But if they lose the tax case, when might they be forced into liquidation? If they're still losing money despite the pay cuts, surely HMRC won't allow this to continue.Quote:
Originally Posted by CropleyWasGod
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But if they lose the tax case, when might they be forced into liquidation? If they're still losing money despite the pay cuts, surely HMRC won't allow this to continue.Quote:
Originally Posted by CropleyWasGod
If they lose the tax case, then you might see HMRC petitioning for their winding-up. However, that wouldn't happen overnight. HMRC would issue a demand for the cash. Then a reminder. Then a letter threatening legal action. Then legal action.Quote:
Originally Posted by Peevemor
However, as things stand, they can continue with the cash they have.
Would have thought administrators would be struggling to justify they could trade out administration and liquidation would be only option? Could the court not force their hand. By the way can you confirm if a firm is liquidated do they cease trading straight away or can they see out the season?Quote:
Originally Posted by CropleyWasGod
Did they budget on making it to the end of the season in a scenario which was based on a CVA being the longer term outcome? If that changes and liquidation becomes the obvious outcome then all their planning is up in the air.Quote:
Originally Posted by CropleyWasGod
If a company is deemed by its directors to be insolvent, ie its debts exceed its assets or it can't meet its liabilities as they fall due, then it has to cease trading and take the appropriate steps to enter an insolvency process....in this case, that would be liquidation. Any debts incurred by the directors after that point can be held to be the directors' own personal liability.Quote:
Originally Posted by PatHead
So, if the BTC verdict comes in this week, and it's bad for RFC, then the admins have a decision to make. If the bids on the table are insufficient to cover the liability, then the only appropriate action is liquidation.
However, as things stand, the only thing the admins can do is continue on the course they set out in February and keep trading.
Yes, I think they did. That was the appropriate approach to adopt at the time and, IMO, is still the only approach they can take until the bidding process has been exhausted and/or the Tribunal decision is in.Quote:
Originally Posted by Hibs Class
I worry about you, Crops. This misplaced trust in Duff & Duffer is endearing but somewhat concerning for a man of your stature.Quote:
Originally Posted by CropleyWasGod
I think you need a holiday.
... now there's a thought.... :greengrinQuote:
Originally Posted by Seveno
Also by continuing till the end of the season, Rangers will be eligible for payouts from the SPL which I presume would be lost if they liquidated prior to completing their fixtures.Quote:
Originally Posted by CropleyWasGod
As Rangers continue to unravel, the same situation could follow at their ex-Parent company, MIH. Once those carpets are lifted, we could yet see David Murray being disbarred as a Company Director.
Or is that just wishful thinking on my part ?
Presumably MIH were using the same EBT scheme? Considering various ex Gers directors seem to be suggesting that MIH were entirely responsible for deciding Rangers tax policies...Quote:
Originally Posted by Seveno
Have I misses something on Europe?
Motherwell v Rangers the other day there was still the premise that motherweel needed to beat them to try and get this champions League place.
Did I imagine a few weeks ago that the club had to be out of admin by 31 March to have any chance of Europe?
There seems to have been no word after that deadline having been passed that Rangers are now officially out of Europe next year?
That is the case though I think they can still appeal if special circumstances are in place. These could include not being able to read or write due to them being knuckle draggers, the big house must stay open and they arra peepil.Quote:
Originally Posted by Andy74
They gave up on Europe ages ago:
http://www.bbc.co.uk/sport/0/football/17287929
... and it was mentioned in the lead up to their game v the Huns that 3rd would do for CL:
http://www.bbc.co.uk/sport/0/football/17532237
Fancy United to catch them anyway.
If the post-FTT revelations are as juicy as RTC hints, Murray could be joining Fred Goodwin in the ex-knights' club.Quote:
Originally Posted by Seveno
There's still a few 'ifs' in there and I am surprised not to have seen some official confirmation with the date having passed.Quote:
Originally Posted by JeMeSouviens
To be fair, the deadline was only on Saturday.Quote:
Originally Posted by Andy74
Given that that was the deadline for every club in Scotland to get their appropriate licence submissions in, I'd imagine that the SFA will be very busy today.
More to the point, did Hearts get their accounts in on time?Quote:
Originally Posted by CropleyWasGod
We can but hope.Quote:
Originally Posted by jgl07
Not.
notice that Rangerstaxcase has been down all day. Under cyber attack from the Loyal and their chums in the MSM perhaps?
:whistle:
Same happened to Phil Mac's website a while back when some of the more interesting revelations began to emerge. Some big-wig current bun wrote to the hosting company and complained that the website was full of libelous claims about Rangers that were devaluing the club. Safe to say the website was back up and running not long after.Quote:
Originally Posted by blindsummit
I think it was more on the basis that Motherwell need points to stay ahead of Dundee United, St. Johnstone and possibly Hearts. The administrators have already accepted that Rangers won't be in compliance with the UEFA requirements.Quote:
Originally Posted by Andy74
If this is the case, I hope Rangerstaxcase is back up and running soon. And if they were shut down in this way, then I hope rtc gives us the scoop.Quote:
Originally Posted by moff1875
Good. Just checking! :greengrinQuote:
Originally Posted by Part/Time Supporter
Rangers Tax-Case@rangerstaxcaseLooks like DoS attack on the blog. Will prob take a few days to fix. Coincidental timing I am sure! :-)Quote:
Originally Posted by blindsummit
I would just love to know who has coordinated this attack. That knowledge could be explosive if uncovered.Quote:
Originally Posted by grunt
Nice quote from Duff and Duffer in today's Scotsman about the possibility of liquidation :pray: that "... there is an amount of toxicity in there ...". Just surprised that it was in reference to their past financial decisions and not to their support.
Question for those with the accountancy hats on - CavG & CWG come to mind.
If these EBT's were loans than cant the club or creditors pursue those who got the loans for repayment?
Now that would be good, can you imagine the squealing.
My understanding is that an EBT is a separate legal entity to the club and so is not affected by the current administration.
I was thinking about this yesterday, actually....Quote:
Originally Posted by Granton Stanton
As I understand it, the "loans" were from the Trust... which was set up, I believe, in Jersey or Guernsey. The Trust was funded by contributions from the Club.
So, it's only the Trust that can recover the loans from it. Once the money left the Club, the Club no longer has control.
Which is a shame. It would have been good to see Amoruso, Laudrup, Albertz et al having their days in Court.