HMRC Freeze Rangers Bank Accounts? Martin Bain Story (merged)

[SUTOL]

Looks to me like they lend to people the banks won't, or have ceased to, deal with. I'd imagine they take security over invoices or payments due to companies and individuals in a similar fashion to 'pay day loans'.

 

I still don't see where you get that they give finance to people or companies who can't get it elsewhere.

 

Invoice finance/factoring is a pretty standard thing for some businesses and high street banks offer the service as well as other finance companies such as Close.

I have looked into using the service myself in the past and have dealt with companies who use it.

 

Anyway it doesn't look like that's what the Rangers-Close Bros deal is for anyway as it Close Leasing that have the charge over the catering services, whatever that means.

 

 

 

No harm in enjoying Rangers pain though

[Charlie-Brown]

Thanks for that CB - I did read up on the Coachliner and LM deals a while ago but I couldn't recall Close having being involved.

 

Have a look at this website - particularly the 'sponsors' at the bottom of the main page ..... http://www.primaryassetfinance.co.uk/

 

also some detail here

 

http://www.companiesintheuk.co.uk/ltd/lm-logistics-group

[AllyjamboDerbyshire]

I still don't see where you get that they give finance to people or companies who can't get it elsewhere.

 

Invoice finance/factoring is a pretty standard thing for some businesses and high street banks offer the service as well as other finance companies such as Close.

I have looked into using the service myself in the past and have dealt with companies who use it.

 

Anyway it doesn't look like that's what the Rangers-Close Bros deal is for anyway as it Close Leasing that have the charge over the catering services, whatever that means.

 

 

 

No harm in enjoying Rangers pain though

Well Rangers pain does take the sting out of our current woes

I'm not deriding Invoice factoring or financing, but was taking the point made earlier by FF that it was '2nd last resort before Wonga' and pointing out it maybe wasn't quite as far down the finance scale as that. While it is the norm in many businesses, I'd guess manufacturing or building industries as an example, and provides a valuable service, I doubt very much that it is usual practice amongst football clubs. It is, however, often the 2nd resort for businesses after the bank has declined to give them further credit, as is clearly the case with Rangers. When calculating the discount the factors will take account of the likelihood of non-payment of the debt, and in the current climate I think that would lead to quite a large discount, and wonder why Whyte would not see fit to finance it from his own fortune. Of course, he won't, because that's not in his business model. He's not bought into Rangers for Rangers' sake but only as a profit making exercise. I also expect it is the norm to factor future payments in Whyte's role as an asset stripper, as he is securing the income before it becomes due, and before any administration proceeding begin.

[Footballfirst]

Both the Sun and the Evening Times are carrying a story today that CW will not be holding an AGM this year (should be held by 31/12). Also that CW is holding negotiations directly with HMRC about the tax bill(s) and is waiting on a key letter from the QC who is representing them at FTT. Both papers are also carrying stories of Liverpool preparing a ?7.5M bid for Jelavic. I'll believe it when I see it.

 

http://www.thescotti...ng-off-AGM.html

 

http://www.eveningti...talks-1.1138831

 

It looks like this is an RFC press release to selected, compliant journalists to put out more spin to the fans that all is well at Ibrokes.

[Templeton Peck]

From Twitter...

 

rangerstaxcase Rangers Tax-Case

 

Evening Times tax talks story = 100% fabrication. No talks taking place.

[Footballfirst]

It appears that RFC have settled their case with McIntyre at the eleveth hour.

 

http://news.stv.tv/scotland/west-central/286391-rangers-fc-settle-300000-damages-claim-with-former-director/

 

I wonder what it was that forced CW's hand on this. Insider information? Potential embarrassment re what CW has (not) put into the club?

 

The money was already arrested so there is no need to find the money from somewhere else, but is does reduce the amount of cash available in insolvency.

[Hagar the Horrible]

It appears that RFC have settled their case with McIntyre at the eleveth hour.

