Jump to content
pozbaird

Big Rangers Administration/Liquidation Thread - All chat here!

Recommended Posts

So, amidst all the celebrations, its important to remember that this is the beginning (of the end?) rather than the end.

What happens next?

1) Newco is created and Green buys something for this £5.5m, but what exactly?

2) Newco applies to SPL to transfer share - and SFA to transfer membership, presumably?

3) The players. What happens to them? Employment contracts transfer under TUPE (or dont if they want to walk) but what about the football registrations?

4) Oldco is liquidated and HMRC liquidators come in and start to investigate the whole shenanigans.

5) SFA still to come back with the punishment from the CoS appeal

6) SPL still to report on the dual contracts

Took me half an hour to catch up with the posts since HMRC made their announcement. I get to the end only to find another 2 pages to go. biggrin.gif

Statement on Rangers Football Club

"A liquidation provides the best opportunity to protect taxpayers, by allowing the potential investigation and pursuit of possible claims against those responsible for the company's financial affairs in recent years. A CVA would restrict the scope of such action. Moreover the liquidation route does not prejudice the proposed sale of the club. This sale can take place either through a CVA or a liquidation.

So the sale is not being undermined, it simply takes a different route. Liquidation will enable a sale of the football assets to be made to a new company, thereby ensuring that football will continue at Ibrox. It also means that the new company will be free from claims or litigation in a way which would not be achievable with a CVA. Rangers can make a fresh start."

So they want to ensure the liquidators get their hands on all documentary evidence so the investigation can be full and complete. With a view to pursuing claims for dodgy dealing 'in recent yearS'. Not last year, but recent years.

And they don't want to be restricted with the CVA route. They obviously expect there will be claims against Rangers which have yet to come out of the woodwork, despite the document prepared as part of the CVA by Duff & Duffer. Suspect the BTC will fall into their lap.

So the tone and content says to me they are not too worried about the money, but they are going to get to the bottom of who did what, or allowed things to happen, and they will be pursued financially and through the courts.

Note: This sale will take place 'to a new (unnamed) company'. Somehow that does not smack of a rubber stamp for the Green Newco as 'agreed' with Duff & Duffer.

So tomorrow it will be all over for Rangers FC 1873-2012.

We can celebrate today but essential to keep the eye on the ball(s).

1. The Newco. Will it be the sort of football club we want, owned by honest people, run in an honest way?

2. The SPL taking the right decisions for Scottish football.

3. The SFA learn from the mistakes and limitations in their powers and ability to implement them, so they can end up with better governance across all aspects and levels of Scottish football.

4. That Duff & Duffer are made accountable for how they attempted to manipulate the administration to suit their goals and not those of the creditors.

5. The Scottish media must continue to be hounded to tell us what is really going on in the future, not just there to rehash spin and press releases from clubs or agents that have no relationship to reality. (Even the BBC website today http://www.bbc.co.uk...otball/18407309 is full of quotes from Green and Duff & Duffer)

Essential we keep on all these cases, and give the punters an increasingly important and influential voice as the necessary changes are made. It will take years, but we will still be here long after Whyte, Murray, Green, Johnston have gone.

Edited by thelegendthatis

Share this post


Link to post
Share on other sites

Jody Morris is fair giving it a greet on the ol' Twitter :lol:

Share this post


Link to post
Share on other sites

"The consequence of the rejection of a CVA outcome is that sanctions will be applied to the Club by UEFA and that the Club will not be able to participate in Europe for three years
and the new company will need the consent of the other SPL clubs to the transfer of the share in the SPL, in order for Rangers to continue playing in the SPL."

f**k NO!!! Let them start over again in the Juniors, like Clydebank had to!

(Makes note to register a protest at Hampden Park on the way to work)
8)

Share this post


Link to post
Share on other sites

Airdrie Utd and Airdrieoneans sound pretty similar to me so why not I suppose?

Edit: Athough I suppose Airdrieoneans didn't turn into Airdrie Utd.

Who know's, but as Airdrie United play in Airdrie I suppose the new name makes perfect sense.

Re-using "Rangers" in newco would seem a bit naughty to me.

Share this post


Link to post
Share on other sites

Think this new name is a huge matter of interest now . No use to us if they can simply call themselves Rangers fc or whatever. This is a new team now and the name should be distant from the original or there will be no noticeable difference

Share this post


Link to post
Share on other sites

Oh yes, lest we forget......

Doncaster refused to talk about a 'newco scenario' as he 'didn't expect the situation to arise as a CVA would be accepted'.

God, man, go now!

Share this post


Link to post
Share on other sites

Just been asking myself the same question.

I think they are officially "Rangers Football Club"

Can they just alter to say "Glasgow Rangers Football Club", or do they have to distance themselves further from the old brand?

Recently with a couple of smaller clubs down in England HMRC have actually went to court to stop Newco's from using a similar name if they are owed money, if they are consistent with their approach you would expect them to do the same in this case but somehow I doubt it.

Share this post


Link to post
Share on other sites

The Edinburgh Derby could be the biggest derby in Scotland soon dry.gif

Was a pretty big event the other month by ma hoose in the Glasgow Southside! :D

Share this post


Link to post
Share on other sites

STV - Rangers special

BBC Glasgow - Rangers special

Talksport - The England supporters band refused entry to last nights game. Do we really need them?

Rangers, a global brand.

Share this post


Link to post
Share on other sites

But, the players are being "sold" to the newco before liquidation, so that scenario doesnt apply.

Eh? Where are you getting that from? The newco doesn't exist yet, and any attempt to transfer assets to it in the meantime would be spectacularly illegal (counts as "putting assets beyond reach of creditors").

Share this post


Link to post
Share on other sites
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."

Share this post


Link to post
Share on other sites

You caan claim what you want, we all know the truth, today is the day The Rangers died.

Whatever you lot want to keep telling yourselves will never change the fact the whole of Scottish football knows Rangers are dead, whoever you choose to follow follow will never be looked upon as The Rangers Football Club by anyone but yourselves.

Ding dong yer team's dead.

I'm not claiming anything,just stating the facts of clubs that have been liquidated and emerged under a new company with a 21 day deadline have been deemed a continuos club and as such have retained their history. Perhaps if you read my previous post you would have seen that i stated i'm couldn't say as to whether this applies to Scotland. And to be honest,neither do you.

Share this post


Link to post
Share on other sites

BREAKING NEWS

Strathclyde Police have just confirmed the closure of the Erskine, Squinty and Kingston Bridges amid fears of mass lots of suicide attempts by Re Peepul.

Won't happen today though. They are too busy fighting amongst themselves as to which is the best bridge to jump from. ohmy.gif

Share this post


Link to post
Share on other sites

Recently with a couple of smaller clubs down in England HMRC have actually went to court to stop Newco's from using a similar name if they are owed money, if they are consistent with their approach you would expect them to do the same in this case but somehow I doubt it.

Drop the paranoia, they have just refused the CVA and yet you think they will now say ach its ok, bash on Rangers.

Pull your head out your arse and be happy for god sake.

Share this post


Link to post
Share on other sites

Spent ages earlier trying to do my first gif but it wasn't happening. If anyone would like to do one on my behalf, it's a good one, please pm.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...