News that a new company, “Glasgow Rangers Limited”, has been registered today with an address matching a waste management company in Buckinghamshire, has delicious irony but in itself means little. After Rangers owner, Craig Whyte, laid out all sorts of medium-term scenarios for the club in media interviews last week a land-rush for fresh rangers intellectual property, including a company name, should be expected.
If those with secured property rights over Ibrox are busy forming a new company, they are unlikely to be the only ones.
Still, waste management. It’s perfectly scripted.
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Cultsbhoy….21.32
You’re the deluded one, and your posts ‘smell’ of a current bun lurker.?…and not a true Celtic fan who appreciates all the ‘nonsense’ over the past 3 years…..
Brian Quinn, supposed debt nutter….protector of the Hoops before PL got too big for his elasticated britches.
Lennybhoy – would I mate?!
Hmmm name of Timmy club in East End…..whit aboot St Tarriers?!
Tick Tock!
TTTT
Auldheid
Mail me your moby number.
play-you’re quick,so yer missus says :>
Good Evening,
before I go any further– Moonbeams this ain’t a short note so get a coffee, relax and read!
Many of you will have seen the article on Celtic Underground which questions the process,the represntations made and the certifications given which resulted in Rangers Football Club being given the appropriate licence to play in European competition this year. The piece raises questions which need to be answered clearly, precisely and without obfuscation by the Scottish Football Association.
That article was prepared, investigated,researched and written by the redoubtable Auld Heid, who copied the article in draft to me a couple of weeks ago after a pleasant and lengthy chat with ourselves and other CQNers after the AGM.
In the intervening period we have had the long awaited BBC Documentary, the STV riposte in advance, The Tom English interview, The Rangers Trust minutes and various other snippets including Glen Gibbons referring to certain journalists as Sir David Murray’s “Poodles”!
Today we have the revelation of the Rangers Tax Case blog revealing that they have had sight of a Rangers cash flow which shows insolvency looming due to lack of funds and Phil Mac tweeting that he has info that Rangers only have £200,000 in the bank and absolutely no line of credit– with wages due at the end of the month!Both suggest they will run out of money in weeks/days– maybe!
What a mess you may think? Some of this may even shock you, and of course it is only right that questions should be asked of the SFA about how Rangers obtained a Licence to play as at 31st March 2011 as by that date someone, somewhere had to certify that they had no unpaid or overdue tax bill as at that date. It will be very interesting to see how the new SFA under Mr Regan ultimately replies to that.
However, the truth is that the BBC interview has done far more damage and raised far more questions than has hitherto been realised. Not only that, the subsequent Whyte statements in exculpation or mitigation raise even more.
As Auld heid says– “We are awkward buggers” and so here are some factors and questions I wish to point out and ask!
You see the SFA don’t just ask for a wee one off statement about any club and its finances. They ask for a whole raft of information on all club employees especially the key ones such as Managers, Chief Executives, Finance Directors and so on. They also ask for fairly stringent financial information including contracts and certifications as to what sums are payable by the club, a cash flow that covers the next 18 months based upon reasonable assumptions and all material documentation that affect the finances of the club. This of course includes Audited accounts with no adverse qualifications or comments. Mmmm I wonder if they got all of those—- absolutely clean and unquestionable accounts? Now there is a question.
Oh and after the club has submitted all of that, it remains under an obligation to report as soon as possible– any matter that MAY affect its ability to meet its obligations, continue trading and so on.
So against that background let me pose a few questions:
We are told that the reason for the big Tax case is because Rangers payed players through an EBT tax scheme– and that this scheme is illegal because amongst other things because this scheme was referred to in the players contracts!
So– eh how ere these payments to the EBT shown in Rangers accounts? Were they commented upon in the Auditors Certificate? And when did someone– anyone– at the SFA first see a contract that referred to part payment being made through an EBT? Remember apparently some Directors were paid under this scheme– inclusing Martin Bain allegedly!!
