HMRC have confirmed their actions today leave open “potential investigation and pursuit of possible claims against those responsible for the company’s financial affairs in recent years”.
Chances are, HMRC will investigate the actions of SFA president, Campbell Ogilvie, more thoroughly than the investigation carried out by the Association which allowed their chief executive, Stewart Regan, to tell the media that:
“We are all aware of businesses being run where you have one owner and operator running the club and a number of directors sitting below. The way this process has been managed, a lot of this correspondence was done much higher up the chain than Campbell Ogilvie.”
Stewart (if I can be familiar), you’re better than this. Try reading this story one page ahead, figure out where this one is going and start acting accordingly. Of course, President What-school-did-you-go-to then told Scotland on Sunday:
“I might have signed some documents from time to time”.
Mr Regan had better make sure he knows what Mr Ogilvie signed, and I recommend he doesn’t relay exclusively on Mr Ogilvie’s memory.
Untenable
“Those responsible for the company’s financial affairs in recent years” includes Mr Ogilvie throughout his period as a director of Rangers. His position has been untenable for months and his continuing presence at the top of the Scottish FA only further contaminates those who claim otherwise.
The former directors of Rangers will not be the only ones alarmed at this development, recipients of EBTs (including the directors, who will have a second matter to consider) have reason to be concerned.
Not only do Her Majesty’s officers want any potential wrongdoing investigated, they also want their money.
Rangers EBTs were a loan. HMRC will tell recipients of this loan that their side letters (you better believe they’ll all find those side letters now) are not worth the paper they’re written on. If the money was indeed a loan, a demand for repayment will be made. If this is disputed, you can expect to hear the phrase Gratuitous Alienation to enter the lexicon soon. Gratuitous Alienation is the Scots legal term describing when property (or cash) is transferred to another party without any, or adequate, consideration.
I hear HMRC have all their ducks lined up for this one.
Internecine strife doesn’t begin to describe how things will end up.
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A continent rejoices. No Huns in Europe for 3 years. Will Europe ask for an extension?
Quick thoughts on the “historical” question – a tough one for whoever owns newco Rangers
http://scotslawthoughts.wordpress.com/2012/06/13/rangers-and-history-its-very-simple-and-neil-doncaster-has-the-answer/
Valley Exile (Not in Administration) on 13 June, 2012 at 07:34 said:
Very true :-)
HH
Paul67 congratulations on proving the bampot paranoid delusional all exist in the MSM
The hours of toil and grief in keeping the CQN Celtic family ahead of the game have all been justified, i know a simple thank you isn’t enough
Now HMRC have put the ball in the SPL court, newco in or not? that is the question
Big Georges Fan Club on 13 June, 2012 at 07:35 said:
well done wee man, great first post….KTF
Italiabhoy
The issue with the investment requirements are twofold, the impact of depreciation on the annual running costs and the upfront costs (cashflow)
If it’s £12m then let’s say depreciated over 15 / 25 years, it could be longer depending what is being replaced water systems, building fabric could be upward of 40 years, mechanical plant would be on the lower side,
So between £300k and £800k will hit the bottom line each year, not including cost of money.
Then there is the initial investment, where will that come from?
I am sure this is where Green can see profit and long term gain from getting his hands on the assets for £5.5m
ASonOfDan on 13 June, 2012 at 07:37 said:
Are Duff and Duffer not unemployed now as the admin. is over, time for “The Liquidators”
A smiley Hail Hail from the rainy valley..
Shortbread seem reluctant to use the L-word in the ranglers reports .
They are not going to be liquidated theyre only going to……. “reform” .
Blantyretim thanks – my mum is from Blantyre
/
I have to go to school now bye
Good morning CQNers on this historic day, Rangers are dead long live Celtic.
I’ve nothing of value to add to the post so I’ll just give some links that made me think this morning.
It should be an interesting day at the Leveson inquiry today for Scottish voters
Are our politicians corporate whores
Perhaps Celtic could benefit from having a standalone contract with Al Jazeera should the current deal fall apart, now that bargaining position would set the cat amongst the SPL pigeons.
merseycelt lmfao as the big house door slams shut on 13 June, 2012 at 07:37 said:
ftsfa
Read the comments from last night.
I agree with your post although personally I think she should suffer (karma).
I guess we all have different opinions on the auld witch,but at the end of the day we are all Tims living through a great time in history Let us all enjoy it Hail Hail.
Ps my LAST words on thatcher………..REMEMBER THE 10
First of all, on today of all days, why on earth does there have to be a discussion on the death of M.Thatcher???
Secondly, because it’s your point of view, that does not mean that it is shared by other posters on here, and you should be aware there are a few of us on here do not condone that sentiment.
Wishing for someones death is utterly repugnant and I don’t believe that it is in the correct spirit of the CQN blog.
SPF
Jungle Jim
That will be John MacMillan on the FF banned list.
Ra peepul will never be humble. They will die standing on their hooves.
Morning lads,
D King and the one who missed a penalty coming up on Talksport to talk about the demise of Der Hun.