 

http://news.stv.tv/scotland/west-central/286391-rangers-fc-settle-300000-damages-claim-with-former-director/

 

I wonder what it was that forced CW's hand on this. Insider information? Potential embarrassment re what CW has (not) put into the club?

 

The money was already arrested so there is no need to find the money from somewhere else, but is does reduce the amount of cash available in insolvency.

 

 

 

This in turn will strenghen bains case for the same thing, and as both sets of money were ring fenced, it wont hurt Rangers any more than it already did, but at least that money wont be made available back to them again,And it has been confirmed there is no negotiations to settle with the HMRC, who just dont do negotiations, shame really

[Floyd]

It's amazing how Whyte's stance of fighting this in court has now become a let's settle now approach isn't it??

[Floyd]

I see a certain Mr Whyte appeared in court today, should be interesting to see the tabloids view on this......

 

http://news.stv.tv/scotland/west-central/287603-rangers-fc-owner-craig-whyte-in-court-over-unpaid-90000-repair-bill-for-castle/

[Francis Albert]

I am guessing page 7 of the Record "Whyte strongly denies allegations that he allegedly appeared in court and is suing STV".

[Francis Albert]

I am guessing page 7 of the Record "Whyte strongly denies allegations that he allegedly appeared in court and is suing STV".

 

 

And don't you just love Whyte's claim in court that he couldn't remember why he was banned from being a company director for 7 years?

[Hagar the Horrible]

And don't you just love Whyte's claim in court that he couldn't remember why he was banned from being a company director for 7 years?

 

 

When asked why he was banned he answered he could not recall without any documentation what it was about and he would not want to say in open court and be incorrect.

 

I think if something that major happened to you, one would remember every single detail. I can still remember root canal treatment from 7 years ago. I can also remember with great pleasure every moment of telling an old boss to shove his job and that was 15 years ago. so a "I cant remember what it was ABOUT" makes it sound like he forgot to get milk from the supermarket. besides if he realy had forgoten he could have just asked the BBC they would have reminded him, after all if he had forgotten then why pretend to sue the BBC for false allegations???????

[Boris]

When asked why he was banned he answered he could not recall without any documentation what it was about and he would not want to say in open court and be incorrect.

 

I think if something that major happened to you, one would remember every single detail. I can still remember root canal treatment from 7 years ago. I can also remember with great pleasure every moment of telling an old boss to shove his job and that was 15 years ago. so a "I cant remember what it was ABOUT" makes it sound like he forgot to get milk from the supermarket. besides if he realy had forgoten he could have just asked the BBC they would have reminded him, after all if he had forgotten then why pretend to sue the BBC for false allegations???????

 

 

You go Hagar!!!

[The Gasman]

This is an important week for RFC. CW has now appealed the wee tax bill (the original bill + interest, not the penalty), despite having agreed to pay it as part of the takeover deal and paying ?500k towards it in July. The remaining ?2.3M was arrested in September and is due to handed over automatically at the end of this week. I can only assume that the frivolous appeal has simply been made to see if he can delay the automatic transfer of the funds to HMRC. It will be interesting to see if CW can use legal means of getting away with this, or at least delaying the process to his advantage.

 

If CW is successful in having the transfer stopped, then HMRC may resort to stronger measures to get the money they are also owed in overdue PAYE and NIC payments (estimated at around ?2M). We could see an administration or winding up petition as they did with Hearts. However, HMRC would like to get to the end of the FTT in the middle of January in order that they can get a ruling that they can apply to other EBT users elsewhere, so it may delay stronger action until then.

 

Was CW successful in getting this stopped?

 

I may just have missed it, but I've not seen anything to suggest this payment was made, or if it wasn't made, what will happen next, and when.

[Footballfirst]

Was CW successful in getting this stopped?

 

I may just have missed it, but I've not seen anything to suggest this payment was made, or if it wasn't made, what will happen next, and when.

 

There has been no information forthcoming on whether or not the transfer was stopped. I personally suspect that it has gone ahead as it would have been necessary to get a court order to stop it and there has been nothing from the legal experts on the RTC blog to say that there has been such a court event.