I am pretty certain that other clubs did not have payments under such a scheme in their accounts or contracts so should someone at the SFA not have enquired some years ago as to what these payments were? Did they enquire if they were legal? Because elsewhere at the relevant time others were deciding that such payment schemes were illegal and should not be used. So did the SFA not know that, not enquire about it or simply weren’t shown any such contracts? Oh and I wonder if such contracts were ever mentioned by a guy called Quinn— Brian Quinn– because he had a view on such things.
Further, if Rangers are obliged to disclose any matter which MAY affect their ability to trade– when were the SFA first told about the Large and Small tax bills respectively? And what were the consequences of any such disclosure?
The licensing and finacial rules are very complex and believe me there are dozens of awkward questions for someone at Hampden to answer.Let’s save some of those questions for another day.
Instead, let’s turn our attention to Ibrox. One of the most dramatic parts of the BBC documentary was the interview with Alastair Johnstone– especially when he says he asked Sir David Murray not to do the deal with Whyte because he ( Johnstone ) was not sure that Whyte had the money to “Pay our bills!”.
Think about that for a moment– Is Alastair Johnstone really saying that he, The outgoing Rangers Chairman, was under the impression that the Whyte camp were going to pay ALL their bills– Including the big tax bill?
I wonder where he got that impression– and why should it really bother him if there is a new owner? Maybe because he is a fan- even though he is all that far away? Mmmmm maybe not!
I suppose when you think about it, a sensible chairman would expect the company bills to be paid from somewhere? But where? Does anyone remember some bilge about some money being set aside to pay the big Tax bill ( by Whyte ) and him looking for an indemnity from MIH or Minty or the bank in respect of that bill?
You see I would like to know when Big Al asked Minty not to do the deal because at that date the ex Chairman is clearly saying that he at least had no idea where the money was coming from to pay it? So– eh how did Rangers convince the SFA that they had the Big tax bill– which after all was in court by then and which is clearly something that MAY affect their future viabilty— under control. Becuase whoever convinced the SFA obvioulsy forgot to tell the Chairman– if you see what I mean.
Now of course it may be that the way this was done was to produce a counsels opinion– or an opinion from God knows who—- to say that these payments are all legal and above board and that HMRC have no case at all– remember that old line?
Well now you see that is all fine and dandy but for every opinion– especially a legal one— there is a counter opinion. But I wonder what enquiries the SFA made about EBT’s? Did they consult the other Football Associations in Britain? Did they ask anything of HMRC and what if anything did they do when Rangers were hit with a multimillion pound demand? I mean Rangers must have disclosed that—-right? After all the SFA are the Licensing authority— they are under a duty to investigate, assess and licence accordingly. They also have a duty to act with Equity and under Equitable principles towards all applicants and in all circumstances. So what view did they take of the Rangers tax arrangements and contracts? I know they could not usurp the function of the courts in the big tax case but did they sanction or approve at any time any Rangers contract referring to an EBT? Or the contracts whereby some players were given share options on some strange companies and trusts based in the Isle of Man— surely they didn’t just ignore those contracts and eh gloss over them?
Earlier someone asked about the difference between Administration and Receivership. A real technical discussion started on this on the Rangers tax case Blog. For me the most important difference may be this:
With Administration Whyte looses all control over the day to day running of the business and the Adminitrator is the man. He/She will have to run the company properly and profitably hoping they can bring the business out of Admin by agreeing a CVA with the creditors or by selling the company as a going concern to someone who will have the money to personally pay the creditors at an agreed rate and so on. If that can’t happen then the Adminidtrator will shut the business down and the assets will be sold with the proceeds less fees going to the Creditors– with the floating charge holder being paid first.Step forward Whytie. Mind you I don’t know who the buyer would be!!!!
But while there is an Administrator no one else can appoint a Liquidator.
When a Receiver is appointed, Whyte retains a degree of control because the receiver works for him albeit he still has to take account of the other creditors. The same revamp or sale process has to be gone through, but there is one big difference– and that is that the appointment of a receiver does not prevent another creditor being able to appoint a liquidator.
