Generic Sevco / Rangers meltdown thread

[tamig]

This quote is hidden because you are ignoring this member. Show Quote

Did his bank not fail to meet lending targets?

Just short - but they still loaned more to SMEs almost as much as the other banks combined.

[YehButNoBut]

The administrators will be Duff & Phelps


HMRC initially objected to Duff & Phelps - said there were concerns of "public perception" if they were appointed.

[Pretty Boy]

This quote is hidden because you are ignoring this member. Show Quote

Really, and why would that be the case?? ...

A few funny handshakes and code words?

[NYHibby]

This quote is hidden because you are ignoring this member. Show Quote

http://sport.stv.tv/football/scottis...medium=twitter

Hearts could lose 500K from the Wallace deal

Its actually £800,000. £500,000 this summer and another £300,000 next.

[steakbake]

This quote is hidden because you are ignoring this member. Show Quote

Sounds great in theory but the ugly sisters run the show and IMO the SFA/SPL/SFL will bend over backwards to keep their cash cow happy.

Outrageous if they get away with this and yet another nail in the coffin of Scottish football.

Sorry, but Scottish football has more nails in its coffin than I think any other corpse in the history of humanity.

[BurghHibby]

"HMRC said its representatives were on their way to the court to appoint an administrator on Monday when they found out that Rangers had made their move."

Someone tipped the huns off?

[Spike Mandela]

A week after a judge issues a withering comment on Whytes character how can they allow this lot in, staggering.

http://www.dailyrecord.co.uk/news/sc...6908-23748131/

[GloryGlory]

This quote is hidden because you are ignoring this member. Show Quote

It will be sickening when it happens, but you can't help but feel Rangers are going to come out of this relatively unscathed. Their reputation will be in tatters and they will be skint, but survival in the SPL, a clean slate debt-wise and a points deduction that will have no impact on them whatsoever would be a great result for them.

If HMRC get their way, I doubt that Rangers will be out of administration by the end of March. This means they cannot take part in Europe next year, regardless of where they finish in the league. That's a £10M hole in the budget right away!

[cabbageandribs1875]

This quote is hidden because you are ignoring this member. Show Quote

If that turns out to be the case "we" the Scottish football supporters need to act to force a change in the rules of our game to ensure teams are not able to cheat their way to success without having the sound financials in place to sustain this.

i disagree(for the moment) i think every club in the SPL should now take turns at building up huge debts, getting everything in place, making sure they are at least 10 points clear of possible relegation after the 10 point reduction...then call in the administrators, no reward for having morals in football

[Hibby Bairn]

This quote is hidden because you are ignoring this member. Show Quote

Not sure if anyone else has posted this, but the judge in the case, Lord Menzies, was once the Tory candidate in Leith.

Anyone know if he has any football "allegiancies"?

[Hibby cal]

You just kinda know that these hun weasels
Are going to wriggle there way out of this

[ehf]

This quote is hidden because you are ignoring this member. Show Quote

A week after a judge issues a withering comment on Whytes character how can they allow this lot in, staggering.

http://www.dailyrecord.co.uk/news/sc...6908-23748131/

Lord Menzies has just given the Court of Session's seal of approval to outright fraud and chicanery

[neilmartinrocks]

This quote is hidden because you are ignoring this member. Show Quote

A week after a judge issues a withering comment on Whytes character how can they allow this lot in, staggering.

http://www.dailyrecord.co.uk/news/sc...6908-23748131/

starting to look more and more like this is what was planned from the start.

[Steve20]

This quote is hidden because you are ignoring this member. Show Quote

You just kinda know that these hun weasels
Are going to wriggle there way out of this

Surely they will still need to pay back all their debts, including the huge amount to the HMRC. Maybe they got their own way on getting to appoint own administrator, but they're still ****ed.

[HibbyAndy]

[Saorsa]

[silverhibee]

Rangers Vs Kilmarnock game in doubt this weekend due to Huns being unable to pay Strathclyde Polis.

http://www.thescottishsun.co.uk/scot...he-gateBR.html

[ehf]

This quote is hidden because you are ignoring this member. Show Quote

Surely they will still need to pay back all their debts, including the huge amount to the HMRC. Maybe they got their own way on getting to appoint own administrator, but they're still ****ed.

