle chairman expects the SPL to call a meeting to update clubs on the situation after previously being convinced by Duff and Phelps, Rangers’ administrators, that such a scenario was unlikely.
Duff and Phelps have signed a £5.5million newco purchase deal with Charles Green, whose Company Voluntary Arrangement proposal fell short of the needs of Her Majesty’s Revenue and Customs.
All 12 clubs would vote on any application and could create sanctions for the new club after rejecting proposals for fixed penalties last month.
Cameron said in a statement: “It is never good to see a Scottish club going into liquidation and it is a pity that Rangers have come to such a position.
“As to what happens now at SPL level, as far as our own club is concerned this is a time to consult and to take stock.
“In the first instance we will sit down as a board and consider what the various potential outcomes are and how the different scenarios may play out.
“Following that we will be consulting with our fans through our supporters trust, as we have done previously on many occasions.
“I would expect the SPL to call a meeting of all the clubs very shortly to appraise us of the current position, at our last all-club meeting we were virtually assured by the administrators that liquidation was not on their radar following discussions with the leading creditors, but as we now know this was not the case.”
jude2005 is Neil Lennon \o/ on 13 June, 2012 at 13:22 said:
lol….good point
optimistic little soldier on 13 June, 2012 at 13:35 said:
If no team resembling the old, dead, extinct Rangers is in the SPL next season, be prepared for the worst. I mean, if you think the referee decisions of recent years are attrocious, be prepared for a whole new level of Honest Mistakery
============================
I’ve spotted the sarcasm in your blog name!
Apologies if posted before but this is worth another mention….
The Glorious 12th:
Last owners: Green & Whyte
Last signing: Selik
Last nail in the coffin: The Queen…
So ICT are saying they were “virtually assured” by D&P that CVA would be secured??!
Outrageous! Looks like they planned to get as far into close season as possible, trying to convince everyone that everything was going to be ok, so that when the time came, it was too late to do anything about them.
Get. Rid. Now.
neveralone:
Yeah, I’m not little (nudge, nudge)
I’ve not read back so forgive me if this has been mentioned already but I’ve heard a bit of discussion about how we should refer to NewRangers 2012.
I feel that whatever emerges from Ibrox bearing the Rangers name either next season or whenever, should be referred to as NewCo for all eternity. It is a name already in the public consciousness and will be a constant reminder to them of the fate they have suffered. Furthermore nobody can claim it is sectarian or offensive.
So, be it on phone-ins, pub chats, anywhere, never miss the opportunity to call them NewCo and never call them…you know..what they used to be called before they died..
From a poster on RTC
The BBC have just put up an article with quotes from BDO’s Malcolm Cohen
“It’s important to understand that the appointment of liquidators will not mean the end of football at Ibrox – only the end of the company that ran the club,” said Cohen.
“The liquidators will seek to protect any remaining assets, maximise recoveries for the benefit of creditors and investigate the reasons behind the failure of the company.”
Administrators Duff & Phelps plan to transfer the business to a ‘newco’ set up by Green in the next few days.
Cohen continued: “Once this is done, BDO will determine what can be recovered from the remains of the existing company.
“It is right that there is a full and robust investigation into why the company failed, together with concerted efforts to recover monies for creditors and the taxpayer.
“This may include pursuit of possible claims against those responsible for the financial affairs of the company in previous years.”
Anyone reading that would be led to believe that BDO are allowing the sale of the business to a newco to proceed unhindered. However, read it closely and you will see that the sentence regarding the sale of the business is NOT a quote from Cohen, but has been inserted at an appropriate point by the un-named writer.
Someone at the BBC is deliberately misrepresenting Mr Cohen’s statement. Now who would have thought that could happen
Now i wonder who would do such a thing, eh Chris?
Is Chucky violating the law by threatening the Hun players with breach of contract when he 1) does not yet own RIL, and 2) RIL no longer hold the players’ contracts?
“The word around the corridors of ibrox is that 6 or 7 million will do a deal with HMRC, then everyone moves on”.
@Darrell King, SSB, Feb 2012
Tribute band
The village people
(whY)CVA
What is it with all the hun directors?
Not another one claiming he was duped?
kingsnake – Is Chucky violating the law by threatening the Hun players with breach of contract when he 1) does not yet own RIL, and 2) RIL no longer hold the players’ contracts?
No. (thumbsup)
Embdy?
Does Lord Carloway’s named gang still get to sit and hear the referred appeal?
