Football debts and non-football debts are often dealt with differently by club administrators. Un-secured creditors generally have to wait in line but a football club has a different mechanism to regain lost income.
Rangers FC PLC (in administration), as the excellent Paul McConville informed us the club should legally now be referred to, owe money to Dundee United for the recent Scottish Cup game, Hearts for the transfer of Lee Wallace and Dunfermline for tickets for last Saturday’s league game. All three clubs have recourse to the SPL and SFA if the administrator hangs them out to dry, but they will not be the most pressing concerns for Rangers FC PLC (in administration).
Inverness Caledonian Thistle are due money for tickets provided to Rangers FC PLC (in administration) for their match at Inverness later this month. Rangers FC PLC (in administration) have sold tickets for this match and will, presumably, continue to do so, however, the administrator will have to decide on a course of action:
Pay Inverness or withhold the money for other purposes and ask the club to admit their fans without payment.
In this instance, other purposes would be: payment of their administration fees, payment of other creditors, payment of footballers to face Inverness.
How Rangers FC PLC (in administration) deal with Inverness will be an early concern, but our old friends Rapid Vienna, who are due the final payment of the Nikica Jelavic transfer, will complicate matters further down the line. Their recourse will be to Fifa, who ensure transfer fees are paid, without reference to administration or even a prepack liquidation.
The concerns Celtic Quick News first raised in October about a prepack fait accompli being offered to the SPL now feels less threatening.
One final push (this week) for the Vanessa Riddle Appeal. We have a Celtic top signed by the first team squad available to auction on eBay. You can bid on the auction and help send Vanessa for the treatment she needs by clicking here. Thanks to Penfold for the donation and to Taggsybhoy for organising (yet again).
If you would like to read CQN Magazine online (for free), click here. You can download a pdf of the magazine using the button at the top of the page, second from the right. Click on the link below to order a hard copy of the magazine.
You can support the online edition by making a discretionary donation here.
415 Comments- Pages:
- «
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- »
Off topic-Anyone know which form you fill in when going to the U S? I think it is the form which used to be a Visa.Thanks in advance.
The Token Tim says:
15 February, 2012 at 14:08
There was quite a lot of chatter and twitter this morning about Aberdeen, Hibs and Dundee Utd being against the newco idea, nothing definite as yet.
Hx2
Nice to see James Forest writing so passionately once again on ‘Breaking Bad’
blantyretim says:
15 February, 2012 at 13:40
Lee Clark sacked by Huddersfield
strange decision IMO
Wolves do you think?/
South of Tunis…….whaddaya mean? Badda Bing! Badda Boom!
Yogiy:
The best show ever made mate hehe.
I’d be very, very wary of any suggestion that the history books rewritten and the huns stripped of titles.
I suspect this will be the penalty suggested for a newco huns immediate entry into the SPL.
Unlike any other possible penalty it will have no effect whatsoever on their ability to compete on and off the field.
It will also be entirely meaningless. The huns will still believe the titles are rightfully theirs. It won’t affect them at all.
South Of Tunis says:
15 February, 2012 at 14:13
My preferred option is to find something big and stick behind it.
Bada Bing, the form your looking for is called an ESTA. Costs about $15 I think and lasts for two years.
Ibrokes legned receives the devastating news that he is the first to be released by the administrators:
http://i44.tinypic.com/dob4m1.jpg
All these non-celtic fans coming out and speaking against a Newco!
Maybe living here in Falkirk has blinkered my view of other teams fans, (Rangers fans without the bus fare!) apart from Aberdeen and Hibs guys, the rest are a surprise.
Almost like the end of the film ‘Its a wonderful life’
We may have thought we were ****** against the wind, however having our open door policy to all ‘football’ fans in to ‘our’, well Paul’s site! the more we are hearing ‘no to Newco’.
Its very up lifting! We are not alone in this fight.
With so much distance between clubs, can a protest be started at all the next SPL games, after say 30 mins, everyone have 2 minutes of a protest song?
Would ‘jelly and ice cream when rangers die’ count as a protest song?
Anyone heard from wee drunken sot leggit?
He was still bummin up Craigy boy last week:O)
Life is sweet.
Whom the Gods wish to destroy they first make mad.
Whilst Liverpool’s achievements, over a quarter of a century and more between 1963-1990, are part of footballs folklore. It should be remembered that in 66-72, when Shanks couldn’t see by the group of players, who originally catapulted Liverpool into the spotlight. The mighty reds won hee-haw.
Somehow I dont see that state of affairs being tolerated at Ibrox whilst `the little general` is in charge. And that is the way it should be. There is no room for sentiment in football. And that is not a modern view of things, by any means.
