Big Rangers Administration/Liquidation Thread - All chat here!

[kildog]

It's happening again.

 

 

[topcat(The most tip top)]

Good to see Mike Ashley got £3m of the **** money and they still don't own their retail ,contrary to Kings 'heroic renegotiations':lol:..that showed him!

Have I missed something here?

Didn’t they have £5m of Mike Ashley’s money not £3m

I’ve not really been paying attention to events at Ibrox for a while so if might have got this all wrong

[MEADOWXI]

http://www.bbc.com/news/uk-scotland-42003889

Ex-Rangers administrator David Whitehouse sues over arrest

• 15 November 2017
• From the section Scotland

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Image copyright SNS Group Image caption David Whitehouse (left) and Paul Clark handled the administration process at Rangers

A former administrator at Rangers FC, arrested during the probe into the club, is suing Scotland's chief constable and most senior prosecutor.

David Whitehouse, 51, is seeking £9m from Police Scotland's Philip Gormley and Lord Advocate James Wolffe QC.

The charges against the Cheshire businessman and his colleague Paul Clark were later dropped.

Mr Gormley and Mr Wolffe claim police and prosecutors acted in accordance with correct legal procedure.

Police arrested and charged Mr Whitehouse and Mr Clark during the investigation into businessman Craig Whyte's takeover of the club in 2011.

Charges were dropped following a court hearing before judge Lord Bannatyne in June 2016.

Lawyers acting for Mr Whitehouse claimed their client was "unlawfully detained" by detectives in November 2014.

Loss of earnings

They also said that throughout the period of detention, there was no reasonable grounds to suspect that Mr Whitehouse had broken the law.

Mr Whitehouse also claimed that police obtained evidence without following proper legal procedure.

An indictment against Mr Whitehouse was issued without any "evidential basis", his lawyers said.

The actions of police and prosecutors are said to have damaged his reputation of being a first-class financial professional and led to a £1.75m loss in earnings.

On Wednesday, lawyers acting for Mr Whitehouse appeared during a short procedural hearing at the Court of Session in Edinburgh.

It emerged during proceedings that Mr Whitehouse's colleague Mr Clark is also suing the chief constable and Lord Advocate.

Judge Lord Arthurson arranged for a four-day hearing into the legal issues surrounding the case to take place at a later date.

Asset sale

Lawyers are examining whether the two actions should be rolled into a single case.

The case has emerged from the circumstances surrounding Mr Whyte's takeover of Rangers in 2011.

Mr Whitehouse and Mr Clark worked for Duff & Phelps and were appointed as administrators of the club in February 2012.

Four months later, the company's business and assets were sold to a consortium led by Charles Green for £5.5m.

  Image copyright PA Image caption Police were investigating the circumstances surrounding Craig Whyte's takeover of the club

Police Scotland launched an investigation into the circumstances surrounding the takeover.

Mr Whyte was cleared of any wrongdoing by a jury in 2017.

Mr Whitehouse believes that his human rights were breached as a consequence of the actions of the police and prosecutors.

The chief constable and the Lord Advocate claim that police and prosecutors acted in accordance with correct legal procedure.

They claim that Mr Whitehouse's human rights were not breached and that he did not suffer any loss or injury as a consequence of the actions taken by the police and prosecutors.

They also believe the case should be dismissed because the Lord Advocate is exempt from civil action from people who were the subject of a legal investigation.

 

 

More lawyers making money

 

[kiddy]

TGTKOG

[Ro Sham Bo]

http://www.scottishfinancialnews.com/15200/former-rangers-administrator-sues-top-scottish-law-chiefs-for-9m-over-damage-to-damage-to-his-reputation-as-financial-professional/?utm_source=Scottish+Financial+News&utm_campaign=0f3f26ee43-SFN_08_11_17&utm_medium=email&utm_term=0_6d918d0031-0f3f26ee43-66696713

[TheTaxMan]

11 hours ago, MEADOWXI said:

The actions of police and prosecutors are said to have damaged his reputation of being a first-class financial professional and led to a £1.75m loss in earning

Here was me thinking that being part of Haudit & Daudit, selling off Mordor etc to his mate for heehaw had done that for him before plod got involved.

[nsr]

How are this shower of charlatans still going? Is there a point at which an external body has the authority to step in and give them a deadline to be financially sound or they're out? Or do we have to wait for administration to happen again? Is there anything to prevent them pulling the same "get out of liquidation free" trick a second time?

