Big Rangers Administration/Liquidation Thread - All chat here!

[WILLIEA]

They just don't get it.

Guys like Walter Smith and Kenny Shiels are the problem in Scottish football!!!

[Phantom Bud]

06 August 2012 09:21

A move to liquidate Craig Whyte’s parent company that owns 'oldco' Rangers has been suspended.

The Registrar of Companies lodged its intention to dissolve Rangers FC Group Ltd last month.

It had made the decision as the company that owned an 85% stake in what was The Rangers Football Club plc had not been active or trading for 12 months.

However, the attempt to dissolve the parent company, which was formerly known as Wavetower, has been stopped after an "objection to the striking off has been received by the Registrar", a document lodged with Companies House has revealed.

It is unclear if Mr Whyte has lodged the objection to the striking off, while should the Registrar decide the action is once again raised by the registrar a further public notice will be published.

Rangers FC Group Ltd was used by Mr Whyte to take over The Rangers FC plc in May 2011, when he bought a majority stake in the club for £1 from Sir David Murray.

The company, which is registered in London, is currently the subject of litigation from club administrators Duff and Phelps, who are pursuing the businessman and his former lawyers Collyer Bristow for more than £25m.

Last week the Sevco consortium that purchased Rangers’ assets completed the name change of the club’s business operations. The newco’, formerly Sevco Scotland Ltd, has been changed to The Rangers Football Club Ltd, while the oldco, incorporated in 1899, has had its name changed to RFC 2012 Ltd.

Liberty Capital

The group company is wholly owned by Liberty Capital Limited, the British Virgin Islands registered business entity owned by Mr Whyte, which has stakes or links in the majority of his dealings.

Mr Whyte’s business associate Philip Betts was a director of the parent company, as well as of the oldco in the nine months before administrators were called in. Andrew Ellis, who subsequently claimed he was duped by Mr Whyte in his takeover of the Ibrox club, is the only other director of Rangers FC Group alongside the 41-year-old.

In March, Mr Whyte used the parent company in an attempt to strengthen his hold on the assets of the club through assigning a debenture to Liberty Corporate Ltd, a dormant company owned by him, of which his father Thomas Whyte is the sole director.

Liberty Corporate Ltd was granted a fixed and floating charge over Rangers FC Group, while it already had a floating charge over all of the assets of the club as a result of the purchase from Sir David.

The former Rangers owners' shares in the club did not come to have any bearing on the sale process as a company voluntary arrangement (CVA) deal with creditors was rejected last month, after HM Revenue and Customs found it contradicted their public policies on non-payment of taxes.

Subsequently, the assets of the club were sold to the Sevco consortium led by former Sheffield United chief executive Charles Green in a £5.5m deal, which also covered Duff and Phelps £2.8m legal fees.

Independent insolvency firm BDO will be appointed to liquidate the oldco at a future date, although so far no day has been set for this to take place. At the time of the asset sale in June, Duff and Phelps said they expected to remain in place as administrators for between six to ten weeks.

Ticketus

In a document released last month, the administrators confirmed there were "no provisions" within their power that would have resulted in Mr Whyte being compelled to deliver his shares to any prospective new owner, which contrasts with their claim during the bidding process that his position was "irrelevant".

The administrators also revealed in the document that the legal battle among themselves, Mr Whyte and the lawyer who advised him on the takeover, Gary Withey, is not likely to reach English courts until late next year.

Originally, the case was scheduled to be held in October, but since then Mr Withey has applied to join the civil action against Mr Whyte, while Collyer Bristow has also lodged claims against him, as well as Liberty Capital and Merchant Turnaround plc - another company linked to the businessman who has not returned to Ibrox since administrators were appointed on February 14.

According to Duff and Phelps, the case is expected to go ahead in the summer or autumn of next year. London ticketing firm Ticketus are also pursuing Mr Whyte over the Rangers takeover.

The businessman effectively funded his buyout using a £25.3m deal with the company for future Ibrox season ticket sales that he used to wipe out the club’s £18m debt to Lloyds Banking Group.

After a Court of Session ruling, the deal between the oldco and Ticketus was torn up by administrators because Lord Hodge found that they would be able to do so if it was in the overall interest of the creditors.

The Crown Office has previously confirmed it has ordered Strathclyde Police to pursue an investigation into alleged criminality surrounding Mr Whyte’s takeover of Rangers after they received documents from Duff and Phelps.

Edited August 6, 2012 by Phantom Bud

[thelegendthatis]

Having retired over the last few weeks from the Rangers/The Rangers/Sevco discussions here, I am concerned the way I see things going. (Not to do with my absence, more to do with many key posters not being so involved).

