Generic Sevco / Rangers meltdown thread

[jgl07]

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Taken from RM.....

TBK have won the race to take over Rangers, and will be announced as Preferred Bidders tomorrow.

Final details have been ironed out over the weekend and agreed with D&P.

Ticketus are involved, but Kennedy is not, at this stage anyway.

The BK will now proceed with D&P to agree a CVA with creditors before the deadlines for further footballing sanctions to be imposed.

Whytes shareholding to be secured In exchange for him not being sued for his PG by Ticketus.

CVA likely to agreed as talks already taken place between D&P and HMRC and HMRC are not going to be too difficult to deal with, and as they will have the major say, this will see the CVA go through.

[/B][B]The club will NOT be liquidated!

This statement is the best laugh in years. That is at least since Keith Jackson informed everyone that Craig Whyte was a billionaire who really loved Rangers.

"HMRC are not going to be difficult to deal with" is the best bit.

A consortium led by someone who was upto his neck in the whole shambles of the Big Tax Case does not seem at the top of the agenda for HMRC.

Apart from anything else can anyone point to an example where HMRC agreed to a CVA with a football club that they were in a position to block?

Didn't think so!

[SurferRosa]

To me,the only way that D&P could be announcing TBK as the preferred bidder is because they know that there is no way the SFA/SPL will satisfy Millers ridiculous conditions.
That means he walks and hey presto......TBK are the only gang in town.

This would mean the fud on RM has misinterpreted his " source ".......

I just cannot believe that HMRC would enter into a CVA with any company never mind der Hun...

[jgl07]

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Message board or Rangers Message board?

They come in two types: deluded or pessimistic. The pessimist boards can be categorized as self-pitying or moaning.

[Spike Mandela]

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This statement is the best laugh in years. That is at least since Keith Jackson informed everyone that Craig Whyte was a billionaire who really loved Rangers.

"HMRC are not going to be difficult to deal with" is the best bit.

A consortium led by someone who was upto his neck in the whole shambles of the Big Tax Case does not seem at the top of the agenda for HMRC.

Apart from anything else can anyone point to an example where HMRC agreed to a CVA with a football club that they were in a position to block?

Didn't think so!

Even if HMRC did do a CVA at the moment the big tax case is still to follow. If lost the Blue Knights would then be liable for up to £75m and would be back in to administration pronto, no

[CropleyWasGod]

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Even if HMRC did do a CVA at the moment the big tax case is still to follow. If lost the Blue Knights would then be liable for up to £75m and would be back in to administration pronto, no

As I understand it, any CVA now would include a sum "for all amounts due to HMRC". HMRC will have put a claim in for the BTC amount and the current debt... if they win it, any CVA would be based on that amount; if not, it would be based on the smaller amount.

[joe breezy]

One of the guys on Rangers Media is going to start importing all of his personal shopping in an attempt to get HMRC told - that'll show them

http://forum.rangersmedia.co.uk/inde...ntry1059971293

Ho Ho Ho

[SurferRosa]

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One of the guys on Rangers Media I going to start importing all of his personal shopping in an attempt to get HMRC told - that'll show them

http://forum.rangersmedia.co.uk/inde...ntry1059971293

Ho Ho Ho

......what a tool.

[The Falcon]

Deadline extended again and the Blue Knights rumours "unfounded"

http://www.heraldscotland.com/news/h...ended.17389696

[grunt]

Graham Speirs on BBC - "The SPL really, really needs Rangers".
No it doesn't.

[Leithenhibby]

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Graham Speirs on BBC - "The SPL really, really needs Rangers".
No it doesn't.

It's beginning to look like it's not just Der Huns that are starting to squeak

[greenginger]

The problem seems to be Rangers are obviously dead but nobody seems prepared to make the announcement.

A bit like in the days of the old USSR when leaders like Stalin, who were actually dead were wheeled out for parades to calm the masses.

I dare say when the smell of Ranger's corpse becomes overpowering someone will have to make the call.

Then the scramble over the remains can begin and the blame game start.

[Newry Hibs]

2 questions:

A few pages ago it mentions Warrington Hibs meeting Doncaster? Who is Warrington Hibs and in what capacity is the meeting?