Coverage so far has been surprisingly balanced but I have a feeling all that’s about to change..
I know a lot of financial experts read this blog, a question…
Do they use a big food blender for Liquidation?
Tell me they do.
SPF
apart from the death of the orcs of course….. o))
big Georges fan club..
Don’t hold it against her…
now get to school bhoy….
Estadio Nacional on 13 June, 2012 at 07:54 said:
Yes they do. And it has a big green button to switch it on :-)
I feel a little guilty about getting all this news free, surely there is a way to spread the cost of the upkeep of CQN?
btw I hope the Tims in heaven let the angels have some sleep soon.
ITALIABHOY 0710
I frequently used to mention it on RTC,pointing out that repair and maintenance costs would make it an unattractive proposition for sale-and-leaseback.
I gave up mentioning it a while ago as there are too many posters on there who get right on my nipples.
For instance,I was overwhelmingly voted down on Sunday for asking if anyone knew how much Corporation Tax Vodafone paid last year. The poster who answered me-zero,nada,zilch,btw-got the exact opposite response!
I never try to join a clique who won’t let me…..
Back page today’s DR abroken crest…it has only taken 140 years.
Got to start work…
Keep the Faith!
Hail Hail!
Currant in my work who has already bought season tickets for himself,his missus and 2 kids,(despite my previous advice)..lost the plot yesterday and started shouting jock knew etc…how sad and pathetic it was…he he he.
Derek Oliver @delrfcWATP
@amygrace2011 once the cva is sorted the good times will be back :D
Seems some of the orcs and orcettes haven’t quite understood what has happened yet!!
Oh Dear….
Looking forward to the foties of greetin’ huns outside of the debtdome..
End of the line for Old Firm derby?
Stewart Fisher Sports Writer. The Herald
IT just so happened that the Celtic captain was speaking to the media on the day it emerged that their historic rivals were to be liquidated.
.
So it seemed like the least we could do was canvass his opinions on the subject. For the record, Scott Brown, resplendent in the new ‘retro’ Celtic home kit which he was ostensibly there to promote, doesn’t get a vote when it comes to deciding whether a ‘newco’ Rangers under Charles Green will be allowed to participate in the SPL next season.
But he does feel the 12 Scottish Premier League chairmen face a “nightmare” decision as they weigh up the rights and wrongs of allowing them back in. Eight clubs must back a proposal to transfer the league share from the ‘oldco’ Rangers to a new shell company, with the possibility of imposing additional sanctions or extracting concessions on voting rights into the bargain.
“It is whether or not the clubs want Rangers in the league,” Brown said. “It’s not up to players it’s down to chairmen at each club. It’s quite a f****** nightmare – to put it nicely. It’s all about money at the end of the day. It comes down to whether or not people bite their tongue and take it for two or three years with no Rangers or keep the money going into the stadiums.”
Yesterday’s decision from HMRC to reject the proposed Creditors Voluntary Arrangement (CVA) at Rangers might have been widely expected, but it was still the kind of epoch-defining day in which the old certainties of Scottish football were swept aside. With Rangers almost certainly banned from Europe for three years, and requiring both the assent of the SPL and the SFA if they are to play any top flight football next season, Brown was asked yesterday to envisage a future without any Old Firm matches. Considering the player has built so much of his reputation on his performances in the Glasgow derby, not to mention his unique goal celebration, he is understandably chastened about the fact.
“It would be gutting if there were no more Rangers-Celtic games,” he said. “You come to a club like this to play against your rivals and you want to beat them week in, week out and go on to win the championship. When they come to Celtic Park it is like a Champions League game and it is the one you want to win, no matter what else happens in the season. More people watch this than half the English games down the road.”
Not least of these Old Firm moments was the one which spawned his trademark, splayed arms celebration, popularly known as ‘the Broony’. “That would never have come up if it wasn’t for an Old Firm game,” he said. “That was after I shanked that one into Greegsy’s net and it was one of those spur of the moment things. Whatever happens on that day is different. Although, to be fair, I might do it against Ross County as well – let’s face it, three points is three points.”
The determination from HMRC was also the starter’s pistol for Rangers first-team players to begin looking for other clubs, at least so far as the PFA Scotland advice that they are all legally able to leave the club for free is concerned. Brown, an acquaintance of many of these players from the Scotland set-up, not least his former Hibernian team-mate Steven Whittaker, hasn’t been in touch yet. He batted away the suggestion that Celtic could persuade a couple to cross the city.
“I think we should sign them all,” he joked. “No, seriously, though, I don’t have a clue what’s happening – it’s up to the gaffer who we sign. But it is a weird one and hard for their players, that’s for sure. I will be speaking to him [Whittaker] soon but I’ll leave it a wee while because I’m sure a lot of people will be on the phone to him.”
