Dean Winchester Posted February 14, 2012 Share Posted February 14, 2012 Rangers will go into administration today, according to their lawyer. Please be HMRC's administrator Link to comment Share on other sites More sharing options...
K1874M Posted February 14, 2012 Share Posted February 14, 2012 I've decided I'm so out of control that there's little point in wearing any. I've just put down a ground-sheet! Haha! Post of the thread! Link to comment Share on other sites More sharing options...
ritchies75 Posted February 14, 2012 Share Posted February 14, 2012 (edited) Arguments on each side will start when case resumes at 1.30pm Roddy Dunlop, #Rangers lawyer, say they can appoint administrators because floating charge holder has approved it. (Dont know what this means) Edited February 14, 2012 by ritchies75 Link to comment Share on other sites More sharing options...
Vlad-Stupid Posted February 14, 2012 Share Posted February 14, 2012 I've decided I'm so out of control that there's little point in wearing any. I've just put down a ground-sheet! I would but my boss would frown on it. He's already lookig pissed off I've downed tools Link to comment Share on other sites More sharing options...
Dean Winchester Posted February 14, 2012 Share Posted February 14, 2012 Arguments on each side will start when case resumes at 1.30pm How are you getting this info anyway? Link to comment Share on other sites More sharing options...
The Gasman Posted February 14, 2012 Share Posted February 14, 2012 Lawyer for #Rangers told court paperwork on its way to appoint administrators. HMRC questioned the validity of this move. Trying to sneak through/force through a Pre-Pack...? Link to comment Share on other sites More sharing options...
hawaii Posted February 14, 2012 Share Posted February 14, 2012 Tax expert bloke on SSN just said that by using the EBT's a player would only pay 5% tax instead of the 40/50% if they were paid as normal wages - ooft I'm sure Gazza, Laudrup, Albertz etc will be sending over a bankers draft ASAP to help out the greatest team they have ever played for!! Link to comment Share on other sites More sharing options...
Dean Winchester Posted February 14, 2012 Share Posted February 14, 2012 Trying to sneak through/force through a Pre-Pack...? Definitely what it looks like they where trying to do. Think most people knew that was what their plan would be by trying to go into administration on their own terms. Link to comment Share on other sites More sharing options...
Vlad-Stupid Posted February 14, 2012 Share Posted February 14, 2012 HMRC argued neither club nor directors were allowed to appoint administrators for five days. #Rangers Link to comment Share on other sites More sharing options...
ritchies75 Posted February 14, 2012 Share Posted February 14, 2012 How are you getting this info anyway? Different tweets from the court. Mainly https://twitter.com/#!/carasulieman Link to comment Share on other sites More sharing options...
Mysterion Posted February 14, 2012 Share Posted February 14, 2012 Even if it is not a breach as described in your quote ... surely it breaches the SPL good faith 'rules'? Should not be too hard to prove. Whyte has been controlling as much as possible so likely he personally did the Cousin deal. I was reliably told that Sandy Jardine was specifically instructed not to contact Dundee United during the Goodwillie transfer as Whyte would deal with it himself. 2 days later you had Steven Thompson squeeling that Rangers had made zero contact. Whyte has controlled almost every element of the Ibrox financials since he took over. Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted February 14, 2012 Share Posted February 14, 2012 It now looks like the HMRC have called CW's bluff and have now asked the courts themselves to place Rangers into Administration, A move which could make them the prefered creditor, luvely Jubely We dont have to wait 9 more days Link to comment Share on other sites More sharing options...
Dusk_Till_Dawn Posted February 14, 2012 Share Posted February 14, 2012 'mon the Revenue. To quote one former JKBer, every right-minded Hearts fan should be behind HMRC Link to comment Share on other sites More sharing options...
JohnB Posted February 14, 2012 Share Posted February 14, 2012 I would but my boss would frown on it. He's already lookig pissed off I've downed tools Stick with your Calvins Tom. The big drawback to my strategy is that you've gotta watch you don't touch anything electrical Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted February 14, 2012 Share Posted February 14, 2012 Its gets better CW is njow trying to beat HMRC in getting Administrators appointed today! Even better than that I have been told that Strathclyde Police may call off this weekends game unless they get paid up front. Link to comment Share on other sites More sharing options...
Vlad-Stupid Posted February 14, 2012 Share Posted February 14, 2012 What we've got here is a Mexican Standoff. I know who my money is on Link to comment Share on other sites More sharing options...
Lovecraft Posted February 14, 2012 Share Posted February 14, 2012 Link to comment Share on other sites More sharing options...
Dean Winchester Posted February 14, 2012 Share Posted February 14, 2012 What we've got here is a Mexican Standoff. I know who my money is on Exactly. I'm convinced Whyte thought he was being smart and it's backfired magnificently assuming HMRC's administrator takes control. Link to comment Share on other sites More sharing options...