The Rangers people now seem to think they can flex their muscles again. Demanding no titles are removed, who should be on tribunals, or not. Generally getting their self centered arrogance back, and demanding everyone plays by THEIR rules, or the ones that decide suit them best.

It started of course with the SFA negotiating their future status. Not based on the crimes they had committeed in the past, or the enforcement of the laws of the body they were a member of, but more to do with appeasement. Yes a good word that, appeasement.

Made worse by the demise of the Rangers Tax Case blog which achieved so much in the past.

But there is still so much more to do.

On the side of honesty and transparency there will be BDO, HMRC, hopefully the fraud squad (I say hopefully as I suspect that if left to Strathclyde Police there would be many stones left unturned in any investigation), and the Procurator Fiscal.

But the 'clowns with keyboards' need to work away at the same time. People like Traynor, Chic Young, Keevins deserve the same future roles in Scottish football as Craig Whyte.

Cambell Ogilvie sitting in comfort in the SFA offices at Hampden is an affront to all decent supporters.

We did see at one stage where the uprising had a real voice. A chance to influence the change that is really needed, not the token gesture changes the clubs and SFA talk about. I can see that influence drifting away as the clubs and SPL clubs in particular, supported by The Rangers and the usual medai suspects control the message.

We still have a voice, but we need to keep on using it.

[thelegendthatis]

06 August 2012 09:21

A move to liquidate Craig Whyte's parent company that owns 'oldco' Rangers has been suspended.

The Registrar of Companies lodged its intention to dissolve Rangers FC Group Ltd last month.

It had made the decision as the company that owned an 85% stake in what was The Rangers Football Club plc had not been active or trading for 12 months.

However, the attempt to dissolve the parent company, which was formerly known as Wavetower, has been stopped after an "objection to the striking off has been received by the Registrar", a document lodged with Companies House has revealed.

It is unclear if Mr Whyte has lodged the objection to the striking off, while should the Registrar decide the action is once again raised by the registrar a further public notice will be published.

Rangers FC Group Ltd was used by Mr Whyte to take over The Rangers FC plc in May 2011, when he bought a majority stake in the club for £1 from Sir David Murray.

The company, which is registered in London, is currently the subject of litigation from club administrators Duff and Phelps, who are pursuing the businessman and his former lawyers Collyer Bristow for more than £25m.

Last week the Sevco consortium that purchased Rangers' assets completed the name change of the club's business operations. The newco', formerly Sevco Scotland Ltd, has been changed to The Rangers Football Club Ltd, while the oldco, incorporated in 1899, has had its name changed to RFC 2012 Ltd.

Liberty Capital

The group company is wholly owned by Liberty Capital Limited, the British Virgin Islands registered business entity owned by Mr Whyte, which has stakes or links in the majority of his dealings.

Mr Whyte's business associate Philip Betts was a director of the parent company, as well as of the oldco in the nine months before administrators were called in. Andrew Ellis, who subsequently claimed he was duped by Mr Whyte in his takeover of the Ibrox club, is the only other director of Rangers FC Group alongside the 41-year-old.

In March, Mr Whyte used the parent company in an attempt to strengthen his hold on the assets of the club through assigning a debenture to Liberty Corporate Ltd, a dormant company owned by him, of which his father Thomas Whyte is the sole director.

Liberty Corporate Ltd was granted a fixed and floating charge over Rangers FC Group, while it already had a floating charge over all of the assets of the club as a result of the purchase from Sir David.

The former Rangers owners' shares in the club did not come to have any bearing on the sale process as a company voluntary arrangement (CVA) deal with creditors was rejected last month, after HM Revenue and Customs found it contradicted their public policies on non-payment of taxes.

Subsequently, the assets of the club were sold to the Sevco consortium led by former Sheffield United chief executive Charles Green in a £5.5m deal, which also covered Duff and Phelps £2.8m legal fees.

Independent insolvency firm BDO will be appointed to liquidate the oldco at a future date, although so far no day has been set for this to take place. At the time of the asset sale in June, Duff and Phelps said they expected to remain in place as administrators for between six to ten weeks.

Ticketus

In a document released last month, the administrators confirmed there were "no provisions" within their power that would have resulted in Mr Whyte being compelled to deliver his shares to any prospective new owner, which contrasts with their claim during the bidding process that his position was "irrelevant".

The administrators also revealed in the document that the legal battle among themselves, Mr Whyte and the lawyer who advised him on the takeover, Gary Withey, is not likely to reach English courts until late next year.

Originally, the case was scheduled to be held in October, but since then Mr Withey has applied to join the civil action against Mr Whyte, while Collyer Bristow has also lodged claims against him, as well as Liberty Capital and Merchant Turnaround plc - another company linked to the businessman who has not returned to Ibrox since administrators were appointed on February 14.