[The DA]

8 hours ago, nsr said:

How are this shower of charlatans still going? Is there a point at which an external body has the authority to step in and give them a deadline to be financially sound or they're out? Or do we have to wait for administration to happen again? Is there anything to prevent them pulling the same "get out of liquidation free" trick a second time?

Aye, Sir David Murray offers 'the company' 16M for 'the club', the lenders get most of their loans back and the poor old 'company' shareholders and other creditors are shafted.  'The club', meanwhile, are debt-free and don't go anywhere near admin or liquidation.

[Insaintee]

10 hours ago, McQuade said:

Sir Craig Whyte has a book coming out

 

 

What outgoing owner David Murray hid from the new investors
• How Craig’s attempts to get the club on an even keel were thwarted
• Who stood to gain from Rangers going into administration
• His dismay at the antics of his footballers – on and off the field
• How Rangers are still very much under Masonic influence
• How Scotland’s First Minister offered to help Rangers in their £50 million tax battle with HMRC
• How the DUP – now major players in the UK government – tried to get Craig a seat in the House of Lords
• How one Scottish Premiership side offered to throw a match for money

Christmas for my *** relatives sorted. 

[Ken Fitlike]

21 hours ago, nsr said:

How are this shower of charlatans still going? Is there a point at which an external body has the authority to step in and give them a deadline to be financially sound or they're out? Or do we have to wait for administration to happen again? Is there anything to prevent them pulling the same "get out of liquidation free" trick a second time?

why did Bennett give this bit of sound sense a reddie?

[gannonball]

On 21/11/2017 at 10:26, McQuade said:

Sir Craig Whyte has a book coming out

 

 

What outgoing owner David Murray hid from the new investors
• How Craig’s attempts to get the club on an even keel were thwarted
• Who stood to gain from Rangers going into administration
• His dismay at the antics of his footballers – on and off the field
• How Rangers are still very much under Masonic influence
• How Scotland’s First Minister offered to help Rangers in their £50 million tax battle with HMRC
• How the DUP – now major players in the UK government – tried to get Craig a seat in the House of Lords
• How one Scottish Premiership side offered to throw a match for money

I thought you were at the wind up but turns out there is a book coming out, this is going to be glorious.

[Gaz FFC]

4 hours ago, Ken Fitlike said:

why did Bennett give this bit of sound sense a reddie?

I'd go as far as to say it needs to happen

[mylothedog]

why did Bennett give this bit of sound sense a reddie?

Cos he's a thick h*n c*nt?

[Doink]

The Youths

[L. Brilliant]

I joke every christmas about being delighted with my new craig whyte calendar. An actual craigy book though! The absolute prince

[nsr]

On 22/11/2017 at 10:38, gannonball said:

I thought you were at the wind up but turns out there is a book coming out, this is going to be glorious.

I was convinced he was at the wind-up. That will be a fantastic read if true.

[EdTheDuck]

If Craig Whyte does have a book coming out he could buy them again because he really will have wealth off the radar with the sales it will get

[Glen Sannox]

http://www.heraldscotland.com/news/15640863.Rangers_and_the_mounting___20_million_loan_debt_needed_to_remain_a_going_concern/?ref=twtrec
 
£20m in loan debt ,no credit line, a going concern, and financial projections based on getting European Football and increased ST sales:lol:...what a fucken mess

That’ll be the Gherald getting boycotted then.

[MEADOWXI]

On 05/11/2017 at 08:55, McQuade said:

http://www.heraldscotland.com/news/15640863.Rangers_and_the_mounting___20_million_loan_debt_needed_to_remain_a_going_concern/?ref=twtrec

 

£20m in loan debt ,no credit line, a going concern, and financial projections based on getting European Football and increased ST sales...what a fucken mess

 

12 hours ago, Glen Sannox said:

 

That’ll be the Gherald getting boycotted then.

 

Surely if the loans are getting converted into shares , the value of any share offer next year is reduced, or would it be fans buying shares that directors have received to repay loans so it would be money going to directors rather than to the club/company?

 

Or if the loans are just extended and extended when do they get to the point that the 'soft loans' are worth more than the assets and they are no longer a going concern in the eyes of the accountants ?

[steelmen]

If I was a shareholder in the club/company, why would I vote to have a share issue when all that is going to happen is all shares issued will be taken to pay off the shareholders loans and reduce my stake in the club/company? It’s not like it’s going to raise any additional finance.

Even if they vote through to have a share issue, can they have one until the court decide on the takeover panel case?