I want to know! So does Mr Green and his heavily caveated proposal for newco! So does FIFA I presume! So does old father time, who stops for no one!
Everyone is ‘moving on’, back to Gregg’s for funeral baked meats.
And over the grave, as the casket of RFC1872 was lowered into the ground, heads were bowed as a dignified 21 rivet gun salute was fired.
interesting piece on this website
http://www.personneltoday.com/articles/2009/07/07/50077/tupe-and-insolvency-interpreting-the-regulations.html
(from a google search)
key paragraph is this one , I think:-
“Going concern
The 2006 revision of the Transfer of Undertakings (Protection of Employment) Regulations (TUPE) places greater emphasis than the 1981 version on the rescue and sale of businesses as a going concern. Whether employees transfer to a buyer under TUPE will depend on the type of insolvency proceedings the organisation undergoes.
Insolvency proceedings fall broadly into two categories. In the case of companies that have no hope of continuing as a going concern, bankruptcy and any analogous insolvency proceedings set out to liquidate company assets, under the supervision of an IP.
In these circumstances, employees will not automatically transfer to the buyer of the business under TUPE. For example, in a compulsory liquidation the employees are automatically dismissed on the appointment of the liquidator and their only recourse is a claim for wrongful dismissal against the employer now in liquidation.
This claim will be owed as an unsecured debt, not as a preferential debt like unpaid wages. In reality, this means claims go to the back of the queue, with little chance of receiving compensation. “
Ten Men Won The League on 13 June, 2012 at 13:48 said:
Well spotted Mate took me many reads of that to get it, the MSM won’t give up with their campaign of misinformation.
There’s a long way to go in this story yet.
We as Internet Bampots must remain vigilant!!
Hail Hail
How bad is STV news? Biggest footy story ever gets 20secs as the final item………….Alan Cummings new MacBeth get an earlier and longer slot ;-)
Anyone thinking that the ‘done deal’ of sale of eyepox to Jackanory Green should consider what AT has on his latest blog:
_____________________________________________________________
Not only that. There are wide powers to investigate and take actions against directors including –
– Wrongful trading: directors can be ordered to make a payment to the company if they continue incurring debt at a time they should reasonably have known the company could not avoid going into liquidation.
– Transaction at an undervalue: where a director has caused an asset to be transferred to a connected party for less than its true value at a time when the company was insolvent, the asset can be transferred back to the company or the person benefitting can be ordered to compensate the company. An example would be a director buying his own company car for £1.
_______________________________________________________________
Th battle over the carcass of RFCil has not even started. It is sure to be a titanic struggle. Lawyers must be rubbing their hands with glee.
Re Liston. My grandfather met Liston when he visited Scotland in (I think) ‘ 63. He said he was a man-mountain, he couldn’t imagine anyone hurting him. He asked Sonny about that new fighter, Clay. “I own a piece of Clay” said Sonny. Interesting, but in the great scheme of things I don’t think that alone would have made the difference. Then again, I’m no conspiracy theorist. Elvis is dead, and Craig Whyte is a genius.
The new mantra from the deluded is: “The SPL will not survive without ‘Rangers’.”
When this line is trotted out by anyone it is worth remembering many of the same folk said:
“If Rangers ever sign a Catholic the club is finished – no one will go to watch them.”
“There is no tax case – it’s just deluded Celtic fans who hate our club more than they love their own that are saying it.”
“Craig Whyte is a billionaire.”
“Rangers will come to a deal with HMRC.”
“Rangers will never be liquidated – the club is too big to go under.”
They were wrong every single time – and they will be proved wrong again.
leftclicktic
The word round CQN is that Darrell King is Laptop Loyal Nugget…
starry plough@13:59
In fairness it wasn’t myself who spotted it, but a Hearts supporting poster on RTC
I agree they are trying to make out that the Green ‘bid’ for the assets is a done deal and legally binding
It most certainly isn’t. D+P tell nearly as many porkies as Our Hero
This is funny…
Duff& Phelps said it so it must be true , aye right !! http://pic.twitter.com/CQif8dDK
Retweeted by RhebelRhebel
Im just amazed wee dawyll can type whilst greetin at the same time! hh
Can not believe this all happens when i am on hols… so having a brilliant time sitting in a grotty intertnet cafe, rather than under the Tuscan sun. the other internet users are looking and wandering why I’m laughing out load at the newspaper articles.
Thanks Paul for all your work over the last few years.
