steveoath Posted March 15, 2012 Share Posted March 15, 2012 If they wanted to stop the bigotry why don't Celtic purchase rangers, amalgamate the teams and have Glasgow United? Simples! MORTON - NEWCASTLE Link to comment Share on other sites More sharing options...
beermonkey Posted April 5, 2012 Share Posted April 5, 2012 According to SSN rangers debt could be as much as £134m ..........time to wave bye bye :lol: The future just ain't what it used to be Link to comment Share on other sites More sharing options...
LargsTON Posted April 5, 2012 Share Posted April 5, 2012 According to SSN rangers debt could be as much as £134m ..........time to wave bye bye :lol: Latest I read was they could be out of admin by the end of the season. "CORNBEEF IS A BELLEND" Link to comment Share on other sites More sharing options...
Tonsilitis Posted April 5, 2012 Share Posted April 5, 2012 Latest I read was they could be out of admin by the end of the season. Administration is just a sort of protection order that prevents anyone taking action against Rangers. It's not the end game which is either a CVA or liquidation and a NewCo taking over. The administration has to conclude within a year or get permission from the court to go longer. A CVA still looks a longshot and requires the creditors to go along with whatever proposal is made I.e. how many pence in the pound. It needs Whyte to agree to transfer his shares. It needs to offer at least the same to creditors as liquidation otherwise they will not go for it. Whoever takes over will also be committed to honour existing player contracts. So the exit from administration simply means moving to the next phase whether that's CVA or liquidation/NewCo. Link to comment Share on other sites More sharing options...
chrissiboi Posted April 5, 2012 Share Posted April 5, 2012 More shocking is they have continued to lose £2.5 million in the six weeks of being in administration which begs the question of what the administrators are actually doing. £134 million in debt , considering they haven't even managed to break even in Admin, sorry they have been poorly managed as a business for a long period of time and they took too many wrong options. Link to comment Share on other sites More sharing options...
Dougie Posted April 5, 2012 Share Posted April 5, 2012 More shocking is they have continued to lose £2.5 million in the six weeks of being in administration which begs the question of what the administrators are actually doing. £134 million in debt , considering they haven't even managed to break even in Admin, sorry they have been poorly managed as a business for a long period of time and they took too many wrong options. The administrators are doing the same job they have done on Craig White's behalf before. They are liquidating a company. He is a creditor. And to think he only paid a quid for it. Link to comment Share on other sites More sharing options...
Tonsilitis Posted April 5, 2012 Share Posted April 5, 2012 More shocking is they have continued to lose £2.5 million in the six weeks of being in administration which begs the question of what the administrators are actually doing. £134 million in debt , considering they haven't even managed to break even in Admin, sorry they have been poorly managed as a business for a long period of time and they took too many wrong options. I would not mind seeing their accounts before passing judgement on that. It may be that they took a hit for a lot of stuff Whyte was suppressing. Having said that the figures do not look good, especially when you consider that those losses will be covered out of whatever they sell the club for. Add to that their fees and I would be surprised if their administration costs less than the first £5-7m out of the sale proceeds! Link to comment Share on other sites More sharing options...
chrissiboi Posted April 5, 2012 Share Posted April 5, 2012 The administrators are doing the same job they have done on Craig White's behalf before. They are liquidating a company. He is a creditor. And to think he only paid a quid for it. Aye its great , he gets 24million from ticketus which he can walk away from not pay the tax or VAT or PAYE and will no doubt make a profit , if ever there was a case that displayed a problem within the law this one does. Are these the endeavour the government want to instill. Although in a tax avoidance league, Rangers like their Euro aspirations are 2nd division when you put them against the likes of Amazon or Vodaphone. If Rangers survive they should not be allowed to fly the Union Jack or refer to the term loyal as they haven't paid her majesty's taxes and on a jubilee year , hypocrites. Link to comment Share on other sites More sharing options...