Now you may think that a Liquidator/receiver/ administrator is all one and the same– and indeed all are insolvency appointments.
But there are two big differences:
Liquidation means end of football registration– no ten points dropped, just goodbye and adios Rangers PLC you are out of the league– so the only way of preventing that in the short term is Administration which means goodbye Craig unless he can come up with a wad of cash that enables the Administrator to do a deal which pays out all the creditors and so on. So who is going to go quietly into the night???????
The other big difference with a Liquidator is that only a Liquidator can chase the Directors personally for a company’s unpaid debts– especially revenue debts– if the company goes bust and does not pay in full. I have known Liquidators to do this at the bequest of the Revenue and I was involved in such a case last year.
For the Directors– past and present to be so liable personally– there has to have been some form of wrongful trading! That is a legal term and I won’t bore you with the definition but i will point out that in Martin Bain’s written pleadings in his case against Rangers he reveals that in the big case HMRC are already alleging wrongful trading on the part of the then Directors of Rangers plc. Well I suppose a dodgy tax scam is clearly wrongful trading. And Lo and behold, in answering his claim to be allowed to arrest money in the Rangers bank, Rangers on the instructions of clever clogs Craig argued that he should not be allowed to arrest because Rangers are only verging on insolvency because of Bain’s “financial irregularities!”. Oh when friends fall out eh?
So let’s thinik about this—If Criag baby tries to exercise control by floating charge then we are likely to end up with a Liquidator, but if he walks away and leaves matters to an Administrator then he still holds his security and gets paid under that security anyway. Why should he care what happens– as he or someone gets paid under that security anyway!Provided someone can find a buyer from somewhere!
Ah but who definitely wants to do everything possible to avoid a Liquidator? Who does not want to be left holding the baby for unpaid tax? Who does not want to be hauled into the court on a personal basis?
Step forward each and every one of the former Ibrox Board!!! Oh — of course they have all resigned and ran away!What were their names again– Tinker,Taylor,Soldier, Sailor,Rich Man, Poor Man, Beggar Man,Thief?
Look at Johnstone’s statement to the BBC again. He asked Murray not to do the deal with WHYTE because there was no evidence that Whyte had the money to pay “OUR Bills!”– but Murray said it was too late!!!!!
It is then that all hell breaks loose!
Whyte has said he will never cop for the big tax bill– and he won’t. He will literally punt Rangers rather then pay– and by that I mean he will kick for touch and get out with what he can or if he can— I think.
But did the old board really think that Whyte was going to come in and pay all the bills? Was that what they were told by Murray? Just think back to their reaction when they got the chance to meet with him (Whyte), question him, and then the press releases and web statements that the former members made casting doubt about Whyte? The great Whyte hope had turned into the great WHYTE myth!
No money, no answers to questions, no details of past deals and so on and so on.No Bank debt– yet the bank security remains? mmmmmmm? makes you think eh? Of course Ibrox could still be the security for someone else’s loan.
And did Whyte disclose to the SFA that he had been disqualified as a Director on a technicality? And if so what did they do about it and if not what are they going to do about it?You see I think that there are loads of people here who look at the rules as mere technicalities– but if you break them and ignore them there will always be someone to point out that the rules have been broken eventually. I wouldn’t want the SFA to just think these rules are mere technicalities– they wouldn’t– would they?
I know– it is a long post- and you need a break and all of this is not really any of my business but I am just interested. Some other team might just have been cheated out of a few European Games– it would make a big difference to St Johnstone or Aberdeen or whoever .to get even one European night or maybe even a couple
So someone should ask the odd question. Who should we send off to ask and enquire on behalf of the rest of Scottish Football? That might just be your call? But then again………
Me?– I am just an awkward bugger– one amongst a groing number of awkward buggers!
SFtB
cant deny your observations make sense.
they dont hold up for me as the ‘team’ underperforms and the management struggle to make the tactical changes that win games.
