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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Maybe they could do a Woolworths and just operate on-line from now on; FIFA 2013 could get interesting!
Zbyszek – I’ve backed France & Russia to win the tournament, but I hope you beat the Russians tonight and get a result against the Czechs.
L
TTTT
Read this.
Read it carefully. Consider the date of the article. Look at who wrote it & what it says. Consider where fact and research stop and where blatant advertising and spin begin.
Consider its wisdom, consider the facts as they have proven to be so far and have yet to be fully explained.
Remember the names– especially Cummins— and remember the fact that the Author publicly lamented the lack of financial journos to question and test the MURRAY MYTH.
How then did a mere football hack venture into comparisons with the most heavily fined banker in British banking history. A man whom the FSA decided to penalise by imposing a SEVEN figure fine??
No matter what happens from now on the axis of football reporting in this country has changed. Reputations outwith Ibrox lie in tatters this evening in terms of the bilge that has been written in the past, or the complete lack of spine shown in failing to ask about accounts which clearly showed massive losses, yet trumpets any sign of accounts which apparently show a profit.
As Barbera Streisand would say, this is……… the way we were.
Until Today.
Alex Thomson posted elsewhere today the text of the 13th Commandment according to Hector….. Thou shalt not get away with it!
When Murray sounded his careful retreat he knew this day would come— he just didn’t want to admit it.
http://www.telegraph.co.uk/sport/football/teams/rangers/4390165/David-Murray-is-supervising-a-careful-retreat-over-Rangers-ambitions.html#
Where’s Sandy Jardine?
Were they Polish boys singing’no huns in Europe?
Bloke 109 – Those last few lines are the part that contradicts what we are saying. Rangers, according to the statement, are sold to a new company who do not inherit the oldcos debt or litigation problems. They continue to play at Ibrox and, they state, it is a fresh start for RANGERS – not Govan Thistle or any other name – Rangers.
So, as I read it. Rangers get to play as Rangers, at Ibrox and without fear of inheriting the problems of Oldco.
Strathclydes finest wanting in on the job now……..Fraud is an easy crime to commit but an easy crime to get caught doing. David Murray’s Father.
roy croppie on 12 June, 2012 at 19:30 said:
Where’s Sandy Jardine?
away on a march to Hector’s House
Some of the comments on Rangers websites regarding David Murray are appalling. The guy’s a rascal without a doubt, but we’ve had one or two daft statements about him on here that were quickly decried. I haven’t read one statement taking these comments to task about his disabilities on these sites.
With the skeletons in the big dark hun closet soon to be swept open- exposed to the clear air of Governmental transparency- the bones will be scattered all over the gaff…then the forensic anthropologists will need to reconstruct all the scattered and buried bones of the past so we can all get a clear picture of the true scale of corporate criminality…like an episode of CSI.
God bless you all….everyday is great to be a Tim this one is just greater than most!
Any sign of resignations at the SFA ?
Some may feel feel that Liquidation brings an end to their purpose ?
!!Bada Bing!! on 12 June, 2012 at 19:17 said:
Embdae seen John fae Coocaddens?
Last seen heading for the Erskine Bridge.
Hail Hail
He did a newco jump, although he didn’t die, his previous crimes have been cleared. He is now known as John 2012. His toupee was not transferred
From the BBC: Rangers in liquidation Q&A
http://www.bbc.co.uk/sport/0/football/18413384
What happens to the club’s history?
The Rangers Football Club PLC is a public limited company registered in Scotland (company number: SC004276) and was incorporated on 27 May 1899. When the current company is officially liquidated, all of its corporate business history will come to an end.
When this happened to Airdrieonians in 2002, all of the trophies, titles and records associated with the club discontinued – a new club, Airdrie United FC took over. Airdieonians’ official history ended in 2002, then Airdrie United’s took over.
HMRC liquidators to kill off Greens newco plan
Posted on Tuesday, 12th June 2012 by Joe McHugh
Binder Dijker Otte, best known as BDO, have warned Charles Green that his newco plan is a non-runner.
Green’s plan for a £5.5m asset sale of Rangers into a new club has attracted criticism and concern with the Ibrox club having assets of £50m plus in terms of property and players.
HMRC announced today that they will not be accepting Green’s CVA proposal and that they will be appointing BDO to liquidate the company.
Green’s plans for a quick asset transfer to present a newco option to the SPL are now in tatters with BDO issuing clear instructions that their task is to maximise the return to the creditors from the club assets.
BDO partners Malcolm Cohen and James Stephen will be appointed joint-liquidators to the old company, although no timescale for when this will happen has been made available.
Cohen said: “Once BDO is formally appointed, the joint liquidators will be seeking to protect any remaining assets, maximise recoveries for the benefit of creditors, and investigate the reasons behind the failure of the 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.”
If a newco can be salvaged from the demise of Rangers it’s unlikely that they will be in a condition to apply to the SPL for membership with the liquidation of the club likely to lead to a number of legal battles.
It’s unlikely that the SFA would transfer any punishments such as a transfer embargo to a newco since as the name suggests it will be a new legal entity.
With Rangers going into liquidation their players will become free agents although their registration reverts to the SFA rather than a member club.
