Generic Sevco / Rangers meltdown thread

[Ozyhibby]

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Me either. That's one badly organised site.

It really is terrible. I've stopped going there even though it's a subject that interests me.


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[Jack]

Sfm?

[greenginger]

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Sfm?

Scottish Football Monitor, Blog site .


Someone else ( Easy jambo ) has commented on the post and says it is wrong.


https://www.sfm.scot/small-price-to-pay/?cid=155682


Thornhill's admission to the players paying tax and NI would only be acceptable if the loans were to be considered Benefits in Kind and the tax due would only be on any interest due on " loans " the players received from their Trusts.

[Deansy]

Courtesy of the 'Bounce' -

http://www.gabelletax.com/blog/2017/...supreme-court/

'It is, as always, very difficult to make an assessment of the mood of the court, but the impression given is that the court was unwilling to entertain HMRC’s argument that the employee had immediate access to the EBT assets and was less than wholly convinced that their arguments on diverted earnings were correct'

Opinions from the legal/business-minded of the Hibees on here, please ?. Does this say the Hun will win ?

[CropleyWasGod]

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Courtesy of the 'Bounce' -

http://www.gabelletax.com/blog/2017/...supreme-court/

'It is, as always, very difficult to make an assessment of the mood of the court, but the impression given is that the court was unwilling to entertain HMRC’s argument that the employee had immediate access to the EBT assets and was less than wholly convinced that their arguments on diverted earnings were correct'

Opinions from the legal/business-minded of the Hibees on here, please ?. Does this say the Hun will win ?

Already discussed on the other thread.

It's one person's reading, and as he says, civil cases are difficult to guess.

There's only one opinion that counts, and it will be a month or so before we hear that.


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[Deansy]

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Already discussed on the other thread.

It's one person's reading, and as he says, civil cases are difficult to guess.

There's only one opinion that counts, and it will be a month or so before we hear that.


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Ooopd, my bad - sorry !!

But ta for replying, tho

[CropleyWasGod]

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Ooopd, my bad - sorry !!

But ta for replying, tho

No apologies needed. Oldco old admin....Newco new admin. It's not easy to keep up

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[Alan62]

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Already discussed on the other thread.

It's one person's reading, and as he says, civil cases are difficult to guess.

There's only one opinion that counts, and it will be a month or so before we hear that.


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There's another thread?

[CropleyWasGod]

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There's another thread?

Yeahhhhh...

It's about the potential for the Newco going into administration. I suppose they're separate since some folk think they're different clubs 😈😈😈

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[Alan62]

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Yeahhhhh...

It's about the potential for the Newco going into administration. I suppose they're separate since some folk think they're different clubs 😈😈😈

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Where is that thread?

[CropleyWasGod]

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Where is that thread?

Ah sorry....it's in the PM forum.

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[Moulin Yarns]

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Ah sorry....it's in the PM forum.

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One of the reasons it is worth paying the subscription.

[Spike Mandela]

Is Dave King's Sevco time up?

http://www.philmacgiollabhain.ie/a-t...iscusses-dave/

[Ozyhibby]

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One of the reasons it is worth paying the subscription.

There are lots of reason to subscribe but that thread doesn't have any info not available here.


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[jacomo]

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Is Dave King's Sevco time up?

http://www.philmacgiollabhain.ie/a-t...iscusses-dave/

I've no idea.

Much like Phil Mac really.

It's easy enough to speculate that certain Sevco board members would want him out.

Having the announcement of their new manager overshadowed by King's typically sour rant defending his shadowy business dealings would be pretty galling.

[greenginger]

More fall outs among the People !


http://www.andymuirhead.co.uk/craig-...-resignations/

[Deansy]

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More fall outs among the People !


http://www.andymuirhead.co.uk/craig-...-resignations/

'However, all 3 of us believe that by resigning in such circumstances we were reflecting the standards, values and principles which saw us elected.”

'standards, values and principles' -and it's about RANGERS ???

[Sergey]

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More fall outs among the People !


http://www.andymuirhead.co.uk/craig-...-resignations/

That is good reading and the wheels are coming off...again.

I know first hand that there are other rumblings that King can't avoid - not sound bites by Phil or James - from a horse snacking on the nosebag.

Huns - RIP

[greenlex]

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'However, all 3 of us believe that by resigning in such circumstances we were reflecting the standards, values and principles which saw us elected.”

'standards, values and principles' -and it's about RANGERS ???

They have them, They are just not particularly great.

[northstandhibby]

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More fall outs among the People !


http://www.andymuirhead.co.uk/craig-...-resignations/

Appears as if there's all sorts of behind the scenes machiavellian events being played out. Wouldn't surprise me in the slightest if an admin event is on the cards sooner rather than later. I don't believe for a second King will pony up on the ordered share offer.

glory glory

[silverhibee]

GERS QC BUST Footie lawyer who defended Rangers’ EBT scheme goes bankrupt over HRMC debt days before Ibrox tax case
Andrew Thornhill represented he club in 2012
EXCLUSIVE
By Darren Hamilton
19th March 2017, 9:13 pm

THE barrister defending Rangers’ EBT scheme went bankrupt over tax debts days before the club’s case called.

