Generic Sevco / Rangers meltdown thread

[WindyMiller]

http://www.independent.co.uk/sport/f...s-7804028.html

[joe breezy]

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http://www.independent.co.uk/sport/f...s-7804028.html

Doncaster just sounds like an out and out hun every time he speaks


"There is a CVA proposal which have gone to creditors and on that basis we are not anticipating a newco proposal to come forward."

[marinello59]

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Doncaster just sounds like an out and out hun every time he speaks


"There is a CVA proposal which have gone to creditors and on that basis we are not anticipating a newco proposal to come forward."

The man is seriously out of his depth. He should be preparing for every outcome rather than just the one he wants.

[lapsedhibee]

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Doncaster just sounds like an out and out hun every time he speaks


"There is a CVA proposal which have gone to creditors and on that basis we are not anticipating a newco proposal to come forward."

And let's hope his successor can do basic English.

[HibbyAndy]

Ive no really posted on here as a dinnae ken what am talking aboot, But ill tell you one hing for certain.....



Glasgow Rangers will walk away scot-free. FACT!!!!

[HibeeMG]

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Ive no really posted on here as a dinnae ken what am talking aboot, But ill tell you one hing for certain.....



Glasgow Rangers will walk away scot-free. FACT!!!!

You're not wrong........




you don't know what you're talking about.

[Jim44]

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http://www.independent.co.uk/sport/f...s-7804028.html

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Doncaster just sounds like an out and out hun every time he speaks


"There is a CVA proposal which have gone to creditors and on that basis we are not anticipating a newco proposal to come forward."

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The man is seriously out of his depth. He should be preparing for every outcome rather than just the one he wants.

How does he get away with this? He has spent the last three months putting his own spin on every bit of information he gives. It is outrageous of him to tell creditors what to do and not to do. Surely it's about time some of the blazers, and I include Petrie among them, told him to put a sock in it. If, at the end of this Hun carry on, justice is seen to be done, I think he should be sacked forthwith.

[The Green Goblin]

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Hmm, so around 50% more wind and pish. Anyone else like to have 50% more wind and pish.

[ehf]

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The man is seriously out of his depth. He should be preparing for every outcome rather than just the one he wants.

Well, he should if he were fulfilling his role properly, diligently and in good faith rather than being part of the great Hun conspiracy.

[VickMackie]

Can someone answer this question please.

Are people able to bid now on the event of liquidation?

Everyone seems to e taking it on the basis that this new guy is trying to save the club via a CVA but if that fails then surely liquadation would mean they'd have to open up the assets to new bidders.

Someone might be interested in the assets without wanting to save the club so why would they come forward now?

Is there not a time period by law that after liquadation the assets need to be made available on the market before a final price can be agreed and give companies or people the chance to assess the assets.

****ing joke.

[CropleyWasGod]

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Can someone answer this question please.

Are people able to bid now on the event of liquidation?

Everyone seems to e taking it on the basis that this new guy is trying to save the club via a CVA but if that fails then surely liquadation would mean they'd have to open up the assets to new bidders.

Someone might be interested in the assets without wanting to save the club so why would they come forward now?

Is there not a time period by law that after liquadation the assets need to be made available on the market before a final price can be agreed and give companies or people the chance to assess the assets.

****ing joke.

You're right that, if the company goes into liquidation, anyone is entitled to bid for the assets. It's the job of the liquidator to get the best return possible for creditors and shareholders from the assets.

The liquidation process lasts as long as is necessary, until the money has been divvied up amongst those entitled to it.

[VickMackie]

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Depends how you read it. Looks to me like any proposals which would be a sanction on a newco has been voted against and each newco application will be treated on an independant basis. I think it has made a route back to the SPL easier.

Agree. Those with something to offer, such as large away gates, will get waved back in. The small clubs will be punted into oblivion.

[joe breezy]

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You're right that, if the company goes into liquidation, anyone is entitled to bid for the assets. It's the job of the liquidator to get the best return possible for creditors and shareholders from the assets.

The liquidation process lasts as long as is necessary, until the money has been divvied up amongst those entitled to it.

