Generic Sevco / Rangers meltdown thread

[green glory]

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Don't think so. Sevco were allowed an SFA licence on condition that they accept the findings of the SPL enquiry. So hitting them for money would be a fine outcome.

And the one Chuckie fears most I'd guess.

[grunt]

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http://www.channel4.com/news/the-unr...-key-questions

Good read here on the The Sevco. Thomson is quite a brave hack to keep the heat on the Mordor undead.

What does he mean by this? Seems to be current tense. Is HMRC still chasing them for money? Are they chasing Sevco??

It is alleged that under Whyte, Rangers stopped making national insurance contributions, and HMRC is chasing the club for a fee believed to be around £3-4m.

[LeighLoyal]

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And the one Chuckie fears most I'd guess.

Absolutely! All the noise from our pal Chuckie the *****ie is about these are his titles, this is of course for Orc consumption, the reality is he knows there could be a financial claw back as he's signed to take deadco's penaltys, and this is what he's really sounding off on. I suspect he would fold up The Sevco and head to the Cayman's with his mysteron consortium and the alleged £20m if that happens. Fingers crossed!

[CropleyWasGod]

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What does he mean by this? Seems to be current tense. Is HMRC still chasing them for money? Are they chasing Sevco??

It's the OldCo.

It's current tense because they have a claim against the liquidation. That claim may turn out to be against the former directors, but that's the liquidators' call.

[LeighLoyal]

Here's the draft agreement between Sevco, Deadco, and the three bodies, SFA SPL SFL, a fine piece of work it is. Suggests collusion and a desperation to get Sevco into the highest possible league. But the stripping of titles seems to be taken as a given, so Sevco can't do owt if it is authentic!

http://kerrydalestreet.co.uk/single/...4473&t=8748656

[HibbyRod]

Is there any update news regarding the alleged Conflict of Interest with Duff & Phelps handling of the administration of Rangers.

Last I heard was at the stage of the Judge (Noble??) getting a copy of the taped conversation between Craigie boy and the senior guy at D & P.

Seems ages ago - have I missed any recent announcements regarding this?

[MB62]

I really don't understand why all this has to go to courts, hearings, etc. The question to Newco is quite simple,

Do you want to have all the history and titles of Oldco?


If YES - then fine, pay all the debt that Oldco was due and you can keep all the history and titles you want.

If No - then great, their history starts as off summer 2012 and they are debt free.

Shirley it's a simple choice

[lapsedhibee]

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I really don't understand why all this has to go to courts, hearings, etc. The question to Newco is quite simple,

Do you want to have all the history and titles of Oldco?


If YES - then fine, pay all the debt that Oldco was due and you can keep all the history and titles you want.

If No - then great, their history starts as off summer 2012 and they are debt free.

Shirley it's a simple choice

Not as simple, because the they were only allowed to be in the SFL at all on the basis of a fudge. If the they were a genuinely new entity the they wouldn't have got in at all. So the governing bodies have already accepted there's an element of oldness in the the newco.

[Hibrandenburg]

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Not as simple, because the they were only allowed to be in the SFL at all on the basis of a fudge. If the they were a genuinely new entity the they wouldn't have got in at all. So the governing bodies have already accepted there's an element of oldness in the the newco.

[LeighLoyal]

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Not as simple, because the they were only allowed to be in the SFL at all on the basis of a fudge. If the they were a genuinely new entity the they wouldn't have got in at all. So the governing bodies have already accepted there's an element of oldness in the the newco.

Don't be silly, they - SFA, SFL, SPL - bent all the rules to let them in and would have had them in the SPL but for fans saying no. Galloway's motion says it all: they are masquerading as oldco but paying none of the robbed creditors, or 14m in unpaid PAYE that oldco witheld. There's a price for trading as oldco.


Also, the real truth is the stripped titles should go back further than the EBT scam. Murray's club was financially doped by Bank of Scotland right through the 90's - money that will never be paid back by him or deadco. Labour's last act of incompetence was to knight this fraud act.

[green glory]

The SPL commission is hearing evidence this week, do we know when their findings will be made public?

[CropleyWasGod]

Presumably, George Galloway will put down a motion demanding that Browns Food Group pay the tax debts of Hall's, since they are now operating under that brand.

http://www.bbc.co.uk/news/uk-scotlan...tland-21249280

No?

[LeighLoyal]

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Presumably, George Galloway will put down a motion demanding that Browns Food Group pay the tax debts of Hall's, since they are now operating under that brand.

http://www.bbc.co.uk/news/uk-scotlan...tland-21249280

No?

Halls were a subsidiary of the Dutch parent company, Vion, Cropley. Vion continues with liability's of the subsidiary. Rangers FC 1872-2012 (RIP) were not a subsidiary.

[CropleyWasGod]

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Halls were a subsidiary of the Dutch parent company, Vion, Cropley. Vion continues with liability's of the subsidiary. Rangers FC 1872-2012 (RIP) were not a subsidiary.

Sorry, that's not the case. Brown bought the Hall's brand from Vion. A spokesman for Vion said: "Following their acquisition of the Hall's brand, we would like to wish Browns Food Group every success with their plans for the business."

In the same way that Sevco bought the Rangers brand, Browns won't be liable for Vion's liabilities.

[green glory]

Enough sausage talk! Back on topic please, ie our bigoted 'hidden hand of fenionism' papist agenda to destroy the 'traditions' of The The The Rangers and all things protestant. (Apparently).

:-D

[CropleyWasGod]

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Enough sausage talk! Back on topic please, ie our bigoted 'hidden hand of fenionism' papist agenda to destroy the 'traditions' of The The The Rangers and all things protestant. (Apparently).