Andrew Thornhill QC was declared bust after a petition by HMRC.

The following week the former Gers tax lawyer, 73, appeared at the Supreme Court over the Ibrox oldco’s use of employee benefit trusts.

A source said yesterday: “It is quite ironic that the man seen as being behind the whole EBT scheme has been made bankrupt by HMRC.

“He will have been allowed to carry on working, provided he notifies the Bar Standards Board. But this news will surprise Rangers fans and raise a lot of questions.”

Thornhill successfully represented the oldco club in their 2012 £75million battle with the taxman.

A hearing ruled they owed less than the amount originally demanded, but that decision was overturned at the Court of Session in 2015.

Liquidators BDO — represented by Mr Thornhill — are challenging the decision.

The case called at the Supreme Court in London last week and five judges are considering the verdict.

If the decision is upheld, the bust Ibrox firm could owe up to £95million.

The bankruptcy order against Mr Thornhill was made on March 8. The Bar Standards Board said: “It is not a bar to practising.”

[Bostonhibby]

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GERS QC BUST Footie lawyer who defended Rangers’ EBT scheme goes bankrupt over HRMC debt days before Ibrox tax case
Andrew Thornhill represented he club in 2012
EXCLUSIVE
By Darren Hamilton
19th March 2017, 9:13 pm

THE barrister defending Rangers’ EBT scheme went bankrupt over tax debts days before the club’s case called.

Andrew Thornhill QC was declared bust after a petition by HMRC.

The following week the former Gers tax lawyer, 73, appeared at the Supreme Court over the Ibrox oldco’s use of employee benefit trusts.

A source said yesterday: “It is quite ironic that the man seen as being behind the whole EBT scheme has been made bankrupt by HMRC.

“He will have been allowed to carry on working, provided he notifies the Bar Standards Board. But this news will surprise Rangers fans and raise a lot of questions.”

Thornhill successfully represented the oldco club in their 2012 £75million battle with the taxman.

A hearing ruled they owed less than the amount originally demanded, but that decision was overturned at the Court of Session in 2015.

Liquidators BDO — represented by Mr Thornhill — are challenging the decision.

The case called at the Supreme Court in London last week and five judges are considering the verdict.

If the decision is upheld, the bust Ibrox firm could owe up to £95million.

The bankruptcy order against Mr Thornhill was made on March 8. The Bar Standards Board said: “It is not a bar to practising.”

If he keeps practicing eventually he might get good at it?

I like the idea that the the rangers / the now defunct Glasgow rangers (maybe- depending on which court case it is) can't do any better than being represented by a flush that sounds as busted as their own.

[Fuzzywuzzy]

Club 1872 members jumping ship

http://forum.rangersmedia.co.uk/topi...nation/?page=1

[Moulin Yarns]

RANGERS International Football Club PLC unaudited trading results for the six months to 31 December 2016.

https://rangers.co.uk/news/headlines...cial-review-2/

Any comment from our financial advisors?

[CropleyWasGod]

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RANGERS International Football Club PLC unaudited trading results for the six months to 31 December 2016.

https://rangers.co.uk/news/headlines...cial-review-2/

Any comment from our financial advisors?

Initial thoughts.

1. they're not audited.
2. they made a loss, not a profit as it's being spun.
3. There is no Balance Sheet. It's impossible to make any judgement on their position without that.

[grunt]

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2. they made a loss, not a profit as it's being spun.

LoL. Apart from that, the reporting is accurate!

[Iain G]

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Initial thoughts.

1. they're not audited.
2. they made a loss, not a profit as it's being spun.
3. There is no Balance Sheet. It's impossible to make any judgement on their position without that.

The one page summary sheet states a loss of £238k, which is being spun as making a profit?

Few comments about "return" and "being back" in the top league to really incite the new club / old club debate

[CropleyWasGod]

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The one page summary sheet states a loss of £238k, which is being spun as making a profit?

Few comments about "return" and "being back" in the top league to really incite the new club / old club debate

TBF, it's an "operating profit", which is (in layman's terms) "normal trading". However, there were other things which turned that into an actual loss (in accountant's terms, a "****-ing loss ).

[Iain G]

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TBF, it's an "operating profit", which is (in layman's terms) "normal trading". However, there were other things which turned that into an actual loss (in accountant's terms, a "****-ing loss ).

"Whats that you said Skippy?"

"The new Rangers are up to their old tricks in misrepresenting their financial position?"

[grunt]

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TBF, it's an "operating profit", which is (in layman's terms) "normal trading". However, there were other things which turned that into an actual loss (in accountant's terms, a "****-ing loss ).

Wonder what the £451k "other charges" are ...