Will the liquidator be someone like KPMG or would Phelps still want to do it?

Also, interesting it's supposed to be interests of creditors but that's what Administrators are supposed to do and D&P only talk about the interests of Rangers.

Will liquidation change things in the favour of common sense from a legal point of view anyway?

[snooky]

I suppose it's easy to dodge the bullets when the posse's guns are aiming to miss you.

[Haymaker]

Not sure if it has been posted but apparently the St. Mirren chairman spoke to the press and was fairly fuming about Rangers winning in court...

That is another on side hopefully!

[VickMackie]

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You're right that, if the company goes into liquidation, anyone is entitled to bid for the assets. It's the job of the liquidator to get the best return possible for creditors and shareholders from the assets.

The liquidation process lasts as long as is necessary, until the money has been divvied up amongst those entitled to it.

On that basis, how can Greene issue a proposal document with D&P saying the outcome of liquidation and using that as an influential factor in the decision making process?

Surely that section shouldn't exist intact document or a note to say that in that event assets will go to the open market. Maybe it already says that.

If D&P main game is saving Rangers, which is clear, is there anything that stops them accepting the Green offer for the assets 1 minute after liquidation?

This is where my time limit query comes from.

[Seveno]

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Agree. Those with something to offer, such as large away gates, will get waved back in. The small clubs will be punted into oblivion.

Alternatively, those that have been guilty of financial mismanagement will suffer less severe sanctions than those that have been found guilty of cheating, fraud, bringing the game into disrepute and serial rule breaking.

Isn't that a better outcome ?

[CropleyWasGod]

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Will the liquidator be someone like KPMG or would Phelps still want to do it?

Also, interesting it's supposed to be interests of creditors but that's what Administrators are supposed to do and D&P only talk about the interests of Rangers.

Will liquidation change things in the favour of common sense from a legal point of view anyway?

The liquidator is normally voted in on the basis of relative debt. In other words, it would probably be HMRC's choice.

As for the "common sense" question, it should make things easier to understand from an outsider's point of view. There will be no question of the company continuing to trade; it's all about maximising the sale of the assets.

[shagpile]

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Not sure if it has been posted but apparently the St. Mirren chairman spoke to the press and was fairly fuming about Rangers winning in court...

That is another on side hopefully!

People will only take so much. I hope the rest of them are cheesed off with the huns too.We may at last be seeing the end of the filthy 'institution'

[CropleyWasGod]

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On that basis, how can Greene issue a proposal document with D&P saying the outcome of liquidation and using that as an influential factor in the decision making process?

Surely that section shouldn't exist intact document or a note to say that in that event assets will go to the open market. Maybe it already says that.

If D&P main game is saving Rangers, which is clear, is there anything that stops them accepting the Green offer for the assets 1 minute after liquidation?

This is where my time limit query comes from.

On the liquidation outcome being included in the CVA document, of course it's meant to sway the undecided creditor. The smart ones will take advice on their options. The even smarter ones will know that their vote is almost irrelevant, given the voting power of Ticketus and HMRC.

On the bit in bold, D&P won't be the liquidators. However, any liquidator who accepts a low offer that soon would run the risk of that transaction being challenged in the Courts, and overturned.

[Kaiser1962]

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Not sure if it has been posted but apparently the St. Mirren chairman spoke to the press and was fairly fuming about Rangers winning in court...

That is another on side hopefully!

Heard him. The way is now open for us to challenge the penalty decision in the Court.

[VickMackie]

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On the liquidation outcome being included in the CVA document, of course it's meant to sway the undecided creditor. The smart ones will take advice on their options. The even smarter ones will know that their vote is almost irrelevant, given the voting power of Ticketus and HMRC.

On the bit in bold, D&P won't be the liquidators. However, any liquidator who accepts a low offer that soon would run the risk of that transaction being challenged in the Courts, and overturned.

Thanks.

Here's hoping that ticktues and HMRC take their chances and bidding for the assets commence. With the winner being anyo e other than the newco.

