Comment on JPP: Perverting Justice? by Homunculus.


    14th October 2018 at 16:14  


    I don't think that's right.

    Once the club was in administration it had to get out of it. Administration cannot last forever it is a temporary measure to try to assist survival. It gives a company a bit of breathing space to try to survive.

    The options are 1, Pay your debts, which is possible if a benefactor comes in 2, Get a CVA agreed, then pay an agreed portion of your debts 3, Liquidation, which is what is happening.

    For Rangers to have survived then 1, or 2, would have to have happened. If either did then they would no longer have the tax bill. Debt to HMRC is no different to any other unsecured creditor. 

    Homunculus Also Commented

    JPP: Perverting Justice?

    14th October 2018 at 19:09  

    Allyjambo 14th October 2018 at 17:10  

    I think what UTH is alluding to is, if they'd managed a CVA or found a buyer, they would have, at a later date, had to face the EBT tax bill which didn't 'crystalize' until after the Supreme Court ruling.


    That is what I meant, or if they had managed to get to the CL group stages they might have struggled on. However the tax bill would have hit at some point. 


    Surely at a CVA the debt owed to a creditor is the debt at that time.

    They put a claim in and the administrator accepts or rejects it. If the CVA is agreed and the appropriate payments are made by the administrator then that is a clean slate. That is the whole point of trying to save the company and getting it back operating again. That was certainly the intent of the Enterprise Act as I understand it. To save companies and jobs.

    The idea that someone could come back in and claim a huge debt, relating to the pre CVA period seems counter intuitive to the intent of Parliament.

    I am more than happy to be told I am wrong on this, it is really not my area. Every day is a school day for those willing to learn.

    JPP: Perverting Justice?
    Big Pink 

    14th October 2018 at 15:23  


    I can explain why no-one got credit for the rescue.

    It didn't happen.

    White tried, they got knocked out of Europe, he stole tax money to pay inflated wages, that led to administration and now liquidation.

    Deep down they know it, not that deep down actually. 

    JPP: Perverting Justice?

    14th October 2018 at 12:14 


    I think it goes back further than that. The EBTs came later because tax avoidance was the only place they had left to go.

    Rangers spent money that the club simply wasn't generating, ending up tens of millions in debt. Was it not about £80m at one time (back when £80m was a lot of money).

    They then had a failed share issue, which Murray had under-written so he had to come up with about £50m, which he did via MIM allied to smoke and mirrors.

    Rangers' downfall was due to a hubristic need (not want actual need) to dominate Scottish football. They had to win and didn't care what it cost or how it was paid.

    The new club has run at a loss in every season of its existence and is relying on loans and dilution of the shares just to keep going.

    Recent Comments by Homunculus

    Bad Money?
    bordersdon 22nd July 2019 at 20:15

    The previous club limped on and limped on. Administration could never happen, liquidation could never happen. They were too big and a fundamental part of the fabric of Scottish society, which would decline into civil unrest if anything bad happened to them.

    How did that work out. 

    Bad Money?
    So what's the word on Memorial Walls Ltd.


    They might want a million or so put to one side as well, to protect their position.

    Bad Money?
    Ex Ludo 18th July 2019 at 16:25


    It would appear that he can, when prompted, count to 22.


    Can someone tell me what "As  your predecessor Andrea Travero, who will be copied on my remittance …" means.


    Is he going to bribe someone. 

    Bad Money?
    Why not just listen to what Rangers themselves say about it. This comes from their web page.


    2 ABOUT US

    The Rangers Football Club (“The Club”) is a sports entertainment company incorporated in Scotland with Company Number SC425159. The registered office is Ibrox Stadium, 150 Edmiston Drive, Glasgow, G51 2XD.



    This comes from the Companies House web page.




    Company number SC425159

    Registered office address

    Ibrox Stadium, 150 Edmiston Drive, Glasgow, G51 2XD

    Incorporated on 29 May 2012


    Who am I to argue with that.

    Accountability via Transparency.
    Cluster One 4th April 2019 at 19:24


    Rangers still exists, liquidation is a process and that process is ongoing.

    "There are no rules in scottish football to demote a liquidated club." because it is a nonsense, why would there be rules to cover it. 

    To go over old ground there was no demotion. A club applied to join the SPL (as was) and that application was rejected. The club then applied to join the SFL (as was) and that league accepted them into the lowest division.

    That is not demotion, relegation or anything else like that. It is applying to join in the first place.