The Killie away dug out was awfy deep…
The Honest Mistake (Sickened) says:
25 October, 2011 at 22:33
theres no truth at all that we are next. i’m not sure about common knowledge, i heard that we didnt operate a scheme at all, there were requests but they were turned down. whatever happened we’re in no danger of getting a visit from hector.
As I said I stewed over it all day, realised it was his wee comfort blanket.
I’d never heard of it, or just can’t remember it happening, glad we sorted it out pronto.
BB you know me too well ;-)
Am awayvto read that long post
P
Brth. All accounts audited and signed off by mullet and co. Nothing to see here Timmy.
tommytwiststommyturns says:
25 October, 2011 at 22:35
bq was one of peter lawwel’s biggest fans. according to bq himself he was one of his two best appointments.
Celtic40me.
Agree with you about that. My earlier post wasn’t clear.
We definitely operated one as auldheid says for juninho. No skeletons on our closet though.
A couple of surprises in the league cup but I wouldn`t think of commenting on others having misfortune with Celtic still having to play.
Just seen thisposted about this guy Gerard Moran
http://ie.linkedin.com/pub/gerard-moran/12/5b1/512
BrogaRogaTrevoHoga
Consider yourself sued.
If I wasn’t too busy being privately rich? Well I’d double sue you. Look I don’t want to go into the details of my wealth. But let’s just say I’m a very wealthy man. A very wealthy man. I mean I’m presently looking at my wealth (Which usually I wouldn’t discuss, because I don’t like to) and I can tell you it’s a lot.
In fact I’m going to treble sue you.
Do you work for the BBC?
If you’ve even watched the BBC? – SUED
FAO The Exiled Tim & Auldheid
I was in the Cunnard Bar last year and it’s a fantastic wee pub. Run by good Celtic people as well. You’ll have a rare time and it’s in the old part of town which is beautiful. All the best.
*****FROM THE PREVIOUS ARTICLE****
Seven Fishes Four Steaks says:
25 October, 2011 at 14:20
Cabbageandbacon, calver holdings!! I knew that’s what they were called. 100%sure they weren’t allowed in Europe as they were less than 3 years old. Your team I believe cliftonville took their place. Just had that confirmed.
SFFS
******************************************
You are indeed correct, Cliftonville did indeed take their place after the IFA were informed by UEFA that Calver Holdings FC couldn’t play in Europe. he IFA didn’t even know their own rules….sound familiar?
play- HH.
Ithol
There is a world of difference in accepting that we are in a form slump just now (That is undeniable) and asserting that it is due to the unprofessionalism and drinking habits of the coaching staff (which is muck spreading).
As for any reserve player being frightened of a first team coach, that’s an admission that the player concerned is not ready for first team consideration, and with fear like that, may never be.
You don’t have to be a happy clapping loyalist towards our club but you should think about whether rumours are founded sufficiently to need spreading. If they only do harm, why do it?
There was a time when fans did not need to be told this.
Br\o/gan R\o/gan Trevin\o/ and H\o/gan
thanks for that piece.
BRTH,
there is undoubtedly a case to answer here; given what has been known for a considerable amount of time now the SFA are either guilty of a) incompetence, or b) erm… bias. Regardless of what we think, Regan will hark back to his comments earlier this year of the astonishing lack of process within the SFA, and will claim a)…..
SFA – “Sorry bout that, water under the bridge though now eh, processes are now being put in place, so lets move on”?
As an aside, I initially scoffed at an assertion made on the RTC blog, that Whyte was, in actual fact, no patsy… nor was he coming in of his own initiative… the bank and Murray needed a front man to take the heat for the inevitable, and he would be handsomely rewarded. Whether Murray made the initial contact or not, I now believe this is the way the deal was formed. Ole AJ’s statement about the bank threatening to withdraw all credit lines unless the deal went through nails it for me.
