Generic Sevco / Rangers meltdown thread

[number9dream]

The latest HMRC appeal against the big tax case is scheduled to start tomorrow.

[bingo70]

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The latest HMRC appeal against the big tax case is scheduled to start tomorrow.

Will that have any relevance to the new company?

[Onceinawhile]

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Will that have any relevance to the new company?

No.

[CropleyWasGod]

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Will that have any relevance to the new company?

It may do.

If HMRC lose the case, there will be more money available to the other creditors....... of whom DK is one.

[Billy Whizz]

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It may do.

If HMRC lose the case, there will be more money available to the other creditors....... of whom DK is one.

And if hmrc win the case?

[CropleyWasGod]

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And if hmrc win the case?

There will be less?

[Jack Hackett]

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Not sure why threats stopped when the new board arrived. The WATP mentality is to threaten anyone who they feel is against them.

Deloitte were, IMO, not at all comfortable that The Rangers were trading whilst insolvent- and must have been dead keen to get away.


Sent from a phone

Probably because they had a new spawn of satan to concentrate their righteous ire on in Mike Ashley. Bit of an overtax of the grey matter if they have to split their attention.

[HoboHarry]

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It may do.

If HMRC lose the case, there will be more money available to the other creditors....... of whom DK is one.

So given that DK is not backing Sevco with his own money (at least not in any real quantity) could this have been his motivation to gain control? Will it help him get some of his money back if Hector loses?

[CropleyWasGod]

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So given that DK is not backing Sevco with his own money (at least not in any real quantity) could this have been his motivation to gain control? Will it help him get some of his money back if Hector loses?

He, and Sevco, have no influence on the HMRC case. It's irrelevant who is in control.

It's in his interests, as I say, for HMRC to lose. He may be banking on that, to enable him to put cash into the club.

[HoboHarry]

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He, and Sevco, have no influence on the HMRC case. It's irrelevant who is in control.

It's in his interests, as I say, for HMRC to lose. He may be banking on that, to enable him to put cash into the club.

I'm willing to bet you a bottle of fine white wine that he will not be putting any substantial amount of his own money into Sevco whether he gets some of it back or not........

[tamig]

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He, and Sevco, have no influence on the HMRC case. It's irrelevant who is in control.

It's in his interests, as I say, for HMRC to lose. He may be banking on that, to enable him to put cash into the club.

Is he likely to benefit to the tune of a few million or more then? I didn't think the numbers at stake - should HMRC lose - were at anything like those levels.

[CropleyWasGod]

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Is he likely to benefit to the tune of a few million or more then? I didn't think the numbers at stake - should HMRC lose - were at anything like those levels.

He might do.

At the moment, the dividend is 6/7 pence in the £, based on a distribution of £10m. So DK will get £1.2-1.4m.

HMRC's claim in the BTC is £72m.

So, if they lose, the pot increases 7-fold. Whether that means the dividend does is another matter.

[tamig]

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He might do.

At the moment, the dividend is 6/7 pence in the £, based on a distribution of £10m. So DK will get £1.2-1.4m.

HMRC's claim in the BTC is £72m.

So, if they lose, the pot increases 7-fold. Whether that means the dividend does is another matter.

So not a huge "windfall" in the bigger scheme of things - unless the dividend increases. Thanks for the info. Do you have a view as to how this appeal is likely to pan out?

[CropleyWasGod]

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So not a huge "windfall" in the bigger scheme of things - unless the dividend increases. Thanks for the info. Do you have a view as to how this appeal is likely to pan out?

Not really. Like a lot of these tax test-cases, it's gone beyond the letter or the spirit of the law, and is now about skilled lawyers splitting hairs about words and nuances.

[greenginger]

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Not really. Like a lot of these tax test-cases, it's gone beyond the letter or the spirit of the law, and is now about skilled lawyers splitting hairs about words and nuances.

Any idea who is paying for the skilled lawyers on the Rangers 1872 ( RIP ) side.

[Cropley10]

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I'm willing to bet you a bottle of fine white wine that he will not be putting any substantial amount of his own money into Sevco whether he gets some of it back or not........

He's only got slightly more money than Potless Paul

[CropleyWasGod]

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Any idea who is paying for the skilled lawyers on the Rangers 1872 ( RIP ) side.

BDO, hence the creditors.

[ancient hibee]

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He might do.

At the moment, the dividend is 6/7 pence in the £, based on a distribution of £10m. So DK will get £1.2-1.4m.

HMRC's claim in the BTC is £72m.

So, if they lose, the pot increases 7-fold. Whether that means the dividend does is another matter.

But is there money in the pot to the extent of another £72m regardless of the result?

[CropleyWasGod]

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But is there money in the pot to the extent of another £72m regardless of the result?

Nah.... ignore that raving. It's bull dust

BDO will have done their sums to work out how much they can distribute now (the £10m), without prejudicing the HMRC claim.

According to this:-

http://www.bdo.co.uk/__data/assets/p...15-WEBSITE.pdf

... they have about £18m in the pot, before the initial dividend.

Once the HMRC case is settled, they can work out the final dividend. That remaining £8m will be allocated accordingly.

[Keith_M]

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Nah.... ignore that raving. It's bull dust

I always thought the first requirement of being an Accountant was the ability to use a calculator.

I was obviously wrong.

[CropleyWasGod]

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I always thought the first requirement of being an Accountant was the ability to use a calculator.

I was obviously wrong.

Abacus, dear boy.

Technology will never catch on, you know.

[Viva_Palmeiras]

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Abacus, dear boy.

Technology will never catch on, you know.

"It's not the numbers that are important" - as our accounts lecturer used to say bizarrely :) usually after discovering an arithmetic error...

[ancient hibee]

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Abacus, dear boy.

Technology will never catch on, you know.

Not as long as we've got five fingers(including a thumb for pedants)on each hand.

[CropleyWasGod]

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Not as long as we've got five fingers(including a thumb for pedants)on each hand.

That's the Yams ****ed then.

[Keith_M]

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That's the Yams ****ed then.

JamboHillBillys.jpg

[CropleyWasGod]

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JamboHillBillys.jpg

I take it back.

That's Ernst and Young.

[Ronniekirk]

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Abacus, dear boy.

Technology will never catch on, you know.

Genesis L P from the eighties ,and not one of their better ones IMO,

[jabis]

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Genesis L P from the eighties ,and not one of their better ones IMO,

Abacab........though I agree🚽

[CockneyRebel]

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@HFCTransferNews: Hibs also looking at former @swfc and Motherwell midfielder Giles Coke, who is a free agent after leaving the owls at the end of the season.

Not to be sniffed at 

Heard he's the real thing.

[Moulin Yarns]

Chris McLaughlin @BBCchrismclaug	17m
Morning of evidence from HMRC who said notion of not paying tax through EBT scheme was a "fantastically silly proposition."

	Chris McLaughlin @BBCchrismclaug	17m
HMRC also said it would be "catastrophic for the public purse" if this scheme is all that's needed to avoid paying tax. #EBT ##Rangers