BT
is drunk….
suprise…………………..o))))))
I am not from a Celtic supporting family, so when the cava is chilled (it’s in the fridge, I wasn’t expecting this today and had none ready) I have no absent friends to toast.
So I will raise my glass to all of yours and hope they’re sharing what I am lucky enough to be have been able to share.
Cheers! HH
The job of the Liquidators is to raise as much money from the Liquidated Rangers for the creditors so at the end of the procedure there will be no assets to transfer.Now we know Murray park and Ibrox both have a value now we dont know who holds the title to them but HMRC wont stand bye and watch them be transfered to a new co. There is a view in circulation that Sir David Murray Craig Whyte and Charles Green have been working in collusion and this will be under investigation.I beleive there will be a new co but it will be only a pale shadow of the old Rangers and I would not rule out prosecutions coming out of this situation.H.H.
I’m afraid I don’t hold with all this losing their history business. They will cling onto that just like I would even if I changed my name and went to live in another town or country. I’d still be me, still the same memories, the same achievements etc. I’m sure Celtic fans would do the same thing if disaster ever struck us.
What I’d like to see is some of their titles and cup wins being officially wiped from their record. These could not possibly be claimed.
celt55 on 12 June, 2012 at 19:33 said:
Some of the comments on Rangers websites regarding David Murray are appalling. The guy’s a rascal without a doubt, but we’ve had one or two daft statements about him on here that were quickly decried. I haven’t read one statement taking these comments to task about his disabilities on these sites.
share on F’book or Twitter
His only disability was the inability to tell the truth and not cheat.
Beacons being lit all across Europe as news of the Liquidation goes from Manchester to Barcelona and onward and Europe becomes Orc Free. The wall is down and the tax war is over.
Vera Lynn to do a comeback tour.
Paul Clark of Diff & Duffer, “we have achieved what we set out to do and that was ensure the club survived.”
I thought they were there for the creditors, how stupid are they, disgraceful
Hope the Poles pump the wee genital and his dodgy-vodka, peasant-oil-thieving foster country,
Evening all
Just in from work and turned on BBC ceefax and see the headline
‘Rangers to re-form as new company’. Is there more to this story than meets the eye? I think we should be told.
Yours listening to Ivie Anderson singing ‘Jump for Joy’ whilst the champagne chills
H x 2
Little Genital must have given his wig makers name to Smiffy.
<img="http://img703.imageshack.us/img703/3416/taxidriveru.gif
Barbari delenda est
So we’re off….
Poland v. Former Soviet Republic of Setting Free The Bears…
4-0 to The Good Guys…
Jamie Carragher says “Our Sharon” is the danger from Russia?
Headtheball,
If you changed your name, you would still be you.
But if you died, would the person who bought your house be you?
Just seen bold Sandy, alone, dishevelled, his mouth spewing foam, on his long walk to obscurity at Toryglen Asda…his destination is Hampden, presumably.
As Hector sayeth: “Shame itself doth call for instant remedy.”
Hell is the last station for the unrepentant.
BT
In liquidation.
Zubrowka
nearly as good as Zbyzsek…
well not nearly as good as our Polish friend….
cmon Polska…..
I live in hope…and faith…(it kept a nation alive)
Having gone up the beanstalk Rankers robbed the poor inhabitants of paradise of their cups and titles. Now at the same time they decided not to pay what was due to the giant hector. Then Craigy came along gave Murray a £ and decided to cut down the beanstalk but before he could make a getaway Hector landed.
Fee -fi-fo-fum – i want my money back you thieving gits.
Meanwhile Regean and Doncaster sat in the corner sucking their thumbs
OOOFT
ZUBROWKA IS SUPERB IF YOU LIKE MARSIPAN.(and caps)
They all thought there was no way liquidation would be countenanced in respect of the ‘peepul’ ……. They reckoned without the boys of HMRC’s Flying Column ……
Up until today, I was convinced that, no matter the outcome, the previous regime’s would get away Scot free ….. It is absolutely wonderful that the good old HMRC have ABSOLUTE INTEGRITY…
I am now hoping they will sell the assets to the highest bidder, since green seems to think he is going to get iPox and muddy park for £5.5m, and that should not happen………
Incidentally, from the bottom of my heart……
THANK YOU, PAUL BRENNAN
THANK YOU, PHIL, ALEX, RTC
THANK YOU, NEIL
THANK YOU BOARD
THANK YOU TO ALL CQN POSTERS, AND KDS ETC
YOU TOOK ON THE MEDIA AND SENT THEM HOMEWARDS TO THINK , NO STINK, AGAIN…
Scottish Football has been SHAFTED by the bhuns for 20 years AT LEAST and we were the only club to fight back…..
TAKE A BOW, YOU WONDERFUL PEOPLE …..and GOD BLESS THE CELTIC FAMILY…..OUR DAY HAS COME
Sparkleghirl
Cheers all the best to you and yours. (to the sound of glasses clicking in celebration)
Brogan Rogan Trevino and Hogan supports Kano 1000 on 12 June, 2012 at 19:30 said:
Keep up the ghood fight.