According to Duff and Phelps, the case is expected to go ahead in the summer or autumn of next year. London ticketing firm Ticketus are also pursuing Mr Whyte over the Rangers takeover.

The businessman effectively funded his buyout using a £25.3m deal with the company for future Ibrox season ticket sales that he used to wipe out the club's £18m debt to Lloyds Banking Group.

After a Court of Session ruling, the deal between the oldco and Ticketus was torn up by administrators because Lord Hodge found that they would be able to do so if it was in the overall interest of the creditors.

The Crown Office has previously confirmed it has ordered Strathclyde Police to pursue an investigation into alleged criminality surrounding Mr Whyte's takeover of Rangers after they received documents from Duff and Phelps.

Thanks for your post. This is what I was referring to as I posted my last comments.

This thread has become a bit scattergun. From abuse of other fans which was missing from the thread for many months, to the ones dealing with the business and legal tracking of what has happened and is happening.

Is this time to put this thread into its own Forum away from SPL, Div 3 etc? Where significant information is exchanged and discussed about Rangers old and new, including the best from RTC (much of which is still valid and ongoing) and Paul McConville's blog. A section where flag waving and mouthy nonsense doesn't exist as we beaver away to flush out the truth and acknowledge integrity where it exists.

This is after all the most posted, most viewed thread on P&B and big enough to stand on its own feet. And will run and run for years yet as The Rangers possibly move through the leagues.

Over to you Div.

[WaffenThinMint]

Having retired over the last few weeks from the Rangers/The Rangers/Sevco discussions here, I am concerned the way I see things going. (Not to do with my absence, more to do with many key posters not being so involved).

The Rangers people now seem to think they can flex their muscles again. Demanding no titles are removed, who should be on tribunals, or not. Generally getting their self centered arrogance back, and demanding everyone plays by THEIR rules, or the ones that decide suit them best.

It started of course with the SFA negotiating their future status. Not based on the crimes they had committeed in the past, or the enforcement of the laws of the body they were a member of, but more to do with appeasement. Yes a good word that, appeasement.

Made worse by the demise of the Rangers Tax Case blog which achieved so much in the past.

But there is still so much more to do.

On the side of honesty and transparency there will be BDO, HMRC, hopefully the fraud squad (I say hopefully as I suspect that if left to Strathclyde Police there would be many stones left unturned in any investigation), and the Procurator Fiscal.

But the 'clowns with keyboards' need to work away at the same time. People like Traynor, Chic Young, Keevins deserve the same future roles in Scottish football as Craig Whyte.

Cambell Ogilvie sitting in comfort in the SFA offices at Hampden is an affront to all decent supporters.

We did see at one stage where the uprising had a real voice. A chance to influence the change that is really needed, not the token gesture changes the clubs and SFA talk about. I can see that influence drifting away as the clubs and SPL clubs in particular, supported by The Rangers and the usual medai suspects control the message.

We still have a voice, but we need to keep on using it.

Agreed. First and foremost Ogilvie's position is completely untenable.

[Paralysis Through Analysis]

Is Chick Young dead ?

How would we know?

[Itwiznaeme]

[Itwiznaeme]

Farewell Rangers, You Will Not Be Missed.

[FinnesTON]

Why don't you just say what you mean

Anyhoo - Keevin's article - I haven't got a clue what Smith actually said, Hugh hints at something to do with the League of Ireland and Scottish football being a mess but doesn't go into much detail - what I do know though is that after years of Walter taking absolute mince Walter should not be listened to, he should be ignored !

And I have nothing against Walter Smith, I actually quite like the guy but he doesn't half spout some misinformed pish from time to time - so I take umbridge at Keevin's declaring we should sit up and listen when he speaks !!

However - (yes I know what a mess of a post) he's right that Scottish football's a mess - it's just that folk have been shouting it from the rooftops for years whilst he was ignoring us !! and Scottish football will always be more League of Ireland than EPL ... it was folk like Smith striving for the latter that helped get us into this mess !

Was it not another of the succulent lamb brigade Spiers, who first put this scare mongering red herring into the public domain in OTB in which Cosgrove quite happily ripped it up as the ludicrous non story stating the 1st division is bigger than the league of Ireland.

Lets interview those with a vested interest in their club and pass their opinions off as measured impartiality, I that will work. The Recurd are doing a fine job of ensuring that public opinion will not be showing any sympathy when the taxman cometh or if the double contracts is proven.

Why don't they do their jobs and go after Ogilvie or Souness or any of the others.

[Itwiznaeme]

[Gaz FFC]

Rangers remind me of the cow from me myself and Irene.

What's their season ticket sales like, any rumours?