My granddad would be 100 next month, and I’ll rise a glass to him when the days comes. he loved the Hoops, but he didn’t see this coming.
Ciao
CB
FORMER SPL chief executive Roger Mitchell today called on the SFA to make the decision on whether or not to reinstate Rangers newco to the top flight.
The SPL chairmen and chief executives will vote on whether to allow a newco back into the division straight away – or force them to start off in the Third Division.
But Mitchell believes they are compromised and the final say on the crisis-hit Ibrox club should be made by their colleagues at Hampden.
He said: “The chairmen have the bank manager on their backs. They have also got fans on their backs now. They are caught between a rock and a hard place. It is an invidious position. It is so difficult it should be taken out of their hands.
“The SFA must step up with some leadership and take this decision away from the chairmen who are absolutely compromised in this. It is a no-win situation.
“I think Charles Green will use all kinds of incentives to sway this vote. I don’t think it should be left to the SPL chairmen.
“The situation with the SPL is dramatic. The season is supposed to start in about six weeks. The TV games need to be chosen.”
Mitchell doesn’t believe Charles Green should automatically gain control of Rangers newco and wants to see other interested parties allowed to bid for the Glasgow institution.
He added: “What should happen is that Rangers should go to the Third Division, like Napoli, Fiorentina and even Juventus, go down with humility and with contrition, cleanse their brand, concentrate on Scottish players for three years and come back stronger. Everybody would respect them for that.
“I don’t think it will happen. I think Charles Green will offer all kinds of incentives on voting rights, shares of money and the like to make sure he gets the votes he needs.
“We need leadership now. The fact is there isn’t any leadership. Stewart Regan is new to this and maybe he has the freshness needed to come in and say: ‘This has gone on long enough. I want to know who is running Rangers, I want to know what their interests are and whether they are the best for Scottish football’.”
Afternoon, well it finally happened Liquidation , we must now focus on ensuring the pressure is on to prevent New Club entering the SPL.
Question I have why are the SPL board not reviewing Rangers in Admin soon to be Liquid plan for next season together with previous years accounts, the extension is end of week to provide the required information to meet 2012/13 SPL criteria. As they have no accounts or fiscal plan worth reading they are relegated and Dunfermline or Dundee get the place dependant on how the rules apply.
Now they are in the SFL Div 1 again they are asked to show their accounts and business plan , if still not available demoted to SFL 3rd division, same as Gretna and Livingstone.
If Rangers in Admin soon to be Liquid can’t fulfill fixture due to liquidation then the SFL div 3 have a vacancy and all eligible clubs can apply , mr green can then try and get his newly established club entry or maybe not.
is this not how it should be done if only the SPL board had the balls to aply their rules and regulations without fear or favour.
starry plough on 13 June, 2012 at 14:08:
To be fair their history is about to be altered considerably – despite liquidation.
Celtic, Aberdeen, Motherwell, Dundee Utd, Ayr and Queen of the South are all about to have their history altered as well … but in a positive way.
‘Elvis is dead’?
I hope that’s justy a nasty internet rumour because I kno for a FACT that Cee Lo Green has him down on his Big List of Billionaire Investors.
Ole Charlie Bhoy is now saying that he has lost investors because of failure of CVA
as far as I am concerned I hope that Charlie does get them for 5.5m
he will cause the most damage to them
The msm are running scared because some of them may find themselves in the dock as co-conspirators in all the criminal fraud [allegedly] that has been rotting Scottish football,which has been patently run for one club and one club only.
That club is now dead.
Welcome to the new version of that toxicity. The old fawning over the new entitlement club of the masonic establishment will begin in earnest quite shortly.
For the msm equals the hydra.
Always new acolytes to praise the anointed ones.
This time around they must not be allowed to think that it’s all going to be business as usual. It’s not.
Bury rfc(dead) face down. That way they’ll have a long way to go before resurrection.
What’s the difference between Rangers and a dead clown?
Rangers smells funnier. (thumbsup)
Salmond at Leveson – if you can stand it
wonder if he’ll talk about financial mis-management
leftclicktic on 13 June, 2012 at 13:49 said:
“The word around the corridors of ibrox is that 6 or 7 million will do a deal with HMRC, then everyone moves on”.
@Darrell King, SSB, Feb 2012
……………………………………………………………………………………………………………..
Oh aye right!! Why dont they use all that money they’ve got in that Fighting Fund malarky thingy majig then
HH
ZKS