BigAl

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Rangers' former chief executive Martin Bain has had almost half a million pounds of the club's assets frozen after a judge agreed there was "real and substantial risk of insolvency". Mr Bain is pursuing a £1.3m damages claim against his ex-employer at the Court of Session in Edinburgh. Judge Lord Hodge granted a warrant which would ring-fence £480,000 of the Ibrox club's assets. He said there was risk of insolvency if the HMRC tax case goes against Rangers. Lord Hodge said that in reaching that view he was concerned with the degree of possibility and "not actuality or even probability of insolvency". Mr Bain raised his damages claim alleging breach of contract following the takeover at Rangers FC by venture capitalist Craig Whyte from former owner Sir David Murray. Lord Hodge said he was not persuaded on the material before him that Rangers were presently insolvent "either practically or absolutely". Start Quote I am satisfied that there is a real and substantial risk of insolvency if the tax case were to be decided against the defenders (Rangers) in favour of the Revenue” End Quote Judge Lord Hodge The court heard that the football club faces two tax claims and the larger could leave them with a bill of £49m - £35m in tax, plus £14m in interest and penalties. Lord Hodge said he accepted that proceedings were at an early stage, but added: "I am not persuaded that the outcome of the Revenue claim is too remote in time for the court to form a view as to the existence of a risk." He said: "Having regard to the structure and terms of the takeover deal I am satisfied that there is a real and substantial risk of insolvency if the tax case were to be decided against the defenders (Rangers) in favour of the Revenue in the sums being spoken about." Nicholas Ellis QC, counsel for Mr Bain, had told the court: "There already appear to be circumstances from which it would appear to be appropriate to draw an inference that the defenders are presently practically insolvent or at least verging on it by not paying their debts as they fall due." But Brian Napier QC, for the Ibrox club, said the motion for an arrestment was opposed and claimed that Mr Bain had not shown there was a real and substantial risk of insolvency. The chairman said they were able to meet debts as they became due. Mr Ellis said the club's accounts for last year did show a healthy position with net assets of about £70m. But he argued that the picture was not as healthy as shown and that was made clear in the transfer of the majority interest between companies controlled by Sir David Murray and Mr Whyte for the sum of just £1. The deal was structured with precautions looking to the risk of insolvency. He said there were two tax claims with the smaller for £2.8m but with penalties it could rise to about £4m. The larger claim for a total potential of about £49m was due to go to a tribunal and he could not say what the outcome would be. But he added: "If the Revenue are successful, given the amount of the claim, it is not at all surprising that precautions have been taken to structure the deal in a way that protected the acquirer in the event of insolvency." He said that in the other tax case he understood £2.3m in a bank account has been arrested. Glasgow law firm Levy and McRae also went to court over an outstanding bill against Rangers last week. Mr Ellis pointed to it as an example of Rangers not settling their debts as they fall due. He said the court action was clearly important to Mr Bain as an individual and an arrestment was sought to protect any award he would receive. Rangers are contesting the action and have raised a counter claim against Mr Bain alleging breach of contract and fiduciary duties, which he denies. Mr Napier argued that Mr Bain had held responsible positions at Rangers over a period when the two major alleged debts relating to tax liabilities were claimed to have been incurred. He said the outcome of the tax case against Rangers could be a long way off. He argued that for there to be a real and substantial risk of insolvency it had to be "proximate in time". A spokesman for Rangers said: "In a week where the focus should be on football, the conduct of Martin Bain, who always claimed to have the best interests of Rangers Football Club at heart, is truly astonishing and I am sure our supporters would agree. "The club is disputing any money is due to Mr Bain and we will be vigorously appealing the decision. It should be noted the case taken against Rangers has not yet been proven or even heard yet. "All that has happened today is that a sum of money has been set aside if the club were to lose the case." A source close to Craig Whyte added he was "angry and dismayed" that Martin Bain had taken this action, when he claims to have had Rangers' interests at heart. "It was clearly intended to embarrass the club in the run-up to the first Old Firm game of the season," he said. The source also claimed the details of the counter-claim by Rangers against Martin Bain, with claims he breached his contract and duties as a company director, could be "explosive". Fucking loving it £49m tax bill....... I have a serious hard on reading that, imagining that there might just be the slightest element of truth in that figure