[Johanes de Silentio]

Spoke to an employee of HMRC tonight - here's what they told me about Rangers: (and a wee bit about Hearts)

 

Rangers have been in court for about a month.

 

The court case is a stalling tactic by Craig Whyte, who is a shyster. (sp)

 

The case will be decided very soon.

 

Rangers will lose, as they are bang to rights.

 

They will probably be put into administration.

 

They will not be demoted, but will receive a paltry 10/20 point deduction, and will otherwise carry on as normal.

 

The reason for Rangers not being demoted is that the new TV deal is reliant on at least four live televised Old Firm fixtures per season - if Rangers are demoted, there will be no guaranteed Old Firm derbies, and the TV deal will be messed.

 

They will be looking to punt saleable assets like Jelavic in January.

 

The chances of Rangers actually paying HMRC are slim, so they will be ok in the long term - David Murray may get involved again.

 

Vlad Romanov is waiting for the outcome of the Rangers case - he will then demand the same treatment as Rangers.

 

This is what I was told, and I'm sharing it.

 

**** off.

[Das Root]

The chances of Rangers actually paying HMRC are slim, so they will be ok in the long term - David Murray may get involved again.

 

What was the point in contesting it then? For both parties. If HMRC aren't getting a sniff of their ?50m, they'll just not fuss about it? And then surely every other company getting hammered by HMRC can point to Rangers and forget about paying too?

 

If Romanov is going to let us get 20pts knocked off, he sure as hell better make sure we make them up by end of season.

[Johanes de Silentio]

What was the point in contesting it then? For both parties. If HMRC aren't getting a sniff of their ?50m, they'll just not fuss about it? And then surely every other company getting hammered by HMRC can point to Rangers and forget about paying too?

 

In any case, there's a difference between winning a case, and actually getting any hard cash.

 

Like it or not, Rangers have some power - they hold an ace in TV deals - TV audiences aren't that interested in Celtic v St Johnstone - large TV audiences want to watch the Old Firm freak show.

 

I'm jusy posting what I was told.

 

You didn't really think Rangers were going to be severely punished did you?

[vegas-voss]

Spoke to an employee of HMRC tonight - here's what they told me about Rangers: (and a wee bit about Hearts)

 

Rangers have been in court for about a month.

 

The court case is a stalling tactic by Craig Whyte, who is a shyster. (sp)

 

The case will be decided very soon.

 

 

Rangers will lose, as they are bang to rights.

 

They will probably be put into administration.

 

 

They will not be demoted, but will receive a paltry 10/20 point deduction, and will otherwise carry on as normal.

 

The reason for Rangers not being demoted is that the new TV deal is reliant on at least four live televised Old Firm fixtures per season - if Rangers are demoted, there will be no guaranteed Old Firm derbies, and the TV deal will be messed.

 

They will be looking to punt saleable assets like Jelavic in January.

 

The chances of Rangers actually paying HMRC are slim, so they will be ok in the long term - David Murray may get involved again.

 

 

Vlad Romanov is waiting for the outcome of the Rangers case - he will then demand the same treatment as Rangers.

 

This is what I was told, and I'm sharing it.

 

**** off.

 

Sorry just don't get the Vlad bit at all.He is due the money to his own companies is he not so what would be the point of putting us into admin ?

[Geoff Kilpatrick]

In any case, there's a difference between winning a case, and actually getting any hard cash.

 

Like it or not, Rangers have some power - they hold an ace in TV deals - TV audiences aren't that interested in Celtic v St Johnstone - large TV audiences want to watch the Old Firm freak show.

 

I'm jusy posting what I was told.

 

You didn't really think Rangers were going to be severely punished did you?

The TV deal is irrelevant to HMRC.

[Peebo]

Spoke to an employee of HMRC tonight - here's what they told me about Rangers: (and a wee bit about Hearts)

 

Rangers have been in court for about a month.