For those of you who want to bask in the glory that was last season, buy the video, crack open a bottle before the new season starts, watch it all again and then forget it.
The season ahead is shaping up to be one of the most important in our history. Super colossal just about sums it up. And on two fronts at that.
First off, Europe. There is absolutely no doubt that this is the place where we belong. In with the big boys. And progress is being made. Advancement in this area year on year will probably be a determining factor in whether DA feels it is worthwhile staying longer than his present contract.
But do we forsake the League title for the pursuit of European glory? After all, the Chairman in his wisdom said at the start of last season, that he would gladly sacrifice the title in exchange for European success and was roundly condemned by the fans.
Since then Van Br has said much the same and even DA has been quoted as being in the same frame of mind as the Chairman. I would urge them all to think again.
Quite simply European football at this moment in time is hooked, rotten to the core. At present it is well nigh impossible for us to win the big one. (Not that weve ever really been that close before)
Man Utd winning it in 99 was bad enough, but if anything, Real Madrid lambadaing off with the prize this year was even worse. How can you play a team 4 times in a cup competition lose to them 3 times, yet still go through to the actual final at that teams expense? Corrupt doesnt even begin to sum it up.
And Real Madrid should be a warning to anyone who wants to sacrifice the league, just to have a right good go at the CL.
Imagine miracles of miracles, getting to the semi finals, but at the expense of domestic success? (Too many points have been dropped in the league) Imagine being handily placed from the first leg and then have the second leg at home? This is it. After all the years of pain. This is going to be our year.
And then being put to the sword by one breathtakingly, outrageous, sublime piece of skill, ala Redondo at Old Trafford earlier this year? So our season would be finito, that mob brought back from the brink, because WE didnt give our own league enough respect. I for one, hope that never happens.
I am as desperate for European success as any fan, but for now, making the second knock out phase in the CL is as much as we can hope for. And that is why the news that we are to be seeded at the third qualifying round( which is what is perceived at time of writing) is the best possible news we could have. And it is well deserved too.
I firmly believe that the biggest pressure on us European wise is making the CL sections proper. Getting through to the first phase and then winning our first CL match has to be our immediate aim. And that will do nicely for starters.
But enough of Europe for now. Ever since the league was sown up last season, (Mar 8th) my thoughts have been channelled towards this term. I could well be wrong, but I do believe we are nearing the old firm equivalent of endgame/checkmate/ game, set and match, thank you very much.
It is hard, to see the appointment of ONeill, as anything other than the last throw of the dice for that lot.
For how many years now, have we been subjected to absolute pish that Big Caesar, Brady, (if he has even a fraction of the talent as a manager as he had as a footballer?) the `cappoci man`, ehpopepiousofcelticfootballclub, Dr Dracul (I just loved that accent), and the calypso kid were going to leave Huns trailing in their wake?
Youll notice that I never mentioned `Wim the tim`. Well funnily enough, the curly headed Dutchman, has even got the experts on the septic list, split 60-40, straight down the middle. There are some who believe he won the league purely by himself.
For those who are interested by such things, Jansens stats (head to head) Vs Walter are as follows. Played 5 Won 1 Drawn 1 (thanks to Rowbotham) and Lost 3.
We have to assume that the yahoos will be an altogether more serious threat this time around. Quite frankly (Mr Shankly) they cant get any worse!
As for ONeill? He may or may not be the answer to the depraved ones prayers. But I find it truly astonishing (and delightful) that he spent the first few weeks as manager, commentating at Euro 2000 instead of turning in a 15 hr a day shift at Torbett Towers.
Quite simply, if the roles had been reversed and we had finished miles behind last season. Had saw our rivals strengthen an already far superior squad still further. Had put in a new manager in place, only for him to swan off to an International tourney, then I would be in a white jacket with 5ft sleeves by now.
Our greatest advantage undoubtedly, is the fact that the yahoos are so filled with a hatred of all things Huns FC, that they cannot admit (even among themselves) that we are possibly a halfway decent side. And I f****** love it!
So when we start to pull away from them in the league, the yahoo brain, (or what passes for grey matter) goes into overdrive. The frustration and the poison take hold, and hey presto another manager, the latest green dope, is put under the most terrific pressure.
That lot can sing to the cows come home that they will give ONeill all the time in the world to catch us up. Whos kidding who? Huns winning the league again and maybe this time around, qualifying for the second CL sections will have that lot demanding blood once more.
To sum up my aims for this season? Well, my wee buddy from Cumbernauld says that if we could keep our feet on the yahoos throats for another couple of seasons then `mass` suicides will be the order of the day at Torbett Towers.