Guest David Edwards Posted April 6, 2012 Share Posted April 6, 2012 I would not mind seeing their accounts before passing judgement on that. It may be that they took a hit for a lot of stuff Whyte was suppressing. Having said that the figures do not look good, especially when you consider that those losses will be covered out of whatever they sell the club for. Add to that their fees and I would be surprised if their administration costs less than the first £5-7m out of the sale proceeds! For a few weeks of paper shuffling? In that case the labourers are most definitely unworthy of their hire. Labourers did I say? Fecking rascals more like. Link to comment Share on other sites More sharing options...
Tonsilitis Posted April 6, 2012 Share Posted April 6, 2012 For a few weeks of paper shuffling? In that case the labourers are most definitely unworthy of their hire. Labourers did I say? Fecking rascals more like. The price of insolvency as charged by some of the big firms involved is just ridiculous and brings the profession into disrepute. I believe that Duff and Phelps charge rates are pretty much in line with other big firms such as KPMG, Ernst and Young, Begbie Traynor, etc but all that means is that they are all outrageous! I see they have published their fees to date as being £1.2m and to be fair, maybe they are included in the £2.5m loss, I can't comment. The more it goes on though, the less I am impressed with how they have handled the whole thing: There is the question of whether they should have taken the case in the first place due to what appears to be a conflict of interest. They failed to deal with wages/player contracts in the first two weeks leaving any prospective puchaser stuck with existing contracts. They dismiss Whyte as irrelevant even though he holds 85% of the shares and has a security over the assets. Maybe they can get rid of this but not without a lengthy court battle Most observers with any knowledge of insolvency have believed that an exit via a CVA was highly unlikely partly because of the size of the debt which most of us thought would be around £100m and partly because of the uncertainty over a range of issues such as the big tax case and the time it will take to settle the legalities of who is entitled to what. Now that the debt is £134m excluding the debt due to players under their contracts it is all even less likely. To deal with these matters will take time and that is a commodity the administrators do not have. Liquidation will give a Newco purchaser certainty as to what they are getting - Ibrox, Murray Park, player registrations etc. - and the sale proceeds would rest with the liquidator for as long as it takes to sort out who is entitled to what from them. Link to comment Share on other sites More sharing options...
Guest David Edwards Posted April 6, 2012 Share Posted April 6, 2012 The price of insolvency as charged by some of the big firms involved is just ridiculous and brings the profession into disrepute. Aye, as if it wasn't disreputable enough already. Link to comment Share on other sites More sharing options...
Flyerton Posted April 6, 2012 Author Share Posted April 6, 2012 £134 milliion?....man that's a few squid that. Link to comment Share on other sites More sharing options...
Dougie Posted April 6, 2012 Share Posted April 6, 2012 The price of insolvency as charged by some of the big firms involved is just ridiculous and brings the profession into disrepute. I believe that Duff and Phelps charge rates are pretty much in line with other big firms such as KPMG, Ernst and Young, Begbie Traynor, etc but all that means is that they are all outrageous! I see they have published their fees to date as being £1.2m and to be fair, maybe they are included in the £2.5m loss, I can't comment. The more it goes on though, the less I am impressed with how they have handled the whole thing: There is the question of whether they should have taken the case in the first place due to what appears to be a conflict of interest. They failed to deal with wages/player contracts in the first two weeks leaving any prospective puchaser stuck with existing contracts. They dismiss Whyte as irrelevant even though he holds 85% of the shares and has a security over the assets. Maybe they can get rid of this but not without a lengthy court battle Most observers with any knowledge of insolvency have believed that an exit via a CVA was highly unlikely partly because of the size of the debt which most of us thought would be around £100m and partly because of the uncertainty over a range of issues such as the big tax case and the time it will take to settle the legalities of who is entitled to what. Now that the debt is £134m excluding the debt due to players under their contracts it is all even less likely. To deal with these matters will take time and that is a commodity the administrators do not have. Liquidation will give a Newco purchaser certainty as to what they are getting - Ibrox, Murray Park, player registrations etc. - and the sale proceeds would rest with the liquidator for as long as it takes to sort out who is entitled to what from them. As a matter of interest, what is your take on HMRC taking a CVA? I was of the opinion that they never do this? And if so, would this count as government interference and in breach of FIFA rules? That would effectively be a tax break offered to them? They are heading to the wall anyway. You would have to be of "special" disposition to piss over 100 million away just to save them. Rangers Newco is the way forward for them. I do find it quite amusing that the last player Rangers FC ever signed was called "Cellik" . Let them Die! Link to comment Share on other sites More sharing options...