 

The court case is a stalling tactic by Craig Whyte, who is a shyster. (sp)

 

The case will be decided very soon.

 

Rangers will lose, as they are bang to rights.

 

They will probably be put into administration.

 

They will not be demoted, but will receive a paltry 10/20 point deduction, and will otherwise carry on as normal.

 

The reason for Rangers not being demoted is that the new TV deal is reliant on at least four live televised Old Firm fixtures per season - if Rangers are demoted, there will be no guaranteed Old Firm derbies, and the TV deal will be messed.

 

They will be looking to punt saleable assets like Jelavic in January.

 

The chances of Rangers actually paying HMRC are slim, so they will be ok in the long term - David Murray may get involved again.

 

Vlad Romanov is waiting for the outcome of the Rangers case - he will then demand the same treatment as Rangers.

 

This is what I was told, and I'm sharing it.

 

**** off.

 

I'm struggling to see what the HMRC has to do with the SPL TV deal, or Romanov right now.

[Heartbeat]

While I have no reason not to believe PA I also suspect that HMRC dont give two hoots about any external influences such as TV deals. They will have a single

Minded focus to get any monies due and there will be no grey areas only rights and wrongs based on the eventual decision. We as football suoporters sometimes think the likes of Rancers are untouchable but they are nought in the eyes of the revenue people simply a source of much needed and overdue income in there eyes.

 

I also agree there would be no sense in Vlad placing Hearts into admin when another of his companies would be the biggest creditor. I think he is playing a big bluff and trying to big up the value as you would expect. It wd be the stuff of dreams if someone gave him ?1 and inherited the debt but that aint gonna happen so if he really wants out he is gonna have to take a big bath on this. Dont see him getting oit for some time unless something stupid occurs

[I.J]

Can I be ITK, please?

 

My sister works in tribunals for the Ministry of Justice (no the Superman one), and has been involved with der hun's case.

 

It's her impression from the judge fellys presiding that this will last for several months, if not years.

 

Right, do I get a ****ing badge now or something?

[DETTY29]

Spoke to an employee of HMRC tonight - here's what they told me about Rangers: (and a wee bit about Hearts)

 

Rangers have been in court for about a month.

 

The court case is a stalling tactic by Craig Whyte, who is a shyster. (sp)

 

The case will be decided very soon.

 

Rangers will lose, as they are bang to rights.

 

They will probably be put into administration.

 

They will not be demoted, but will receive a paltry 10/20 point deduction, and will otherwise carry on as normal.

 

The reason for Rangers not being demoted is that the new TV deal is reliant on at least four live televised Old Firm fixtures per season - if Rangers are demoted, there will be no guaranteed Old Firm derbies, and the TV deal will be messed.

 

They will be looking to punt saleable assets like Jelavic in January.

 

The chances of Rangers actually paying HMRC are slim, so they will be ok in the long term - David Murray may get involved again.

 

Vlad Romanov is waiting for the outcome of the Rangers case - he will then demand the same treatment as Rangers.

 

This is what I was told, and I'm sharing it.

 

**** off.

In about 6 games time Rangers will have enough points not to worry about being relegated if they go into admin.

 

Luquidation is a different matter though.

[Footballfirst]

PA - The problem for RFC is not Administration. It's getting out of it thats the problem. HMRC will not agree a CVA and are likely to have sufficient debt owed to them to block one. In that case RFC will go into liquidation. There question thereafter is how the SFA / SPL handle a newco RFC 2012.

 

BTW Hearts are still under investigation by HMRC as they have been for the last 3 or 4 years. If that case forces Hearts into administration, then Hearts could emerge with a CVA, as HMRC wouldn't have the power to block it as the bulk of the debt would still be due to UBIG.

[tartofmidlothian]

Spoke to an employee of HMRC tonight - here's what they told me about Rangers: (and a wee bit about Hearts)

 

Rangers have been in court for about a month.

 

The court case is a stalling tactic by Craig Whyte, who is a shyster. (sp)

 

The case will be decided very soon.