[Sergio sledge]

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Not sure if it has been posted but apparently the St. Mirren chairman spoke to the press and was fairly fuming about Rangers winning in court...

That is another on side hopefully!

Not a happy chappy....

[The Green Goblin]

[QUOTE=JeMeSouviens;3249869]These were passed:

•Greater of 10 points or 1/3 of previous season's total deducted from any club entering administration
•Requirement for clubs to pay players on time and to report any failure to pay wages
•Requirement for clubs to report any failure to pay PAYE/NIC
•Player registration embargo imposed on any club failing to pay PAYE/NIC
QUOTE]


I wonder who the bit in bold could refer to...?

No specific penalty for that mentioned. Or is there?

[StevieC]

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No specific penalty for that mentioned. Or is there?

The feeling that I get from the meeting today is that they are basically saying that they will no longer have specific penalties for specific "misdemeanours" but will instead deal with each case individually and dish out whatever punishments they see fit.

[CropleyWasGod]

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How does he get away with this? He has spent the last three months putting his own spin on every bit of information he gives. It is outrageous of him to tell creditors what to do and not to do. Surely it's about time some of the blazers, and I include Petrie among them, told him to put a sock in it. If, at the end of this Hun carry on, justice is seen to be done, I think he should be sacked forthwith.

I'm going to stick my neck out here and defend Doncaster in this instance.

Rather than just picking on one quote, I watched this interview. http://www.bbc.co.uk/sport/0/scotland/18270739 He is not wrong in his summing-up of the facts. There IS a CVA out for discussion. There ISN'T a NewCo application in front of the SPL.

As far as I can see, he isn't flying any blue flags and saying "Moan the CVA".

I am not sure what else he can say. He can't comment on something that hasn't happened yet.

[CropleyWasGod]

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The feeling that I get from the meeting today is that they are basically saying that they will no longer have specific penalties for specific "misdemeanours" but will instead deal with each case individually and dish out whatever punishments they see fit.

I am curious as to how they are going to police some of those rules. The non-payment of wages is easy..., the relevant players will tell the SPFA, who will tell the SPL.

I am not sure about the non-payment of PAYE. How are they going to find out? Is it self-declaration? ("Have you paid?" "Aye!" "Okay then".). Will there be random audits by teams of flying SPL-men?

Otherwise, how are the SPL going to know? The relationship between HMRC and a taxpayer remains confidential until such times as it reaches the Courts.

[Jim44]

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I'm going to stick my neck out here and defend Doncaster in this instance.

Rather than just picking on one quote, I watched this interview. http://www.bbc.co.uk/sport/0/scotland/18270739 He is not wrong in his summing-up of the facts. There IS a CVA out for discussion. There ISN'T a NewCo application in front of the SPL.

As far as I can see, he isn't flying any blue flags and saying "Moan the CVA".

I am not sure what else he can say. He can't comment on something that hasn't happened yet.

"We do not anticipate an application for a newco.". On what grounds does he base this? Does he believe that the CVA will be accepted or does he think it will end in liquidation?

[CropleyWasGod]

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"We do not anticipate an application for a newco.". On what grounds does he base this? Does he believe that the CVA will be accepted or does he think it will end in liquidation?

He actually said... and I paraphrase "There is a CVA out for consideration. On that basis, we do not anticipate a NewCo application."

I think he's quite right to say that. Stating the facts, without judgement.

[bighairyfaeleith]

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I am curious as to how they are going to police some of those rules. The non-payment of wages is easy..., the relevant players will tell the SPFA, who will tell the SPL.

I am not sure about the non-payment of PAYE. How are they going to find out? Is it self-declaration? ("Have you paid?" "Aye!" "Okay then".). Will there be random audits by teams of flying SPL-men?

Otherwise, how are the SPL going to know? The relationship between HMRC and a taxpayer remains confidential until such times as it reaches the Courts.

I'd imagine it would be a case of self declaration, however if you have been found not to be paying and have not declared it, i.e. you end up in court, then you will get hammered as this is a clear breach of the rules.

Can't get my head round what all of todays changes mean, but I reckon rangers are getting seriously close to dissapearing with there actions