[Itwiznaeme]

http://www.heraldscotland.com/news/home-news/rangers-football-club-born-1872-died-2012-x.17860493

Edited August 6, 2012 by Itwiznaeme

[pozbaird]

They should shut this one for four years (minimum).....

http://www.rangers.co.uk/index.php/hospitality-events/matchday-hospitality/item/290-club-europe

[flyingrodent]

Hilarious stuff in the Herald this morning, about the fans' groups' response to the EBT inquiry. Quick excerpt from the supporters groups' statement that's already been posted...

Rangers fans' groups call for justice and fairness for all

..."As with other consequences of mismanagement of the club in recent years, if there has been wrongdoing then we would be victims, too... In discussing the stripping of titles, it appears the SPL has assumed guilt when nothing has yet been proved... There would appear to be a conflict of interest in the choice of law firm appointed by the SPL to carry out their investigation... There is concern that any tribunal appointed to rule on this matter will have been seriously prejudiced by the negative media coverage surrounding it... "

We believe this (biased inquiry) is being driven by influential members of the SPL board and recently formed "steering committee" with the most to gain. We would question why there appears to be no on-going investigation into the so-called "Juninho EBT" used by Celtic FC. Celtic acknowledged that this was not declared to the football authorities as part of their licence application. If this is the case, then why is a tribunal not being set up to look into this?"

"We want justice and fairness for all".

Translation and interpretation follows, for those who don't speak fluent Paranoid Idiot -

We would be victims, too - Deflection.

We would be victims, in the same way that Rose West was Fred's victim too.

Assumed guilt when nothing has yet been proved - Deflection

Translation - We do not understand taxation and are not interested in learning how to understand taxation. If the Big Tax Case finds us guilty, we will still be innocent because we are the real victims, just like Rose West was.

Conflict of interest - Euphemism.

Translation - If this law firm isn't part of the globe-strangling octupus of Catholic conspiracism to destroy Rangers FC, then why would they want to investigate us? QED.

Seriously prejudiced by the negative media coverage surrounding it

Translation - Everybody who has heard of this case knows full-well that we're as guilty as a shame-faced puppy sitting next to a puddle of pish. Thus, they are all biased.

Influential members - Euphemism.

Refers to - The Prince of Darkness, His Satanic Majesty Peter Lawell. Concealed within his fortress in the east, the lord of Parkhead sees all. His gaze pierces cloud, shadow, earth, and flesh.

Directly responsible for the countless misfortunes that have befallen the Buns, along with his craven, fond-of-Catholicism accomplices in the SPL, SFA, the Mhedia and the seven-foot-tall space lizards who seek to dominate the Scottish leagues using magical Timmy-Beams from their network of satellite space lazers.

Most to gain - Euphemism.

Translation - It's inappropriate for persons connected to clubs that Rangers stole from to pass judgement upon their theft and fraud. A truly independent commission should be set up, perhaps one featuring a High Court Judge and the chairmen of a First Division side and an East of Scotland league club.

Rangers fans certainly wouldn't view their opinion as tainted by bias and would never, ever publish their addresses online or threaten to burn down their stadiums.

Juninho EBT - Euphemism.

Translation - "They did it too". Microscopic fig leaf covering Rangers' shame and preserving some of their dignity, much like that mankini did for Borat's.

Why is a tribunal not being set up to look into this?

Deflection. "They did it too". This is very like if Rupert Murdoch demanded to know why nobody was investigating the misdeeds of the East Lothian Courier.

We want justice and fairness for all.

Translation - We do not want justice and fairness for all. If we had any interest in justice or fairness, we would be calling for New Rangers to be excluded from senior football in favour of a club that won't go bust by Christmas. We are actively seeking injustice and unfairness - after all, it's what we're used to.

Here are our demands - appoint Donald Findlay and Sandy Jardine to investigate, then find us innocent.

Or else.

[Itwiznaeme]

http://www.strathspe...le-21022012.htm

Edited August 6, 2012 by Itwiznaeme

[Itwiznaeme]

[cyderspaceman]

Itwiznaeme , you could change your name to 'lestweforget'.

Power to yer fingers.

[Itwiznaeme]

Itwiznaeme , you could change your name to 'lestweforget'.

Power to yer fingers.

Edited August 6, 2012 by Itwiznaeme

[Boghead ranter]

How would we know?

He'd smell better.

[Araminta Moonbeam QC]

Minty's issuing a statement later, according to STV reporter on Twitter.

Any ideas as to the contents? I'm going with 'it wisname me, a big boy did it and ran away, that porno guy said it was legit and I will never accept the legitimacy of any court'

Or

'it's a fair cop,guv'

Probably the first.