 

Rangers will lose, as they are bang to rights.

 

They will probably be put into administration.

 

They will not be demoted, but will receive a paltry 10/20 point deduction, and will otherwise carry on as normal.

 

The reason for Rangers not being demoted is that the new TV deal is reliant on at least four live televised Old Firm fixtures per season - if Rangers are demoted, there will be no guaranteed Old Firm derbies, and the TV deal will be messed.

 

They will be looking to punt saleable assets like Jelavic in January.

 

The chances of Rangers actually paying HMRC are slim, so they will be ok in the long term - David Murray may get involved again.

 

Vlad Romanov is waiting for the outcome of the Rangers case - he will then demand the same treatment as Rangers.

 

This is what I was told, and I'm sharing it.

 

**** off.

 

From the 10/20 deduction bit on, I can't see how any HMRC employee would know this. Surely it's the SPL's/SFA's lookout.

 

Not doubting what you're passing on, but maybe the person involved was just offering an opinion?

[Jam Tarts 1874]

Spoke to an employee of HMRC tonight - here's what they told me about Rangers: (and a wee bit about Hearts)

 

Rangers have been in court for about a month.

 

The court case is a stalling tactic by Craig Whyte, who is a shyster. (sp)

 

The case will be decided very soon.

 

Rangers will lose, as they are bang to rights.

 

They will probably be put into administration.

 

They will not be demoted, but will receive a paltry 10/20 point deduction, and will otherwise carry on as normal.

 

The reason for Rangers not being demoted is that the new TV deal is reliant on at least four live televised Old Firm fixtures per season - if Rangers are demoted, there will be no guaranteed Old Firm derbies, and the TV deal will be messed.

 

They will be looking to punt saleable assets like Jelavic in January.

 

The chances of Rangers actually paying HMRC are slim, so they will be ok in the long term - David Murray may get involved again.

 

Vlad Romanov is waiting for the outcome of the Rangers case - he will then demand the same treatment as Rangers.

 

This is what I was told, and I'm sharing it.

 

**** off.

 

 

Sorry, but this is all rubbish.

 

If Rangers fail to pay any HMRC liability and are put into administration, the administrators will have a duty to realise assets to pay HMRC. If Rangers end up owing ?50m, the administrators will be duty bound to sell everything, including stadium and players.

[The Gasman]

Sorry, but this is all rubbish.

 

If Rangers fail to pay any HMRC liability and are put into administration, the administrators will have a duty to realise assets to pay HMRC. If Rangers end up owing ?50m, the administrators will be duty bound to sell everything, including stadium and players.

 

Not true. Craig Whyte holds the security on the Stadium, so HMRC wont see a penny from it.

[Johanes de Silentio]

The TV deal is irrelevant to HMRC.

 

Clearly.

 

The suggestion is that The TV deal is reliant on Rangers playing in the SPL.

 

The SPL/SFA, or whoever, are desperate for the TV deal to go through, which is why they will not punish Rangers too harshly when they lose the case, and don't pay their massive debt to HMRC.

[Johanes de Silentio]

Can I be ITK, please?

 

My sister works in tribunals for the Ministry of Justice (no the Superman one), and has been involved with der hun's case.

 

It's her impression from the judge fellys presiding that this will last for several months, if not years.

 

Right, do I get a ****ing badge now or something?

 

I'm not in the know, IJ - I just KNOW someone who is fairly high up with HMRC, and I thought I'd share what they told me.

 

I didn't get a badge, so you're not getting one either.

[Johanes de Silentio]

PA - The problem for RFC is not Administration. It's getting out of it thats the problem. HMRC will not agree a CVA and are likely to have sufficient debt owed to them to block one. In that case RFC will go into liquidation. There question thereafter is how the SFA/SPL handle a newco RFC 2012.

 

Good response.

 

I think the suggestion is that the SFA/SPL would treat a newco RFC 2012 very sympathetically - for economic reasons, such as maximising income from TV deals, etc.