Tomorrows game IMO has more significance now,Killie,Ayr and Falkirk between us and a trophy.Obviously not the most important trophy but one we need.
Guy on RTC has just posted the LinkedIn page of a “Gerard Moran”
He works for…
PriceWaterhouseCoopers…
curiouser & curiouser…
SFTB – stop conversing with that HUN….he’s had over an hour to come up with the name of his supposed CSC! lol
Celtic40me – I don’t believe PL was playing at “Director of Football” when Brian was there, I’d love to know what the wee man thinks about our situation just now.
Come back Brian, all is forgiven!
T4
BRTH – Interesting stuff, as usual. Don’t suppose there’s anything significant about the timing of Wiggy Smith’s tenure at the SFA, is there?!
HH
TTTT
Br\o/gan R\o/gan Trevin\o/ and H\o/gan says:
25 October, 2011 at 22:36
A classic! :)))
I was told by a rangers fan, who sits in the posh seats, that on the day that Whyte took his bow at ibrox the old board were hounding him for details on where the money was coming from and he was giving them the rubber ear. :)
Rico
HamiltomTim
Lucky You (;-)
TT
The bad thing for the average tax payer is that EBTs and the like were legal. It just appears that Rangers did it wrong. Failure to dot “i”s and cross “t”s might put Rangers in their grave. We may have indulged in a few tax minimising schemes but since we were sharp enough to call a foul on ourselves with the EBTs, hopefully we exploited available options legally.
When Gerry Moran’s Huns get started will they be geein it “We Were The People”?
Oh Deary Deary me.
I can confirm that Celtic FC have no tax outstanding for ANY EBT scheme.
Brian Quinn made sure of that!
Need evidence? Easy look at our club accounts over last 20 years.
StrawclutchingloyalRSC must try harder
ItaliaBhoy says:
25 October, 2011 at 22:58
I’ve obviously missed somethin… apologies if I’m goin over all ground… it was suggested on here earlier that the companies had been set up by Duffy, has it now been established that they were set up by this guy Moran, or has me heid finally burst?
Rangers registered in England. If they go to wall what is to stop them applying for entry to English league? Especially given that is their registered home?
Crisis means threat or opportunity. Lets be very weary of a Rangers fold.
JimmyQuinns…
Mine too. Probably just a coincidence, but there was a rumour on CU earlier that CW has approached PWC to act as his administrator. Then these 2 odd companies appear, and then Gerard Moran turns out to be a PWC senior administrator…
ach, I dunno. Coincidence and probably irrelevant, ut odd noentheless…
Br\o/gan R\o/gan Trevin\o/ and H\o/gan says:
25 October, 2011 at 22:36
No m8 that post is spot on and i wish someone would investigate this but don’t ask me because i don’t have the brains lol…
TTTT
now now you’re biting
Belying your status on this forum
my how i looked up to you as you penned your wisdom and i lurked petrified and in awe as your prose came easily.
i wanted a seat at your table so i open my heart with my thoughts as painful as they are. hoping beyond hope that what I see is happening to our club is shared by the likes of you of great wisdom.
all i see is an ostriches ass as i look on you now
saturday, Celtic Club, my membership, you’re welcome
might even share a few facts
I do not trust the SFA one bit…
Boablet
Looking forward to meeting the auld bug**r, know the general area but not the bar, luckily I will have a designated driver with me :>)
stephenpollock says:
25 October, 2011 at 23:04
Rangers registered in England. If they go to wall what is to stop them applying for entry to English league? Especially given that is their registered home?
I’m pretty sure UEFA would insist they play in England – cross border clubs like Swansea Cardff Berwick etc are an accepted anachronism, but new applicants must be sited in the geographical area of their league. So “Glasgow Rangers” would need to play their home matches in England, not Glasgow.
Secondly, they could certainly apply to the FA – and they would be told to start in the Surrey Unibond league, and work their way up the pyramid like everyone else.
Absolutely no chance RFC as we know them will suddenly become an EPL or Championship club after administration.