Just a reminder that even though it’s a step forward …

Comment on Look Back to Look Forward by nawlite.

Just a reminder that even though it’s a step forward for liquidation to at least be mentioned in the media, that still isn’t an acknowledgement by anyone that matters (in a publicity sense) of new club. They are happy to mention liquidation of the company,but believe that the separate club is still ‘returning’ to the top flight.
When they confirmed to me that Rangers hadn’t been relegated but started afresh in the bottom tier, even the SPFL couched it carefully in terms of ‘the company’…..
1. Had Rangers Oldco been able to agree a CVA with its creditors, then it should have been able to emerge from administration (as did Hearts and Dunfermline) without further sporting sanctions. However, a CVA was rejected by Oldco’s creditors. This led to Oldco being liquidated. Newco applied for membership of the SFL and was granted associate membership but on condition it started in SFL Division Three. Newco bought the assets of Oldco from the administrations and took Rangers FC into the SFL. Rangers FC were not relegated from the SPL.
2. The European place that would otherwise have gone to Rangers for finishing 2nd in the SPL could not be taken up by Rangers FC due to UEFA Rules applicable in circumstances where the owner of a club goes into liquidation.
They refused to answer my follow up asking how the club was separate.

nawlite Also Commented

Look Back to Look Forward
Of course we all know that, Homunculus, and I was just confirming that the question was asked and not answered (for the reason you rightly reiterate).

Look Back to Look Forward
I’ve been nursing this one for a while. It’s a bit naughty, but thought it was nice to turn one of their fave songs against them. (You’ll know the one I mean!)
Hullo, hullo, that club used EBTs
Hullo, hullo, they brought it to it’s knees
They were up to their necks in side contracts
and so they had to lie
The dead club used them EBTs 

Look Back to Look Forward
BP did your Celtic official understand the argument that by supporting Res12 and the fact that TRFC* is not RFC, Celtic could easily regain that ‘integrity soviet’ of season book fans?

Recent Comments by nawlite

Is it time for the Sin Bin?
JC, will that be BDO acting for TRFC(IL) then?

Is it time for the Sin Bin?
BD, yeah, that’s how it worked when I knew it. A bit more info here…

Debt recovery Scotland: Have you considered bank arrestment?

and here….

Is it time for the Sin Bin?
For anyone who doesn’t know about arrestments…
I worked in branch banking many years ago and every day every branch received the same paper ‘circular’ from HO detailing the list of granted arrestments for that day. Normally there was anything from 10 to 20 companies listed each day. The arrestment meant that a creditor had got approval (from a judge, I presume) to have the company’s funds frozen while they tried to get their money from them. If any branch held an account for a company on the list and that account had a creditor balance on it at the time notification of the arrestment was received, the funds were removed from the account and placed into a ‘suspense’ account. The branch then had to notify the company of this and advise that the funds could only be released back to them if the creditor confirmed that the matter had been settled. NB if the account was overdrawn at the time the arrestment was received, it had no effect whatsoever. In reality, most creditors knew where the company banked, having dealt with them, so went straight there with the arrestment document and it only filtered through to other banks/branches a day or two later.
It has been a few years, so the process may not be quite the same (I’m sure everything is done quicker by electronic means now), but that was the gist of it.

Is it time for the Sin Bin?
EJ, I see that at the bottom of the article re Johnston it states categorically that King is chairman of the club, having gone through due diligence before being approved fit and proper. I believe it has already been established/admitted that he is chairman of the holding company specifically to avoid being assessed for F&P purposes. STV just wrong?

Is it time for the Sin Bin?
I don’t have strong views on Winter vs Summer football but here is reporter Michael Gannon in today’s online Daily Record arguing against a change to Summer football….
“Listen, we all know it makes no sense whatsoever to play football over the winter. It’s lunacy. But it’s what we’ve always done.”
This is the sort of genius we would be listening to, surely. I assume he was head of the debating team at school. On here, we talk all the time about having the opportunity to have these guys face to face make a cogent case for their support of the survival myth. Quite honestly, this proves that Gannon at least simply wouldn’t be capable of that. A*se! 

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