Tonsilitis Posted April 6, 2012 Share Posted April 6, 2012 As a matter of interest, what is your take on HMRC taking a CVA? I was of the opinion that they never do this? And if so, would this count as government interference and in breach of FIFA rules? That would effectively be a tax break offered to them? They are heading to the wall anyway. You would have to be of "special" disposition to piss over 100 million away just to save them. Rangers Newco is the way forward for them. I do find it quite amusing that the last player Rangers FC ever signed was called "Cellik" . Let them Die! HMRC will probably go along with a CVA if 1) It does not leave them any worse off than they would be under a liquidation 2) There are no artificial "preferences" created equivalent to the English football debt having to be paid HMRC have gone along with every previous Scottish admin exit, most of which have been a CVA. In this instance its the scale of the thing that is different. If there was a liquidation, the Newco would have to take over assets from old Rangers - Ibrox, Murray Park, etc. I have no idea of their worth but say it was £25m. The £25m would be received by the administrator on behalf of creditors and they would then cover their fees and costs plus losses out of that. Say that left £20m, then that figure would pass to a liquidator who would sort out who was owed what including the creditors, Whyte and Ticketus which could take quite a long time and a lot of legal fees. So if there was say £15m left thats what the creditors would get = around 10-12p in the £. Meantime, the Newco would own what they had bought "clean" but would then face having spent £25m initially, having to fund working capital and losses until they got back into Europe, etc. Probably needs an investment of around £50m Link to comment Share on other sites More sharing options...
EanieMeany Posted April 6, 2012 Share Posted April 6, 2012 I seen in the paper today the amount of outstanding debts Rangers have to other clubs, both in Scotland and abroad. I know I've mentioned this on here before, but if a club is just taking players and/or money from other clubs without paying up, they should be hammered for it. It's out and out cheating, not to mention theft. Would Rangers have won the league last year with all those players they didn't pay for? Not a chance, as this year proves. If they stay in business, they should be hit with a 25 point deduction for at least 4 or 5 seasons. AWMSC Link to comment Share on other sites More sharing options...
beermonkey Posted April 6, 2012 Share Posted April 6, 2012 When is the "big" tax case due ? The future just ain't what it used to be Link to comment Share on other sites More sharing options...
cappiecat Posted April 6, 2012 Share Posted April 6, 2012 http://www.bbc.co.uk/sport/0/football/17356490 And who the **** would put that **** Sandy Jardine in charge of it? Is this a 'cheat chant at ibrox idol' post? Link to comment Share on other sites More sharing options...
Spot Ton Posted April 20, 2012 Share Posted April 20, 2012 I see Bill Ng has pulled out of the Rangers bidding process. Rangers are another step closer to liquidation. I don't see any other option now. http://www.bbc.co.uk/sport/0/football/17783064 Link to comment Share on other sites More sharing options...
The Bewilderedbeast Posted April 20, 2012 Share Posted April 20, 2012 I see Bill Ng has pulled out of the Rangers bidding process. Rangers are another step closer to liquidation. I don't see any other option now. http://www.bbc.co.uk/sport/0/football/17783064 Nae Orange Wok in Govan this summer then Link to comment Share on other sites More sharing options...
Toby Posted April 23, 2012 Share Posted April 23, 2012 On Sky Sports News that the SFA have placed a 12 month transfer embargo on Rangers for players over 18 and banned Craig Whyte from Scottish Football for life. Liquidation looms it would appear. Link to comment Share on other sites More sharing options...
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