The Gasman Posted February 14, 2012 Share Posted February 14, 2012 Definitely what it looks like they where trying to do. Think most people knew that was what their plan would be by trying to go into administration on their own terms. As we discussed on another thread, I think Whyte may have missed the boat with this.... Hopefully...! Link to comment Share on other sites More sharing options...
swavkav Posted February 14, 2012 Share Posted February 14, 2012 Rangers will be in admin today, they want it but with thier own admin guy, but HMRC want to appoint a guy, happy days Link to comment Share on other sites More sharing options...
Midloth_Iain Posted February 14, 2012 Share Posted February 14, 2012 McCoist pictured leaving Murray Park (Sky Sports News), driving his car with one hand, a coffee cup in the other hand. Another 3 points on his licence would be nice Link to comment Share on other sites More sharing options...
Jambo66 Posted February 14, 2012 Share Posted February 14, 2012 Tax expert bloke on SSN just said that by using the EBT's a player would only pay 5% tax instead of the 40/50% if they were paid as normal wages - ooft I'm sure Gazza, Laudrup, Albertz etc will be sending over a bankers draft ASAP to help out the greatest team they have ever played for!! Depends on the official HMRC rate of interest at any given time, but I can't see that it would be anything like 5%. Essentially what happens is that instead of being paid say ?100,000, the EBT lends the player ?100,000 as an interest-free loan. The tax payable on that loan is calculated by reference to interest that would otherwise be payable if the ?100,000 was on deposit. HMRC publish the rate which is currently 4% (and has been since April 2010). Tax is then paid on that amount. In other words, a 50% taxpayer would pay 2% at the moment. The problem with the EBT is that the loan has to be repayable and is normally repayable on demand. Now if you had your own business and set up an EBT as a way of getting money out without paying too much tax, you would probably be quite relaxed about this arrangement, and confident that the Trustees would never demand repayment. If you are a footballer with no real connection to the club, you would probably want some comfort that no demand would be made for the loan to be repaid. My suspicion is that HMRC have some sort of evidence that the players were given some sort of guarantee and that is what would make the whole arrangement a sham. Link to comment Share on other sites More sharing options...
The Merse Posted February 14, 2012 Share Posted February 14, 2012 Schadenfreude is good. Link to comment Share on other sites More sharing options...
colinmaroon Posted February 14, 2012 Share Posted February 14, 2012 .....and we play rangers in 2/3 weeks at ibrox. Or not, as it may happen! Link to comment Share on other sites More sharing options...
Feeno Posted February 14, 2012 Share Posted February 14, 2012 HMRC were on their way to hand in documents for admin but Whyte nipped in with his, Leak at the Inland Revenue then?? Link to comment Share on other sites More sharing options...
jamb0_1874 Posted February 14, 2012 Share Posted February 14, 2012 Its gets better CW is njow trying to beat HMRC in getting Administrators appointed today! Rangers can't appoint their own administrator today as they must give 5 days notice. Link to comment Share on other sites More sharing options...
Lovecraft Posted February 14, 2012 Share Posted February 14, 2012 Rangers can't appoint their own administrator today as they must give 5 days notice. Link to comment Share on other sites More sharing options...
Auldreekie1874 Posted February 14, 2012 Share Posted February 14, 2012 McCoist pictured leaving Murray Park (Sky Sports News), driving his car with one hand, a coffee cup in the other hand. Another 3 points on his licence would be nice Could be the last 3 points that he picks up as Rangers manager. Link to comment Share on other sites More sharing options...
Dean Winchester Posted February 14, 2012 Share Posted February 14, 2012 (edited) Derek Johnstone :Vlad-Stupid: Edited February 14, 2012 by Dean Winchester Link to comment Share on other sites More sharing options...
ritchies75 Posted February 14, 2012 Share Posted February 14, 2012 Rangers can't appoint their own administrator today as they must give 5 days notice. The Court can appoint one today though Link to comment Share on other sites More sharing options...
hawaii Posted February 14, 2012 Share Posted February 14, 2012 Depends on the official HMRC rate of interest at any given time, but I can't see that it would be anything like 5%. Essentially what happens is that instead of being paid say ?100,000, the EBT lends the player ?100,000 as an interest-free loan. The tax payable on that loan is calculated by reference to interest that would otherwise be payable if the ?100,000 was on deposit. HMRC publish the rate which is currently 4% (and has been since April 2010). Tax is then paid on that amount. In other words, a 50% taxpayer would pay 2% at the moment. The problem with the EBT is that the loan has to be repayable and is normally repayable on demand. Now if you had your own business and set up an EBT as a way of getting money out without paying too much tax, you would probably be quite relaxed about this arrangement, and confident that the Trustees would never demand repayment. If you are a footballer with no real connection to the club, you would probably want some comfort that no demand would be made for the loan to be repaid. My suspicion is that HMRC have some sort of evidence that the players were given some sort of guarantee and that is what would make the whole arrangement a sham. Just got a lovely mental image of the HMRC administrator demanding the Advocaat players turn up at Ibrox with the EBT loan money in large suitcases!! Would be lovely seeing Gazza greeting again :-) Link to comment Share on other sites More sharing options...