Also there is a feeling on this thread that the Hun demise is a prelude to the main event of HMFC going the same way. I hope they do, but as far as I can work out they only owe money to themselves and keep on paying any tax due (though late and under threat). Is there a suggestion that they may face a big tax bill / case in the future and couldn't pay it?

[magpie1892]

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The problem seems to be Rangers are obviously dead but nobody seems prepared to make the announcement.

This is so obviously true and I can't get my head around why no-one is calling it.

[ancienthibby]

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This is so obviously true and I can't get my head around why no-one is calling it.

Yet another delay - yawn, yawn.

http://www.bbc.co.uk/sport/0/football/17811695

[magpie1892]

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Yet another delay - yawn, yawn.

http://www.bbc.co.uk/sport/0/football/17811695

It's not really a 'delay' though, is it? The club is utterly toxic, losing money hand over fist even with the current reduced wages thing. No Europe, no likely sponsorship/investment from third parties, enormous debt.

It's all shadow boxing to try and cow creditors into getting shafted @ 8p/£ or the death of hun. The 'delay', such as it is, is that most creditors - notwithstanding the unsettled BTC - are quite comfortable with the situation.

The administrators might as well stop pissing about and appoint a liquidator. Though, it has to be said, it's nice watching hun having hope.

[PatHead]

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2 questions:

A few pages ago it mentions Warrington Hibs meeting Doncaster? Who is Warrington Hibs and in what capacity is the meeting?


Also there is a feeling on this thread that the Hun demise is a prelude to the main event of HMFC going the same way. I hope they do, but as far as I can work out they only owe money to themselves and keep on paying any tax due (though late and under threat). Is there a suggestion that they may face a big tax bill / case in the future and couldn't pay it?

Warrington has created the SPL Survey. Have a look on that thread and make sure you have voted and got any friends etc to vote!!!!!!

[JeMeSouviens]

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2 questions:

A few pages ago it mentions Warrington Hibs meeting Doncaster? Who is Warrington Hibs and in what capacity is the meeting?


Also there is a feeling on this thread that the Hun demise is a prelude to the main event of HMFC going the same way. I hope they do, but as far as I can work out they only owe money to themselves and keep on paying any tax due (though late and under threat). Is there a suggestion that they may face a big tax bill / case in the future and couldn't pay it?

1. WH is one of the guys behind www.splsurvey.co.uk
2. http://rangerstaxcase.wordpress.com/...pbell-ogilvie/

[Caversham Green]

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2 questions:

A few pages ago it mentions Warrington Hibs meeting Doncaster? Who is Warrington Hibs and in what capacity is the meeting?


Also there is a feeling on this thread that the Hun demise is a prelude to the main event of HMFC going the same way. I hope they do, but as far as I can work out they only owe money to themselves and keep on paying any tax due (though late and under threat). Is there a suggestion that they may face a big tax bill / case in the future and couldn't pay it?

Re your second question, the last three published accounts from HoMFC have carried a note stating that they were subject to an ongoing HMRC investigation. As it's almost a year since they last published their accounts that may or may not have been concluded and settled, but there has been no indication that I'm aware of that it has been.

And they don't owe the money to themselves, they owe most of it to UBIG. They also depend on future funding from UBIG to retain their going concern status and in December UBIG (through Mr Romanov) made it clear that funding was no longer available.

[Spike Mandela]

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Yet another delay - yawn, yawn.

http://www.bbc.co.uk/sport/0/football/17811695

So Bill Miller issues a 'Full Statement' in the press last week. This invites others to put up or shut up by today or he will pay the exclusivity fee and proceed. I take it he will do that today or is he just another bull****ter posturing over the decaying corpse that is Rangers.

[Spike Mandela]

Alex Thomon is tweeting that Duff and Phelps unaware that BDO have been approached regarding RFC liquidation. I think the slightly ambiguous tweet he followed up with suggests he has a source saying they have been. Hmmmm

[Caversham Green]

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Alex Thomon is tweeting that Duff and Phelps unaware that BDO have been approached regarding RFC liquidation. I think the slightly ambiguous tweet he followed up with suggests he has a source saying they have been. Hmmmm

That's an odd one. Liquidation would need an application to the court and while RFC are in administration the only people who could apply are the administrators. If they did decide on liquidation they would probably look to carry out the process themselves.

If it's not just an idle rumour (BDO have cropped up a few times recently) it may be that HMRC are going to apply for the removal of Duff & Phelps and have approached BDO to offer themselves for appointment in D&P's place. That's just guesswork though.

