Originally Posted by
Bristolhibby
Interesting post in the TAMB from some guy who seems to know what he is talking about.
Bad times for the Huns. We MUST *** them at every opportunity if this scenario comes to pass.
Here's the deal:
Rangers has to go bust - liquidated - for CW's plan to work. They know they will lose the big tax case. If that happens, HMRC are biggest creditor (even allowing for being unsecured), and their application to appoint an administrator would likelyhave been successful
Because they are currently 'only' owed £9m, they did not have enough sway to convince judge. So, CW gets his guys in. They will be professional, but will also have pre-discussed what to do next.
A quick CVA, and exit from administration is useless to rangers/CW because it would happen before big tax bill hits. That is not currently a debt, so can't be included in any settlement. RFC 1873 would exit admin and last about a month before being back in, with HMRC in far stronger position.
In any case, HMrC will never agree to CVA - it meets none if the criteria, and lack of current PAyE/VAT payments is nail in coffin for that. CW must know this, but will blame HMRC intransigence for eventual liquidation.
If the club goes completely bust, (liquidated, not admin), the assets can be sold to secured creditor's newco if no-one else loses out - which they won't if assets are worth same or less than secured credit. Then, RFC 2012 will own the assets, and will potentially be a football club. ( if there is any excess it will be distributed to unsecured creditors proportionately.)
When the tax case goes against oldco, it will have no impact, as RFC 1873 is already gone, and RFC2012 is a completely new entity. This only works with a liquidation.
RFC 2012 will then only be able to pick up RFC 1873's league role if the SPL agrees. There is a committee which decides if licences can be transferred. This means that all the clubs which have been burned by oldco (eg Hearts) and who have lost put on the pitch to big spending, will have two choices: 1) apply full sanctions and RfC2012 has to apply to rejoin at bottom of the league 2) swallow it, and agree a compromise in exchange for allowing playing licence to transfer (eg 15 points off for next three years). Hobson's choice for them, and The 10pt penalty is not applicable when liquidation occurs.
Rangers won't be in Europe for a number of years, even if 'successful' in liquidation strategy.
I think Whyte recycled his cash immediately, with Ticketus etc. They possibly have step-in rights to his securities to cover their payment. If not, they must be happy with cover - they're not daft. Whyte probably has £1 at risk, and a day 1 plan to abandon old Rangers, and their debts, transfer assets into newco, negotiate something short of new league application, and emerge with Ticketus getting revenues, and him owning a debt free RFC2012 for **** all. It's actually a reasonable and audacious plan if you've got the balls/morals for it.
Where i think he'll fall down is that creditors may have been alienated by his goings on, and will take legal action to tie it up for a long time. The profile is going to be higher than he anticpated, and also there's little chance that he'll pass director's qualifications now! Maybe his mate Ellis will..?
My bet is that because of legal actions, the liquidation and Phoenix co will struggle to happen in time, and RFC will not be in the league next year in any form.
Murray will not buy club back, even if he wanted to, for simple reason that he is allegedly skint. Also, from what I am understand, MIH also administered an EBT in similar fashion, and will be a victim of hMRC win at tribunal. The reason HMRC is so keen, is that RFC is tip of iceberg and is the test case which will establish precedent in many more cases with hundreds of millions at stake.