As diverting as the predicament at Rangers is, Celtic would be wise not to waste too much time looking behind them. Unsurprisingly, considering they were hijacked by Kilmarnock and Hearts in the cup competitions, Brown doesn’t buy into the fact that the Parkhead club are suddenly guaranteed next season’s league trophy. Moreover, with all-important Champions League qualifiers to come in late July/early August, he knows that a return to that competition would be the one thing which could compensate for the temporary suspension of the Old Firm fixture.
“There’s no such thing as a guaranteed title,” Brown said. “We went into the League Cup final against Kilmarnock and everyone was saying it was too easy. So there’s no such thing as a guarantee. Clubs might give us a bigger challenge if Rangers are not there and there’s second spot to go for or first if they do well.
“This is a good time for us to strengthen. We need to go to two, three, four titles in a row and see how far we can push Europe. I think if you have Champions League football then that blows everything else out of the water. The amount of money you generate from getting into the group stages – and the experience of the home and away ties – would take us to the next level.”
Some of the fans may be gorging themselves on jelly and ice cream but the Parkhead club’s players are more preoccupied with returning to Europe’s top table.
The Pantaloon Duck 07:57
Thanks, I knew there would be financial experts around to answer that one.
For the sake of walter smith I hope its a Murphy Richards blender.
EN
Tony the Hibs fan doing well on Talksport right now..
ScotPatsFan on 13 June, 2012 at 07:52 said
well said, could not agree more. How people can celebrate the suffering of other living things escapes me, thankfully.
Anyway, Hector has a lot of work to do today and tomorrow, get stuck into Duff & Duffer for a start and then turn the cannons on to Messrs Green, Whyte and Murray.
Looking forward to tonights football as well, should be a good day.
srarry plough
A few of tried to send flowers to Ibrox yesterday but the florist just laughed and said it he would rather not get involved in our merry jape, might cause him bother.
He then said he would need to join weightwatchers due to the amount of jelly and ice cream he’s been eating.
starry plough
Sorry about spelling in previous post, using my wife’s laptop and it’s got spongy keys.
Forgot to say, well done to Poland last night, that Russian mob in the stands and their torn faced coach, fair put me off them,
Disapointed with Scott Brown if that Herald pecie is true.
How can the vote of NewHun into the SPL be a ‘nightmare’?
Its a straight forward no, no thinking required, NO.
BT
I believe that if you begin to think like them then very soon you’ll become one of them.
They throw out statements about murder, killing and death in the same breath as asking for a loaf of bread. It is trivialised.
In order to maintain the chasm that separates us from them, we musn’t cross over into their territory. We have to guard against being dragged down into the cesspit that they live their lives in.
If we encourage people to gloat over the death of a person that someone on here doesn’t like, then why stop at that one person? As soon as you find wishing the death of someone is acceptible, then you will find excuses to wish death on someone else.
I am going to Mass this morning and I will pray for M.Thatcher. I will also pray for a change in the heart of those who wish death on her.
We are so much better than them.
Yer pal, who likes you,
SPF
When outcomes to the finer details of Liquidation,,I’m afraid I’m out of my depth!!
So I was wondering if someone who knows what they are talking about can answer a few simple questions that have been nagging away at me??
1- If Rangers are to be Liquidated,,then why is Green being allowed to buy the club and all it’s assets for 5.5M,,,,surely the Tax man would make more money buy selling Ibrox,Murray park etc ????
2- I have read this morning that Rangers Newco will haves clean slate,,they don’t have o worry about the big tax case or any other debts,,,surely this cannot be true?????
Sorry if my questions come across as stupid,,but this is really annoying me that this mob will walk away debt free and ready to start again with a fresh slate in the SPL playing there home games at Ibrox,,,,business as usual????
Hail hail
MURDOCHBHOY 0749
I found this on a sidebar to your third link.
Very funny,worth watching,IMO.
http://www.youtube.com/watch?v=pR4Bwd3Mcbs&feature=relmfu
I offer it to KOJO with felicitations on his recent return…..
SPF
I agree, the death od the ocs as an institution is what I am gloating about.
I can’t teach my daughter not to hate if I hate myself…
KTF
Morning all. Clouding over here in North Ayrshire, after a glorious start.
Just watched Newsnight. That “journalist” from the Herald could hardly string a setnece or two together, never mind get his facts right. As for the thems blogger, well his opening gambit that he reckoned thems had been punished enough already, summed him up. No contrition for cheating the tax man (and every man, woman and child in Britain) out of millions of pounds.
Now Green is claiming the HMRC should not have led him on from March or April. (I though he only got involved in May?). Anyway, the insolvency expert knocked that on the head.
Never had a chance to get on yesterday or enjoy a glass to celebrate their demise – I’ll make up for it tonight!!
I know it was inevitable but still great for them to actually die – the real fight starts now.
No to Newclub! No Pasaran!
Hail Hail
Tombola
Allgreen tthinks SPL are at it on 13 June, 2012 at 08:15 said:
Mrs Starry commented on my expanding waistline yesterday!!
I said it wasn’t the ice cream but that I was spending to much time sitting around on CQN.
Thank God for CQN..