ritchies75 Posted February 14, 2012 Share Posted February 14, 2012 Hearing in HMRC and Rangers Football Club has just started again. Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted February 14, 2012 Share Posted February 14, 2012 They have called a break now But Rangers legal team have stated that they will have the paper work sendt over to appoint Administrators Today HMRC have asked the courts not to appoint this yet as they question the validity of this move. HMRC want assurances they appoint an Administrator before end of the hearing. Link to comment Share on other sites More sharing options...
colinmaroon Posted February 14, 2012 Share Posted February 14, 2012 Exactly. I'm convinced Whyte thought he was being smart and it's backfired magnificently assuming HMRC's administrator takes control. My thoughts exactly! Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted February 14, 2012 Share Posted February 14, 2012 And they are back after a 20 min recess, Off and Running again Link to comment Share on other sites More sharing options...
Chaka Demus & pliers Posted February 14, 2012 Share Posted February 14, 2012 Depends on the official HMRC rate of interest at any given time, but I can't see that it would be anything like 5%. Essentially what happens is that instead of being paid say ?100,000, the EBT lends the player ?100,000 as an interest-free loan. The tax payable on that loan is calculated by reference to interest that would otherwise be payable if the ?100,000 was on deposit. HMRC publish the rate which is currently 4% (and has been since April 2010). Tax is then paid on that amount. In other words, a 50% taxpayer would pay 2% at the moment. The problem with the EBT is that the loan has to be repayable and is normally repayable on demand. Now if you had your own business and set up an EBT as a way of getting money out without paying too much tax, you would probably be quite relaxed about this arrangement, and confident that the Trustees would never demand repayment. If you are a footballer with no real connection to the club, you would probably want some comfort that no demand would be made for the loan to be repaid. My suspicion is that HMRC have some sort of evidence that the players were given some sort of guarantee and that is what would make the whole arrangement a sham. Yeah. What the guy actually said was that tax would only be payable on 5% so ?5000 of ?100k. 40% tax on ?5k would have meant they only paid ?2k instead of ?40k! Link to comment Share on other sites More sharing options...
ritchies75 Posted February 14, 2012 Share Posted February 14, 2012 RFC to appoint administrators by 3.30 pm today or HMRC case to appoint administrators stands. Link to comment Share on other sites More sharing options...
Dean Winchester Posted February 14, 2012 Share Posted February 14, 2012 RFC to appoint administrators by 3.30 pm today or HMRC case to appoint administrators stands. Balls Roll on 3:30pm. Link to comment Share on other sites More sharing options...
Vlad-Stupid Posted February 14, 2012 Share Posted February 14, 2012 RFC to appoint administrators by 3.30 pm today or HMRC case to appoint administrators stands. Link to comment Share on other sites More sharing options...
hughesie27 Posted February 14, 2012 Share Posted February 14, 2012 #Rangers given until 3.30pm to appoint administrators. If they do HMRC's application will no longer stand. Link to comment Share on other sites More sharing options...
Vlad-Stupid Posted February 14, 2012 Share Posted February 14, 2012 Hope they don't manage it in time Link to comment Share on other sites More sharing options...
ritchies75 Posted February 14, 2012 Share Posted February 14, 2012 So to clarify Rangers will be in administration today Rangers have been given until 3.30pm to appoint their own administrator or court will make appointment Link to comment Share on other sites More sharing options...
Pistol1874 Posted February 14, 2012 Share Posted February 14, 2012 Hope they don't manage it in time They will. Craig Whyte wins. Link to comment Share on other sites More sharing options...
jamb0_1874 Posted February 14, 2012 Share Posted February 14, 2012 Hope they don't manage it in time They'll manage it, desperate times call for desperate measures and the Whyte knight has too much to lose if they dont. Link to comment Share on other sites More sharing options...
Feeno Posted February 14, 2012 Share Posted February 14, 2012 what lodge is the judge part off Link to comment Share on other sites More sharing options...
Dean Winchester Posted February 14, 2012 Share Posted February 14, 2012 Looks like they've found one. Link to comment Share on other sites More sharing options...
troonmaroon Posted February 14, 2012 Share Posted February 14, 2012 So to clarify Rangers will be in administration today Rangers have been given until 3.30pm to appoint their own administrator or court will make appointment And is there anything that might stand in the way of them (rfc) managing to appoint their own by 3.30?! I'm guessing not... Link to comment Share on other sites More sharing options...
Jambo, Goodbye Posted February 14, 2012 Share Posted February 14, 2012 Already? Link to comment Share on other sites More sharing options...
cjwilson95 Posted February 14, 2012 Share Posted February 14, 2012 Guys & Girls! It's not all that bad if they have time to get there own administrator in! Reason for this being is -10 points transfer embargo sell some of the players? end up a wee shite team instead of a big shite team? haha cheer up folks!! Link to comment Share on other sites More sharing options...
hughesie27 Posted February 14, 2012 Share Posted February 14, 2012 The administrators will be Duff & Phelps. #Rangers HMRC will only accept the appointment of administrators if it's done by 3.30pm. #Rangers Link to comment Share on other sites More sharing options...
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