[jgl07]

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Re your second question, the last three published accounts from HoMFC have carried a note stating that they were subject to an ongoing HMRC investigation. As it's almost a year since they last published their accounts that may or may not have been concluded and settled, but there has been no indication that I'm aware of that it has been.

And they don't owe the money to themselves, they owe most of it to UBIG. They also depend on future funding from UBIG to retain their going concern status and in December UBIG (through Mr Romanov) made it clear that funding was no longer available.

What would be the impact of Hearts failing to submit audited accounts by say the start of next season?

That assumes that the auditors refuse to sign on the grounds that you have indicated above.

At what stage could they be regarded as no longer being a going concern?

They presumably have cash at the moment from season ticket sales which will not have been harmed by reaching the cup final.

[Caversham Green]

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What would be the impact of Hearts failing to submit audited accounts by say the start of next season?

That assumes that the auditors refuse to sign on the grounds that you have indicated above.

At what stage could they be regarded as no longer being a going concern?

They presumably have cash at the moment from season ticket sales which will not have been harmed by reaching the cup final.

The going concern status is assessed on their ability to continue in business for the foreseeable future, which is generally accepted to be 12 months from the date of signing the report so current trading ability is only partially relevant.

I don't know what the SPL would do if they failed to submit the accounts and the attitude of Companies House is inconsistent. For example I had a client whose accounts were late for the first time last year because of the illness of one of the directors (it's a small family company) and Companies house were threatening to strike the company off and prosecute the directors sixweeks after they were due in. On that basis I can't fathom how the Yams get off with being four months and more late year after year.

[Jack]

Someone help! I’m confused.

Its been mentioned a few times by D&P that none of the current bids are realistic.

It’s a matter of record that HMRC wont accept a CVA.

So is it not time all of them put up, enough dosh, or shut up – including that arrogant tosser from the States?

D&P: If you cant come up with £x million dinny darken our doorstep.

There's been more deadline extensions for this than there have the blummin trams!

[JeMeSouviens]

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Someone help! I’m confused.

Its been mentioned a few times by D&P that none of the current bids are realistic.

It’s a matter of record that HMRC wont accept a CVA.

So is it not time all of them put up, enough dosh, or shut up – including that arrogant tosser from the States?

D&P: If you cant come up with £x million dinny darken our doorstep.

There's been more deadline extensions for this than there have the blummin trams!

No, it's not. They won't comment on a specific case before the creditors' vote. They have a policy of not accepting CVAs where the "football creditors rule" applies but there is no such rule in Scotland. However, they have never voted in favour of a football CVA either side of the border that I'm aware of.

[Hibernia&Alba]

Time to switch off the life support. No vital signs, patient unresponsive.

Any viable bid would have come to the fore by now. I'm convinced this only being allowed to drag on because it's Rangers. The plug would have been pulled on Hibs or any other Scottish club long before now. It's over, end this farce.

[Jack]

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No, it's not. They won't comment on a specific case before the creditors' vote. They have a policy of not accepting CVAs where the "football creditors rule" applies but there is no such rule in Scotland. However, they have never voted in favour of a football CVA either side of the border that I'm aware of.

In a non-accountancy way I () think that’s means about the same – HMRC don’t like to be rolled over?

[Caversham Green]

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Time to switch off the life support. No vital signs, patient unresponsive.

Any viable bid would have come to the fore by now. I'm convinced this only being allowed to drag on because it's Rangers. The plug would have been pulled on Hibs or any other Scottish club long before now. It's over, end this farce.

To be fair Gretna got to struggle on to the end of the season even though it was pretty clear they had no future.

[TheEastTerrace]

Only those truly mired in the mess know what's going on (although I have my doubts at the moment!) but the continual extension of the preferred bidder selection is an absolute joke.

Liquidate the bassas and be done with it. We all know it's coming and so do they.

[down-the-slope]

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The problem seems to be Rangers are obviously dead but nobody seems prepared to make the announcement.

A bit like in the days of the old USSR when leaders like Stalin, who were actually dead were wheeled out for parades to calm the masses.

I dare say when the smell of Ranger's corpse becomes overpowering someone will have to make the call.

Then the scramble over the remains can begin and the blame game start.

I am happily laughing like a lunatic at that