Dirty minky inbred cunts Hope we fucking do them

LEAKED legal documents have revealed that Rangers Football Club is being sued for £1.3 million by former chief executive Martin Bain. His lawyers yesterday called in the police after details of his alleged breach of contract case were posted on various football fan websites. The club, which was taken to the Court of Session over unpaid legal fees on Friday, later claimed it was being targeted by a determined "whispering campaign" and played down fears over its finances. The documents include new claims about the danger of the club becoming insolvent if it is forced to meet tax liabilities being pursued by HMRC. Bain is seeking loss of earnings and damages from the club. Ibrox officials yesterday described recent reports of its financial affairs as "ludicrous" and the leaking of the documents as "illegal", but blamed current problems on the "previous regime" at Ibrox, which was then presided over by Sir David Murray. The club is being pursued by HMRC over tax liabilities said to date back around 12 years. According to the leaked papers, new owner Craig Whyte is facing about £49m in tax liabilities after taking the helm at Ibrox in the summer. It is claimed the club may "go under" if it loses its battles with HMRC, amid claims it will only be prepared to pay up to £15m. HMRC officers are said to have recently visited the club to warn that it faces being wound up if its tax liabilities are not met. Bain resigned in late June, several weeks after being suspended in the wake of Whyte taking control of the club, and immediately announced he would be suing for breach of contract. His legal advisers and the Ibrox club say the papers, relating to an action raised at the Court of Session, have been leaked "illegally". They were posted on several football fan websites yesterday. Rangers were taken to the Court of Session last week by the Glasgow-based legal firm Levy & MacRae over an unpaid bill arising from the club's defence against allegations of offensive chanting by its supporters. Counsel for the firm told the court that there was "real concern" about the club's solvency. Levy & MacRae is now representing Bain in his case against the Ibrox club. Bain's lawyer, Peter Watson, last night said Lothian and Borders Police had been called in to investigate the apparent theft of the documents. "This matter has been reported to Lothian and Borders Police. These documents have either been stolen or obtained by some other illegal means. They were not intended for the public domain," Watson said. A spokeswoman for Rangers said: "The problems Rangers Football Club is now having to deal with are historic and the chairman (Whyte] is committed to resolving the issues that are a direct and unwanted legacy of the previous regime."

Reading Craig Brown's quotes in that article makes me think he is simply being diplomatic, instead of coming right out and saying the boy's shite

Makes a change from a recent manager's favourite phrase of "flying in training"

http://www.heraldscotland.com/news/home-news/rangers-fail-to-pay-35k-law-firm-bill-1.1122669? More financial woes for Der Hun

You suffering from a dose of the Andy Goram's

Fuck it....missed it, but sounds like it was a stroll in the park for him :thumbsup:

And the begining and middle surely

Frankly Jager min, I reckon most of the time you don't like yerself, never mind any other cunt

Bought this last week on your recommendation. Only a hundred pages or so into it, but an enjoyable read. Loved the story about the two pieces of stale bread and a live frog that formed the basis of a Marines survival lesson

Pawlett in my opinion has so much potential but I'm not sure he is ever going to really make it big time and could well prove to be an enigma. On his day a hugely exciting player for us, but it simply isn't demonstrated enough. This is without doubt a huge season for his development

Given his current predicament then, I'd suggest that judgement wasn't very favourable then Anyone else still think we'll end up taking him back and spunking a wage away on someone that patently doesn't want to be here and whose heart won't be remotely in it.

Crap scoring record Paul sturrock connection Plymouth Argyle connection A fairly obvious and unimaginative target therefore

Absolutely bang on Bobby. The original article just highlighted how sick and deluded these bastards are...... always got to think they are the ones that are being persecuted, whilst the other half gets away with murder. There is no difference in my world between them, both two cheeks of the same arse, and been Scotland's shame since the late 19th century. I fear their issues are far too deep rooted to simply go away overnight, and that no legislation will make any real difference.

The Clash - London Calling This really was a classic Seem to remember it being voted something like number four in Q top 100 albums of all time.

Through to the fourth round without any issues last night. Now due to play Young, who has already beaten him this year and will have the American crowd on his side

It would only have been stewed anyway by the time you got to it. The boy has done you a favour Jager

Another trip down memory lane The Teardrop Explodes - Kilimanjaro

JC pursued Lovell for some considerable time, and I certainly was delighted when we eventually got his signature. Shame really that it didn't work out as we all hoped, but there are a few good memories he left us with....Huns, Bayern etc. As has already been said, wish him all the best post football. Is he still snapping that singing bint from Bishopbriggs

Yep looks like we are indeed paying a large percentage of his wages Fucking magic

Exactly my reaction....... If there was the slightest ounce of truth in this, then there would be quotes from Brown, Knox, Miller or at least player's agent.

If only that were the standard of no mark we were after

Who