[Johanes de Silentio]

Sorry, but this is all rubbish.

 

If you read my post to the end, you will clearly see that I said '**** off'.

 

It may well be rubbish, but it's what I was told.

[Geoff Kilpatrick]

Clearly.

 

The suggestion is that The TV deal is reliant on Rangers playing in the SPL.

 

The SPL/SFA, or whoever, are desperate for the TV deal to go through, which is why they will not punish Rangers too harshly when they lose the case, and don't pay their massive debt to HMRC.

Fair comment. The ball is burst in that scenario though. Scottish football should just close the doors.

[Johanes de Silentio]

Fair comment. The ball is burst in that scenario though. Scottish football should just close the doors.

 

Surely, though, if the SFA/SPL don't deal with Rangers in an appropriate manner, and still don't pay the MILLIONS they owe HMRC, non-football authorities could step in?

[Deevers]

Surely, though, if the SFA/SPL don't deal with Rangers in an appropriate manner, and still don't pay the MILLIONS they owe HMRC, non-football authorities could step in?

Don't be daft - both organisations are only interested in furthering the interests of the Old firm and sod everybody else. That's the reason that Scottish football in in the state it's currently in.

[Johanes de Silentio]

Don't be daft - both organisations are only interested in furthering the interests of the Old firm and sod everybody else. That's the reason that Scottish football in in the state it's currently in.

 

Aye, but surely there is a higher authority than the SPL and the SFA?

[Hagar the Horrible]

Why has this truly wonderful thread been allowed to dwindle, any way update from today

 

http://uk.news.yahoo.com/taxman-rapped-over-deals-firms-001532009.html

 

The tax man has been told not to go easy on any company, which puts paid to the rumour that they were going to settle for ?5m (according to rangers forum).

 

This Newco Rangers, where is it goig to come from there are only 2 options

 

1. buy out an existing league club and rename them, provided there is a seller out there?

2. form a new club and apply for membership? this is high risk as there are a few clubs vying for league status, Spartans, Gala, Frazerburgh and a few others will be highly competative, and with the voting rights beingh given equal status to lower league clubs, there might not be an appatite to have turkeys voting for christmas

[Das Root]

Why has this truly wonderful thread been allowed to dwindle, any way update from today

 

http://uk.news.yahoo.com/taxman-rapped-over-deals-firms-001532009.html

 

The tax man has been told not to go easy on any company, which puts paid to the rumour that they were going to settle for ?5m (according to rangers forum).

 

This Newco Rangers, where is it goig to come from there are only 2 options

 

1. buy out an existing league club and rename them, provided there is a seller out there?

2. form a new club and apply for membership? this is high risk as there are a few clubs vying for league status, Spartans, Gala, Frazerburgh and a few others will be highly competative, and with the voting rights beingh given equal status to lower league clubs, there might not be an appatite to have turkeys voting for christmas

 

 

They'll go for option 2 and be fastracked straight into the SPL. Sky have deemed it so.

[Rosewood]

Not true. Craig Whyte holds the security on the Stadium, so HMRC wont see a penny from it.

 

An Administrator has a duty to ALL creditors to return as much to them as possible and must treat them all fairly.

 

While you are right that CW has security over Ibrox, if Rangers/somebody else is unwilling to settle the tax bill the Administrator will seek to recover as much from the Company's assets as possible to make a return to all creditors. CW would see the value of Ibrox (up to the amount of his loan) returned to him and beyond that the rest of the realisations would go into a pot to be returned to unsecured creditors such as HMRC.

[Charlie-Brown]

An Administrator has a duty to ALL creditors to return as much to them as possible and must treat them all fairly.

 

While you are right that CW has security over Ibrox, if Rangers/somebody else is unwilling to settle the tax bill the Administrator will seek to recover as much from the Company's assets as possible to make a return to all creditors. CW would see the value of Ibrox (up to the amount of his loan) returned to him and beyond that the rest of the realisations would go into a pot to be returned to unsecured creditors such as HMRC.