As for me? I just hope we are wearing spiky new golf shoes while we are doing it! This is shaping up to be a mega season. Enjoy.
The Govanhill Gub
Anyone else seen this:
Rangers pledges sectarianism as usual
14-02-12
MURDEROUS chant enabler Rangers last night pledged financial meltdown will not interfere with all the hating.
Going into administration could cost the Glasgow giants 10 points in the Scottish ‘Premier’ League, putting them within 25 points of everyone apart from Celtic, but the club urged fans to remain positive and continue thinking up new rhymes for ‘Ratzinger’.
A spokesman said: “As long as there’s a Rangers, there will always be one half of Glasgow wishing the other half dead. Everyone should carry on with their sectarian grudges and post-match domestic abuse as normal.”
The club faces a potentially fatal £49m tax bill while season ticket sales have dropped since a ban on singing songs about being ‘up to one’s knees in F3nian blood’.
Now Rangers officials are to meet with UK Jihad ‘tsar’ Abu Qatada to discuss new ways of making religious hatred more revenue dynamic.
Ideas include blackmailing priests, F the Pope Bingo and an iPhone app that can identify Catholics by measuring the width of their skulls.
Meanwhile, Celtic fans have set up a Rangers rescue fund after realising that without their Old Firm rivals their lives would be utterly hollow. Celtic fan Bill McKay said: “You’ve seen the football. No-one is coming here for the football.”
The Rangers spokesman added: “It would be very easy to play the blame game, but the unavoidable truth is that the inland revenue is now a wholly-owned subsidiary of Opus Dei.”
The club also pledged to continue buying carpet-baggers who couldn’t hack it in a proper league and getting its arze handed to it in Europe by teams with names like Vlodzy Kravnaj.
gerrylentils says:
15 February, 2012 at 13:45
administration is too good for them.
liquidation or bust!
……………..
Craig Whyte is starring in a remake of a classic film
Monte Carlo or Jail!
As well as the outstanding football debts detailed Rangers in administration also owe Dundee United £100,000 for receipts from the Scottish Cup game, GAIS £240,000 for Marvin Celik’s compensation and Palermo are still due money for Dorin Goian.
Why Rangers owner Whyte wanted ‘his’ administrator on site
By JOHN GREECHAN
Last updated at 12:07 AM on 15th February 2012
It was a strange sort of case, with both parties apparently seeking the same verdict. More or less. As Rangers and HMRC fought for the right to appoint an administrator to a club circling the drain, why did the identity of the firm selected matter so much?
Because allowing Craig Whyte to choose a company with which he has a prior business relationship undoubtedly creates the impression of a carve-up in favour of the Rangers owner.
Given that one senior figure at Duff & Phelps was there with Whyte on the day that he marched into Ibrox as the new saviour of ‘his’ club, and considering the leeway available to administrators when it comes to deciding who gets paid what, you can see why HMRC protested.
Their counsel actually told the Court of Session on Tuesday: ‘The position of HMRC is that it is appropriate this company be brought under independent control of some person who has no involvement in this company prior to this date.
The proposed administrators nominated by the directors of the club have been advising the club for six months or more.’
Putting it more bluntly, Ernst and Young football finance analyst Neil Patey told Sportsmail: ‘It’s not good for public perceptions of independence if that company is associated with the owner already.
‘HMRC were careful in their court submission not to imply any impropriety. But it’s about a perceived lack of independence.
‘Why? Because, if they go down the route of trying to reach a Company Voluntary Arrangement, there are a lot of situations where there is no right answer. There are a lot of judgment calls to be made when you are an administrator. The concern is that some of these might be seen to be biased in favour of Craig Whyte.
‘They are professional people, the administrators at Duff & Phelps, and they are working within the statutes and acting as officials of the court, in essence.
‘When you view it that way, the actual identity of the administrators shouldn’t matter. Whoever you appoint, they should do exactly the same job.
But there is a lot of leeway in all aspects of the job, starting with the day-to-day running of the club, working out which costs can be funded and which need to be cut.
‘I suspect they will have to look at the playing staff. If ever there was a judgment call, that’s one right there.
‘When it comes to putting forward a plan that satisfies creditors, starting with Craig Whyte as the secured creditor, they have to work out a fair settlement.
‘So they will be saying to creditors: “You get so much, you only get this much, etc”. ‘They can say what they believe to be the best deal for everyone concerned, but the truth is that there is a lot of horse trading.’
Talk of a quick in-and-out administration deal, with Whyte securing a sweet settlement for himself as main creditor, is pretty much quashed by Patey – who insists that liquidation remains a real threat.
‘Now, the administrator may rule that only debts which have been crystalised – ie, those on the books right now – should make up the whole package, meaning Whyte definitely makes up 75 per cent,’ said the expert.
But that would be challenged by HMRC, who will argue that the major tax case should also be considered.
‘If you come out of administration with that big tax bill hanging over you, you face the same major problems – and will face having to go into administration for a second time.
‘So, really, Craig Whyte will want to clear this up once and for all. He has to negotiate with HMRC over the major liability. The Revenue will be tough. There is a point of principle in what Rangers are doing, and HMRC are not for backing down.
‘They’ve had a lot of bad publicity of late, public criticism because large corporates have been let off with unpaid tax.
‘So there is a public feeling that corporates and wealthy individuals should pay the right amount of tax.
‘I don’t think we should discount the possibility of administration failing to reach a CVA – and that would require the club to go down the liquidation route. That is a live possibility.
‘It’s not impossible to reach a CVA but, looking at the case, liquidation is certainly a live issue.’
Rather bizarrely Lee Clark is now favourite for the Leeds job whilst Simon Grayson has reportedly already had talks with Huddersfield. Looks like a swap??
PFAyr – Would it cheer you up to know that the bed sheet protest was done by the Rangers branch of the ICF and was in fact supposed to be a threat?
Honestly.
Hector is bricking it…..
falkirkbhoy says:
15 February, 2012 at 14:20
All these non-celtic fans coming out and speaking against a Newco
Don’t mean to advertise but I posted some comments from other SPl Forums earlier @13.14
There was me thinking it was Golf clubs, not football clubs that get shafted!!!
Bada Bing
http://www.usaevisitors.com/Visa_Esta
Make sure this is official site ,i.e no payment .
bada,may be small cost now ,sorry.
Awe_Naw – Mr Patey is being very generous there. Liquidation is the only solution unless there is a blue knight with £120m he wants to burn
yogiy says:
15 February, 2012 at 14:14
Nice to see James Forest writing so passionately once again on ‘Breaking Bad’
Started Series 3 last night brilliant.
STV News apparently said that Craig Whyte is still in the UK and hasn’t fled to Monaco. He is in London working on some top secret work and will be back in Glasgow at the end of the week
!!Bada Bing!! Kano 1000 says:
15 February, 2012 at 14:13
Off topic-Anyone know which form you fill in when going to the U S? I think it is the form which used to be a Visa.Thanks in advance.
BB
You need to go to the following site and follow the instructions – straightforward
https://esta.cbp.dhs.gov
Be careful as in true US capitalist fashion there are lots of commercial sites that will offer you exactly the same service at a cost
VertWolf
Bada Bing, I used this site last year to purchase mine, it’s the official US customs and Border agency website.
https://esta.cbp.dhs.gov/esta/
Bada Bing,
This is the official US government site I have used in the past:
http://www.cbp.gov/xp/cgov/travel/id_visa/esta/
I allowed myself a little Gig the other day but I’m saving my Dance for the Day they actually go into liquidation! I Still feel like there’s going to be a sting a tail! Hail Hail!
Silver City ——- 14 17.
Not sure about that —– size does nothing to prevent the I want to stop now therefore I will stop now thing . Very common. Lights / signals —- very rare..
I travelled on a bus from Catania to Siracusa last week. Driver drove one handed for @ 90 minutes whilst talking to his MAMA on the phone. He regularly took his hand off the wheel to light /smoke a fag and change the radio station..—–Stereotypes -eh ?
if HMRC are owed 9 Million in PAYE then Whyte can’t be over the 75% threshold ?
Kojo says:
15 February, 2012 at 14:08
Kojo – that is the best analysis on the definition of “disappointment” that I’ve encountered for many a day.
I liked it a loater.
Poor wee Ally cannot string 3 sentences together without the phrase “to be honest with you”
Well, Honest Ally is no being very honest decribing the current cracked-crest-crisis as a disappointment.
To be honest, I’m disappointed in Ally.
tully
‘working on some top secret work’ !
Of course he is.
These billionaires don’t just invent themselves you kno… I kno for a fact that Craig is expectnig a big wedge of cash from some big hotshot U.S outfit called Lehmann [?] Brothers and everything will soon be tickety boo.
Awe_Naw
‘Now, the administrator may rule that only debts which have been crystalised – ie, those on the books right now – should make up the whole package, meaning Whyte definitely makes up 75 per cent,’ said the expert.
I’d be worried about an “expert” getting something like this wrong.