:-D

There is a link, though

[marinello59]

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Sorry, that's not the case. Brown bought the Hall's brand from Vion. A spokesman for Vion said: "Following their acquisition of the Hall's brand, we would like to wish Browns Food Group every success with their plans for the business."

In the same way that Sevco bought the Rangers brand, Browns won't be liable for Vion's liabilities.

Stuff the saving of 50 jobs that this has resulted in. Sporting Integrity demands that they should only be referred to as Halls if they are happy to take on the liabilities of the old company. And any prestigous meat awards gained during Vion's ownership should be stripped from them. Our unbiased moral outrage at the Oldco/Newco/anyoldco situation demands nothing less.

[Mr White]

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any prestigous meat awards

maybe they could swap to keep everyone happy? halls get several spl titles and a few cups and rangers get the title of champion meat packers 2001 to 2010 bestowed upon them? seems fair to me.

[CropleyWasGod]

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maybe they could swap to keep everyone happy? halls get several spl titles and a few cups and rangers get the title of champion fud packers 2001 to 2010 bestowed upon them? seems fair to me.

Edited.

Don't you agree, though, that Sevco are a chipolata off the old block?

[greenlex]

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There is a link, though

image.jpg

[Caversham Green]

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Stuff the saving of 50 jobs that this has resulted in. Sporting Integrity demands that they should only be referred to as Halls if they are happy to take on the liabilities of the old company. And any prestigous meat awards gained during Vion's ownership should be stripped from them. Our unbiased moral outrage at the Oldco/Newco/anyoldco situation demands nothing less.

The difference is that Brown's have paid for the Hall's brand. Duff & Phelps paid Sevco to take the Rangers brand away if the prospectus was to be believed.

[Mr White]

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Edited.

Don't you agree, though, that Sevco are a chipolata off the old block?

Rusky business saying things like that mate, the sevco masses won't like it, they're heid bangers so watch it or they'll mash you up and batter you.

[CropleyWasGod]

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The difference is that Brown's have paid for the Hall's brand. Duff & Phelps paid Sevco to take the Rangers brand away if the prospectus was to be believed.

So you're saying that the sausages weren't a take-away

[green glory]

Anyone still eat Hall's Wee Willie Winkies?

And no I'm not a Yam before anyone assumes!

:-D

[LeighLoyal]

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Sorry, that's not the case. Brown bought the Hall's brand from Vion. A spokesman for Vion said: "Following their acquisition of the Hall's brand, we would like to wish Browns Food Group every success with their plans for the business."

In the same way that Sevco bought the Rangers brand, Browns won't be liable for Vion's liabilities.

Yeah but Vion are holding the baby. Creditors, including HMRC, can petition Vion for monies. Who can can HMRC and the rest petition over oldco's debt? Not Murray or Whyte or Green.

[CropleyWasGod]

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Yeah but Vion are holding the baby. Creditors, including HMRC, can petition Vion for monies. Who can can HMRC and the rest petition over oldco's debt? Not Murray or Whyte or Green.

The Oldco. They have a claim against that company, in the same way that OldHalls creditors have a claim against OldHalls. They won't have a claim against Vion, since that is a separate company.

And, if the liquidators see fit, they WILL have a claim against the former directors.

[PatHead]

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The Oldco. They have a claim against that company, in the same way that OldHalls creditors have a claim against OldHalls. They won't have a claim against Vion, since that is a separate company.

And, of the liquidators see fit, they WILL have a claim against the former directors.

Would that claim only be valid if they can prove the directors let the business trade whilst knowing it was insolvent or is it easier than that?

[CropleyWasGod]

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Would that claim only be valid if they can prove the directors let the business trade whilst knowing it was insolvent or is it easier than that?

It's basically as you describe.

It's actually the liquidators, who are there on behalf of the creditors, who would be making the judgement. If they can show that OldCo traded whilst insolvent, the directors can be held personally liable for all debts incurred AFTER the point at which OldCo became insolvent.

I don't have a handle on the history of OldCo's accounts. But, at a rough guess, it could probably be argued that they were insolvent from the point at which the bank started demanding their money back. However, that's obviously a very subjective view, and the arguments on that would keep a lot of expensive lawyers in lamb-gravy for years.

[s.a.m]

http://www.bbc.co.uk/sport/0/footbal...medium=twitter

Rangers refused permission to transfer player arbitration process

Rangers newco has been refused permission to continue an arbitration process established by the oldco over players who left Ibrox when the club filed for insolvency.
The club was informed on Wednesday that it did not inherit the right to continue the arbitration process from the former parent company.
Rangers have filed a further Notice to Refer under the Scottish Football Association's article 99.
It plans to continue the process.
The Ibrox outfit is pursuing compensation for six players who signed for other clubs when the company's assets were sold in the summer.
Several players found new clubs under the TUPE regulations when the oldco entered administration and applied for liquidation, which permits employees the right to refuse to move their terms and conditions to a new employer or owner.
Allan McGregor, now with Besiktas, Kyle Lafferty (Sion), Sone Aluko (Hull City), Steven Naismith (Everton), Steven Whittaker (Norwich City) and Jamie Ness (Stoke City) refused to have their contracts transferred to the club that would start the new season in Division Three.
The panel was established and facilitated under the SFA's Articles of Association after agreement was reached by the club and the players over who should represent each side of the dispute, with a chair appointed to review both side's claims.
However, the SFA is not directly involved in the arbitration process and has no influence over any decisions taken by the panel.

[Spike Mandela]

http://www.scotzine.com/2013/01/spl-...ngers-hearing/