Fraid not: the business and assets will have been transferred to a NewCo owned by Whyte by close of business today and HMRC plus all the other unsecured creditors will be left high and dry. Only hope of avoiding this was if a proper administrator was appointed rather than Whyte's sidekick.

[hibs0666]

Court being called back in. Huns will be in administration within the hour I guess.

[Smidge]

This quote is hidden because you are ignoring this member. Show Quote

Fraid not: the business and assets will have been transferred to a NewCo owned by Whyte by close of business today and HMRC plus all the other unsecured creditors will be left high and dry. Only hope of avoiding this was if a proper administrator was appointed rather than Whyte's sidekick.

I would doubt that very much. If this was done pre-administration, it would be very easy to strike down as an unfair preference. If it is done in administration, given the size of the unsecured creditors, I'd be pretty confident that the administrator would quickly find himself before the Court of Session to explain his actions. Cannot see that a pre-pack would work here as it would quickly be seen as an attempt to defraud HMRC.

Apart from anything else, the SPL membership is not a liquid asset that could be so easily transferred....

[Pretty Boy]

This quote is hidden because you are ignoring this member. Show Quote

I would doubt that very much. If this was done pre-administration, it would be very easy to strike down as an unfair preference. If it is done in administration, given the size of the unsecured creditors, I'd be pretty confident that the administrator would quickly find himself before the Court of Session to explain his actions. Cannot see that a pre-pack would work here as it would quickly be seen as an attempt to defraud HMRC.

Apart from anything else, the SPL membership is not a liquid asset that could be so easily transferred....

This.

As i see it appointing their own administrator would be an advantage but not a get out of jail free card.

[jonty]

duff and phelps appointed.

[cabbageandribs1875]

This quote is hidden because you are ignoring this member. Show Quote

duff and phelps appointed.

didn't see that one coming

[ehf]

This quote is hidden because you are ignoring this member. Show Quote

I would doubt that very much. If this was done pre-administration, it would be very easy to strike down as an unfair preference. If it is done in administration, given the size of the unsecured creditors, I'd be pretty confident that the administrator would quickly find himself before the Court of Session to explain his actions. Cannot see that a pre-pack would work here as it would quickly be seen as an attempt to defraud HMRC.

Apart from anything else, the SPL membership is not a liquid asset that could be so easily transferred....

Pre-packs are invariably attempts to defraud unsecured creditors and they have been given the seal of approval of the courts, even though seeming to fly in the face of the insolvency legislation, which obliges administrators to have regard to the interests of all creditors.

You may have a point re the SPL membership but sure Whyte and his advisers will have thought of a way round this.

[jonty]

HMRC withdraw their application

[truehibernian]

On a day when Hearts paid their tax bill, they are now effectively hit with a 'yer no getting yer cash' post-it note from Duff and Phelps......the soap opera is great, and Vlad hasn't even taken the stage yet.

Rangers will come out of this......the knock on effect to other clubs however could be bigger. Let's see who Rangers owe money to now.

[s.a.m]

This quote is hidden because you are ignoring this member. Show Quote

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

So it is!

While I'm sure they'll eventually emerge from this smelling of roses, and we - as taxpayers - are possibly going to get fleeced, it's like watching a playground bully getting their come-uppance. In front of assembly.

[Newry Hibs]

This quote is hidden because you are ignoring this member. Show Quote

This.

As i see it appointing their own administrator would be an advantage but not a get out of jail free card.

I can't the administrator doing anything that hasn't been OKed or suggested by Whyte though. One big easy ride coming up for RFC and one big shafting for the rest of us.

[YehButNoBut]

So they have now gone into administration and will automatically be deducted 10 points.

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

I can't the administrator doing anything that hasn't been OKed or suggested by Whyte though. One big easy ride coming up for RFC and one big shafting for the rest of us.

The administrator is Court-appointed, and duty-bound to act on behalf of ALL creditors, including HMRC. Any suggestion of bias will not be looked upon favourably by the Court.