Generic Sevco / Rangers meltdown thread

[green&left]

A bloggers view on Administration and CVA http://scotslawthoughts.wordpress.co...va-nae-chance/

[Haymaker]

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Like me, he is probably waiting for HMRC's statement after the hearing.

IMO, this is about control of the process.

Remember that RFC have filed notice of their INTENT to go into administration. It appears that HMRC are trying to make it happen NOW.

It will be clearer later today. Maybe

Cool, cheers CWG. Am I right in saying that by being forced into admin they cant pick their own? I got the feeling from RFC speech that is what they intended?

Yesterday and today have been an education!

[tamig]

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Apologies if already posted, but this will swing it the huns' way for sure:

http://www.change.org/petitions/her-...-the-clubs-ebt

A Hun begging letter. Aye, that'll do it all right!

[CropleyWasGod]

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Cool, cheers CWG. Am I right in saying that by being forced into admin they cant pick their own? I got the feeling from RFC speech that is what they intended?

Yesterday and today have been an education!

Yeah... the Court will appoint someone. Chances are HMRC have already identified them.

[Haymaker]

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Yeah... the Court will appoint someone. Chances are HMRC have already identified them.

This sounds good

[PaulSmith]

Court 7 at court of session in edinburgh at 12 bells will decide if Rangers exist or put into liquidation.

That's how serious I see this now.

[green glory]

Basically HMRC are trying to put them in administration before Craig Whyte is able to. That being the case if administrators other than those appointed by Whyte are appointed, his pre-packed administration plan could be screwed. The process will be more transparent and would likely result in the taxpayer re-couping as much as is possible.

Looks like HMRC is going to skull-***** them into oblivion. mmmm yes.

[Smidge]

I think this is a clear sign from HMRC to Craig Whyte that they believe they hold all the aces here and won't be dicked around. If CW thought yesterday's move was a good tactical ploy to bring HMRC to the negotiating table, he is clearly wrong. The gamble that Rangers' self-appointment of an administrator is more likely to lead to a phoenix club could be CW's biggest mistake yet. A court-appointed administrator is far more likely to judge that liquidation is the best means by which the return to creditors and shareholders can be maximised.

[Haymaker]

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Looks like HMRC is going to skull-***** them into oblivion. mmmm yes.

[cabbageandribs1875]

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Basically HMRC are trying to put them in administration before Craig Whyte is able to. That being the case if administrators other than those appointed by Whyte are appointed, his pre-packed administration plan could be screwed. The process will be more transparent and would likely result in the taxpayer re-couping as much as is possible.

Looks like HMRC is going to skull-***** them into oblivion. mmmm yes.

i imagine craig whyte will have already planned for both scenarios, i hope this little fly gets a serious swatting but i'm still convinced he knows exactly what he's doing

[Pretty Boy]

Ha ****ing Ha.

Bye huns.

[Spike Mandela]

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Court 7 at court of session in edinburgh at 12 bells will decide if Rangers exist or put into liquidation.

That's how serious I see this now.

It's quite exciting, almost like transfer deadline day thread.

[ardecos]

It's possible Craig Whyte may not get his preferred creditor status:

http://leggoland2.blogspot.com/

[stokesmessiah]

This quote from the bears den is hilarious. I have blanked out the last word but i am sure you can guess.

"As a taxpayer, I'm not happy with the way HMRC are willing to **** about with my money.

As a Rangers fan, I despise the c***'s"

[Hibstrooper]

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This quote from the bears den is hilarious. I have blanked out the last word but i am sure you can guess.

"As a taxpayer, I'm not happy with the way HMRC are willing to **** about with my money.

As a Rangers fan, I despise the c***'s"

Celt's

[TornadoHibby]

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Yeah... the Court will appoint someone. Chances are HMRC have already identified them.

....and held a meeting with them to examine possible strategies for the administration and as to whether the "chosen" administrator would accept the appointment!

[CropleyWasGod]

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It's possible Craig Whyte may not get his preferred creditor status:

http://leggoland2.blogspot.com/

He will only get it if he is actually owed the £18m by RFC. That blog suggests that he isn't. Indeed, he may owe them £6m.

[Spike Mandela]

Oh happy days........

http://www.scotsman.com/edinburgh-ev...tion_1_2115642

[GloryGlory]

http://www.scotsman.com/edinburgh-ev...tion_1_2115642

Ha ha Hearts!

Nae luck!


Could be BOGOF on the Currants/Yams administration front!

[Haymaker]

Today has been brilliant!

[Dashing Bob S]

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It's quite exciting, almost like transfer deadline day thread.

It's better. With the transfer deadline you're not sure to get the players you want, but with this one you're going to get at least some kind of result the Huns/Yams don't want.

[proud_and_green]

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If he does that, HMRC will get a liquidator appointed, and he/she will recover those assets. That's a big no-no in insolvencies.

Nothing to do with the SPL, just the law.

I reckon the whole thing about mortgaging the future seasons income is slightly dodgy and presumably HMRC will want to know what happened to the cash that generated and could presumably seek to recover it as again presumably RFC were technically insolvent at the time of the alienation of the asset.

[frazeHFC]

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Apologies if already posted, but this will swing it the huns' way for sure:

http://www.change.org/petitions/her-...-the-clubs-ebt

In response, i bet i can get more people signing a petition called 'Her Majesty's Revenue and Customs: Let them die'

[cabbageandribs1875]

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Oh happy days........

http://www.scotsman.com/edinburgh-ev...tion_1_2115642

i would seriously be scunnered if hertz got these payments :( mon the HRMC men

[GloryGlory]

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I reckon the whole thing about mortgaging the future seasons income is slightly dodgy and presumably HMRC will want to know what happened to the cash that generated and could presumably seek to recover it as again presumably RFC were technically insolvent at the time of the alienation of the asset.

I thought this was used to pay off the Lloyds TSB debt? Effectively, Whyte used the fans' money to buy the club, as he paid a peppercorn £1 to Murray Group for the privilege.

[pogo]

Just been reported on Sky news about the latest moves from HMRC. Report was done from outside Ibrox, and I'm sure the reporter (James Mathews I think), was having trouble containing the odd smirk, and finished off with a 'very serious' face

Must be very hard to find an unbiased voice one way or the other, but I'm loving it!!!!

[Andy74]

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i would seriously be scunnered if hertz got these payments :( mon the HRMC men

I bet that Hearts fans attitudes to debt and non payment of monies due is about to change dramatically.

They are already looking to get them charged by the SPL!

[Smidge]

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I thought this was used to pay off the Lloyds TSB debt? Effectively, Whyte used the fans' money to buy the club, as he paid a peppercorn £1 to Murray Group for the privilege.

I think he has insisted that this is not the case. However, Whyte has a history of claiming something and it turning out to be the complete opposite. If it wasn't used to repay the bank, then he still hasn't provided any details of what was used. HMRC will definitely be interested in what happened to the cash if it wasn't used to repay the bank debt, as would an administrator in the event that it has mysteriously disappeared from Rangers' accounts.

[alfie]

Cracking cartoon in today's Herald.

A punter is looking up at the RFC badge on one of the stands at Ibrox.

The motto reads "Nae Readies"

[robinp]

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I bet that Hearts fans attitudes to debt and non payment of monies due is about to change dramatically.

They are already looking to get them charged by the SPL!

Pot Kettle Black comes to mind.......remember this:

http://news.bbc.co.uk/sport1/hi/foot...an/7764721.stm