The administrator is legally bound to work in the best interests of all creditors. for purposes of simplicity, there are 3 main types of creditor:
Those holding a fixed charge debenture which is secured over a specific, identifiable asset – They get preference.
Those holding a floating charge debenture which is secured over all the assets not listed by a fixed charge – This is Craig Whyte, allegedly
Other creditors, ie, those who have provided a service or product and have not been paid yet. – These are football clubs and HMRC.
Crystalisation is simply the process by which a floating charge becomes a fixed charge. It is noting to do with what he is suggesting.
Strictly speaking, it is not possible to enforce a floating charge at all – the charge must first crystallise into a fixed charge. In the absence of any special provisions in the relevant document, a floating charge crystallises either upon the appointment of a receiver or upon the commencement of liquidation. It has also been suggested that a charge should also crystallise upon the company ceasing to trade as a going concern. However, this view is not yet supported by judicial authority.
Mort
Mort
From Paul Mc on RTC;
Paul Mac says:
15/02/2012 at 2:20 pm
0 0 i
Rate This
I’m hearing very little cash has been left to run the club and that as it stands, will be lucky to see the middle of next week.
Anyone else confirm?
RL
Mr Patey doesn´t need to sign anything here … take the money and run
Hail Hail
‘Very serious’ threat of liquidation at crisis-hit Rangers
Financial experts warn Rangers could cease to exist as owner Craig Whyte flew to London, hours after administrators were appointed.
By Mike Farrell
15 February 2012 15:07 GMT
Financial experts have warned that crisis-hit Rangers could be liquidated after plunging into administration over a £9m tax bill.
As concern over the future of the Ibrox club increased, owner Craig Whyte flew to London hours after administrators Duff and Phelps were formally appointed at the club.
Administrators Paul Clark and David Whitehouse hope to make an announcement on the financial restructuring of Rangers in the next 24 hours.
They took over the running of the club on Tuesday after a dramatic attempt by HM Revenue and Customs to get a court-appointed insolvency expert in at Ibrox.
The insolvency firm revealed that HMRC made the late Court of Session move because Rangers owed £9m in PAYE and VAT dating back to Craig Whyte’s takeover of the club last May.
Neil Patey, football finance expert with Ernst and Young, told STV’s Scotland Tonight programme on Tuesday that the unpaid HMRC money could jeopardise any attempt to a creditors voluntary agreement to bring Rangers out of administration.
He said: “I think it [liquidation] is a very serious possibility. The administrator needs to reach agreement with 75% of the creditors by value. We know that HMRC are a major creditor, but the administrators will need the agreement of HMRC if they are going to get a CVA.
“I fear the revenue is going to take a very tough stance on this one and while normally a good underlying business would come out of administration, with this one, on the balance of chances, it might have to go down the liquidation route.”
If the club goes bust, Rangers would lose its place in the SPL and a new company would have to be formed to take on the name of the Ibrox side, before applying to be let into the league.
On Wednesday, the administrators returned to the home of Rangers where they have begun looking into the club’s current financial position, with a view to making significant savings to pay off creditors.
A spokesman for Duff and Phelps said the administrators hoped to be clearer about what will happen next at Rangers on Wednesday afternoon or early on Thursday.
Owner Mr Whyte flew to London overnight on Tuesday, while manager Ally McCoist and director of football Gordon Smith attended meetings at Ibrox with the administrators on Wednesday morning. It is not yet know when Mr Whyte is scheduled to return to Rangers or whether he will attend the club’s home game against Kilmarnock on Saturday.
Answers
Fans erected a banner demanding “answers” from Mr Whyte across the road from the Main Stand at Ibrox on Wednesday, in protest at what has been described as one of the darkest days in the club’s 140-year history.
After filing a notice of intention to appoint administrators on Tuesday, Mr Whyte was booed and heckled by a group of fans as he attempted to make a statement about the club’s situation on the steps of Ibrox.
Administrator Mr Clark told Rangers TV on Tuesday night: “We will be conducting regular meetings with the staff and, wherever we can, will keep giving messages to the fans who we know have an interest in the work that we are doing.
“I can’t give any firm commitment but certainly over the next day or two we hope to get control of the finances of the club and to better understand what we need to do in the coming days and weeks.
“The club had been in such a period of uncertainty that the administration will actually relieve that uncertainty and start to build the future.”
Once they had formally gone into administration, the current champions were automatically docked ten points by the Scottish Premier League, leaving them 14 points behind leaders Celtic in second place.
Rangers are also awaiting the result of a crucial tax case against HMRC, which Mr Whyte has claimed could leave them with a bill of up to £75m.