 

Once secured creditors Close Brothers & Liberty Capital (whyte) have been repaid there will be almost no residual value left for any other creditors.

[Footballfirst]

An Administrator has a duty to ALL creditors to return as much to them as possible and must treat them all fairly.

 

While you are right that CW has security over Ibrox, if Rangers/somebody else is unwilling to settle the tax bill the Administrator will seek to recover as much from the Company's assets as possible to make a return to all creditors. CW would see the value of Ibrox (up to the amount of his loan) returned to him and beyond that the rest of the realisations would go into a pot to be returned to unsecured creditors such as HMRC.

 

The floating charge now held by CW dates back to 1999. That means that CW can appoint a "Receiver" of his choice rather than an administrator. The receiver acts only in the interests of the floating charge holder and will not look after the interests of the other creditors. Administration or liqidation could follow receivership, but there won't be very much left to distribute to unsecured creditors once the receiver has satisfied the debts held by the floating charge holder.

[Rosewood]

The floating charge now held by CW dates back to 1999. That means that CW can appoint a "Receiver" of his choice rather than an administrator. The receiver acts only in the interests of the floating charge holder and will not look after the interests of the other creditors. Administration or liqidation could follow receivership, but there won't be very much left to distribute to unsecured creditors once the receiver has satisfied the debts held by the floating charge holder.

 

Agreed with the above. I was talking solely about an Administration as Receivership is a very different beast when it comes to security.

[sarissa]

Once secured creditors Close Brothers & Liberty Capital (whyte) have been repaid there will be almost no residual value left for any other creditors.

 

 

In Rangers 2010 accounts, 'tangible assets' were valued at ?116 million. Ibrox and Murray Park make up most of that.

[sarissa]

The floating charge now held by CW dates back to 1999. That means that CW can appoint a "Receiver" of his choice rather than an administrator. The receiver acts only in the interests of the floating charge holder and will not look after the interests of the other creditors. Administration or liqidation could follow receivership, but there won't be very much left to distribute to unsecured creditors once the receiver has satisfied the debts held by the floating charge holder.

 

 

Like the floating chage Ubig took out on the club earlier this year?

[Footballfirst]

Like the floating chage Ubig took out on the club earlier this year?

 

The floating charge that UBIG tok out is similar is scope to that held by CW against RFC's assets, but the big difference is the date. Insolvency legislation changed in 2003, in order to better protect the interests of all creditors. The fact the CW's floating charge pre-dates the change in the law offers him the facility of appointing a receiver of his choosing that Vlad won't have.

[bebeto]

In Rangers 2010 accounts, 'tangible assets' were valued at ?116 million. Ibrox and Murray Park make up most of that.

 

Im sure Sir David Murray owns Murray park and Rangers pay rent to him for it. I may be wrong though. It is also thought in the media through here, Glasgow, that the tax bill will be no where near the ?49 million. Ive got a funny feeling they will get off lightly

[Footballfirst]

Im sure Sir David Murray owns Murray park and Rangers pay rent to him for it. I may be wrong though. It is also thought in the media through here, Glasgow, that the tax bill will be no where near the ?49 million. Ive got a funny feeling they will get off lightly

Rangers own Murray Park. However, Ibrox and Murray Park are vastly overvalued, particularly in a firesale.

 

The ?49M is the maximum exposure. The basic bill is approx ?24M, with ?11M in interest and ?14M in penalties. The FTT is only dealing with the initial bill and interest, so any judgement with be south of ?35M, although the liability for the penalty will still be there. I believe that the penalty has been/will be subject to a separate appeal process.

[Tazio]

If this whole sorry situation reaches it logical conclusion and Rangers get into "official" serious trouble it could be a bit of a turning point in Scottish football. Unless the SPL/SFA treat them the exact same way clubs such as Dundee, Gretna and Livingstone have been treated the worm may eventually turn against the OF.

[Auldreekie1874]

[Napoleon Wilson]

:lol: