Penfold Posted February 14, 2012 Share Posted February 14, 2012 Rangers have been given until 15:30 TODAY to appoint an administrator. Rangers believes it can meet a deadline to appoint an administrator by 15:30 on Tuesday, BBC Scotland understands. The football club's legal team are involved in a legal battle with HM Revenue and Customs (HMRC) at the Court of Session to appoint an administrator. Lord Menzies told Rangers he would rule on an HMRC application by 15:30 if the club had not made an appointment. A source close to the club told the BBC they were confident an administrator would be in place by the deadline. Edit: Rangers are now in administration. HMRC revealed in court they were actually on their way to court yesterday to file this action to put Rangers in administration when they heard Rangers had filed themselves - for the sole purpose of being able to appoint their own administrators. Quote Link to comment Share on other sites More sharing options...
Superstar Tradesman Posted February 14, 2012 Share Posted February 14, 2012 Love it. Quote Link to comment Share on other sites More sharing options...
BobbyBiscuit Posted February 14, 2012 Share Posted February 14, 2012 Rangers Football Club has entered administration - meaning the club will be docked an immediate 10 points in the Scottish Premier League. It follows a unsuccessful legal bid by HM Revenue and Customs (HMRC) at the Court of Session in Edinburgh to appoint its own administrator. London-based firm Duff and Phelps was officially appointed at 14:50. It will now take over the day-to-day running of Rangers while addressing the club's massive debt problems. Quote Link to comment Share on other sites More sharing options...
Superstar Tradesman Posted February 14, 2012 Share Posted February 14, 2012 Who do they play this weekend? God I wish it was us. It's now imperative we make the top 6, just so we can laugh in their faces. Quote Link to comment Share on other sites More sharing options...
BigAl Posted February 14, 2012 Share Posted February 14, 2012 BASTARDS..... knew they would do it themselves Whilst not illegal by any means, it could be said to be immoral, which frankly sums up their 140 year existance of lieing, cheating and bigotry Guess this has been always part of Craig Shites game plan Simple solution for HMRC would have been top withhold the benefits payment of every Hun. surely one weeks worth would have more than cleared the indebtedness Quote Link to comment Share on other sites More sharing options...
BigAl Posted February 14, 2012 Share Posted February 14, 2012 Who do they play this weekend? God I wish it was us. It's now imperative we make the top 6, just so we can laugh in their faces. We'd need to make sure we get the cash off them for the tickets up front Quote Link to comment Share on other sites More sharing options...
dickofthedons Posted February 14, 2012 Share Posted February 14, 2012 I think these cunts are gonna get away with this. Look at the timing, just after the January window so they don't have to sell players. Long enough before the end of the season to avoid being docked points next year and to be out of administation in time to get a UEFA license for next season to play in Europe. Whyte will buy back the assets with another of his companies... With them appointing their own administrator then all I can see is the creditors getting fucked over instead of the Huns. I'm fucking gutted they made the 3:30 deadline, if it was a court appointed administrator then I'm sure they'd be fucked. Someone please tell me I'm wrong, someone please tell me they will be fucked anyway and they are gonna rot in hell, pretty pretty please... This should be a joyous day for all Quote Link to comment Share on other sites More sharing options...
BigAl Posted February 14, 2012 Share Posted February 14, 2012 Doubt they will be in Europe next season. Sure the deadline is end of March to obtain the licence. An administration on this scale is unlikely to be fully resolved in around seven weeks Quote Link to comment Share on other sites More sharing options...
Penfold Posted February 14, 2012 Share Posted February 14, 2012 Suggestions that the police have requested urgent meeting with RFC & SPL over policing costs which are already due, and costs which will be incurred over the upcoming matches. No money = no police = no matches = kicked out. dickofthedons, as administrators they still need to act in the best interest of the creditors and be open and transparent. While there must be a reason RFC rushed to get their guys in it's not going to be all rosy. Also I'm hearing they only have around 6 weeks to come out of administration or they will miss the deadline to apply for a UEFA license for the 12/13 season. With HMRC involved and obviously not playing alone I can't see this being resolved in 6 weeks. Quote Link to comment Share on other sites More sharing options...
BobbyBiscuit Posted February 14, 2012 Share Posted February 14, 2012 I think these cunts are gonna get away with this. Look at the timing, just after the January window so they don't have to sell players. Long enough before the end of the season to avoid being docked points next year and to be out of administation in time to get a UEFA license for next season to play in Europe. Whyte will buy back the assets with another of his companies... With them appointing their own administrator then all I can see is the creditors getting fucked over instead of the Huns. I'm fucking gutted they made the 3:30 deadline, if it was a court appointed administrator then I'm sure they'd be fucked. Someone please tell me I'm wrong, someone please tell me they will be fucked anyway and they are gonna rot in hell, pretty pretty please... This should be a joyous day for all They've still got the tax bill to pay though. There's not a chance HMRC will accept 10p in the £. Can you imagine the knock on effect for the Revenue if they did so? It would be disasterous. Quote Link to comment Share on other sites More sharing options...
dickofthedons Posted February 14, 2012 Share Posted February 14, 2012 I see, well that's sounding better already... Unfortunately even missing the UEFA license deadline will probably just mean lost revenue for one home game. Quote Link to comment Share on other sites More sharing options...
Penfold Posted February 14, 2012 Share Posted February 14, 2012 Also, did Daniel Cousin's international clearance come through in time? RFC were obviously hoping to have 10 days before administration but as of 14:50 today they can't sign players. HMRC also wont take kindly to them offering a player a contract on (guessing) 5k per week while at the same time going to the courts to try and shaft their creditors. Strathclyde Police: We are seeking an urgent meeting with the administrators to ensure that any payment for policing costs at future Rangers games is guaranteed. "Until we have such a guarantee we would not be in a position to commit public resources to policing an event unless we had a reassurance that our costs would be met." Quote Link to comment Share on other sites More sharing options...
Kowalski Posted February 14, 2012 Share Posted February 14, 2012 This is fucking hilarious Quote Link to comment Share on other sites More sharing options...
Penfold Posted February 14, 2012 Share Posted February 14, 2012 BBC Mr Whyte is believed to be a secured creditor of Rangers and could collapse the club if HMRC block a creditors agreement. The chairman could opt to pursue the legal routes of receivership or pre-pack administration to avoid paying any tax liabilities. These routes would involve Rangers' assets being transferred to a new company or companies and the old club - formed in 1873 - being left behind with the unpayable debts. It would, almost inevitably, be wound up. In these cases, HMRC, as an unsecured creditor, would receive very little if anything. Quote Link to comment Share on other sites More sharing options...
BigAl Posted February 14, 2012 Share Posted February 14, 2012 They've still got the tax bill to pay though. There's not a chance HMRC will accept 10p in the £. Can you imagine the knock on effect for the Revenue if they did so? It would be disasterous. Not so sure on that Bobby, have seen it before, albeit not on such a high profile and value case. HMRC become a creditor like any other now that they have entered voluntary administration. Thats why I posted my comments earlier. It is now up to self appointed administrator to review the business and decide upon what can be realised and work out a payment in the pound for distribution. It really was crucial for HMRC to get in ahead of Rankgers in terms of an appointment Quote Link to comment Share on other sites More sharing options...
baggy89 Posted February 14, 2012 Share Posted February 14, 2012 BBC Mr Whyte is believed to be a secured creditor of Rangers and could collapse the club if HMRC block a creditors agreement. The chairman could opt to pursue the legal routes of receivership or pre-pack administration to avoid paying any tax liabilities. These routes would involve Rangers' assets being transferred to a new company or companies and the old club - formed in 1873 - being left behind with the unpayable debts. It would, almost inevitably, be wound up. In these cases, HMRC, as an unsecured creditor, would receive very little if anything. So basically what I said earlier today? Quote Link to comment Share on other sites More sharing options...
Superstar Tradesman Posted February 14, 2012 Share Posted February 14, 2012 One way or another they're royally fucked. Pun intended. HMRC just won't walk away from £50m they're owed, especially in these times of financial crisis whilst the same guy has companies and assets in his pocket. Even if he gets out of paying it by some miracle or loophole, he'll be lucky if he can spend a penny without them breathing down his neck. They'll get what's coming. One way or another. Quote Link to comment Share on other sites More sharing options...
BobbyBiscuit Posted February 14, 2012 Share Posted February 14, 2012 Not so sure on that Bobby, have seen it before, albeit not on such a high profile and value case. HMRC become a creditor like any other now that they have entered voluntary administration. Thats why I posted my comments earlier. It is now up to self appointed administrator to review the business and decide upon what can be realised and work out a payment in the pound for distribution. It really was crucial for HMRC to get in ahead of Rankgers in terms of an appointment That's true, and obviously it will come down to whether 75% of creditors (I believe this is 75% of the value of creditors) agree to the settlement. HMRC must make up 75% alone, no? They are going to have similar cases down south supposedly, would they really be happy to take a small settlement? I really can't see it mate, they're not just any other business that has to recover any part of a bad debt possible. Obviously this is best possible scenario. Penfold's post earlier points to a grimmer outcome for the rest of us however and i have no doubt that's exactly what they'll attempt to do. Quote Link to comment Share on other sites More sharing options...
baggy89 Posted February 14, 2012 Share Posted February 14, 2012 That's true, and obviously it will come down to whether 75% of creditors (I believe this is 75% of the value of creditors) agree to the settlement. HMRC must make up 75% alone, no? They are going to have similar cases down south supposedly, would they really be happy to take a small settlement? I really can't see it mate, they're not just any other business that has to recover any part of a bad debt possible. Obviously this is best possible scenario. Penfold's post earlier points to a grimmer outcome for the rest of us however and i have no doubt that's exactly what they'll attempt to do. HMRC will have to weigh up the value of the assets and what percentage of that they are entitled too, if the club is liquidated, against the the value offered by a set amount in the pound with a given timescale that a going concern can pay at. Quote Link to comment Share on other sites More sharing options...
maverick sheep Posted February 14, 2012 Share Posted February 14, 2012 Smells a lot like Airdrie to me. Quote Link to comment Share on other sites More sharing options...
fatjim Posted February 14, 2012 Share Posted February 14, 2012 Smells a lot like Airdrie to me. Airdrie does smell pretty bad. Quote Link to comment Share on other sites More sharing options...
glasgow sheep Posted February 14, 2012 Share Posted February 14, 2012 Is Whyte's plan not predicated on a Rangers 2012 being automatically accepted back into the SPL because "scottish football will be dead without rangers"? Or will the HMRC allow then to do a Motherwell/Dundee and pay 2p in the pound? Quote Link to comment Share on other sites More sharing options...
Jute Posted February 14, 2012 Share Posted February 14, 2012 I assume if its blue filth that have appointed the administrator then they will still be in control of the process so can still shaft HRMC. As others have said I have a bad feeling that they are going to end up emerging from this debt free and in a stonger overall position. Quote Link to comment Share on other sites More sharing options...
TENEMENTFUNSTER Posted February 14, 2012 Share Posted February 14, 2012 I see old Dougie Bader has resorted to the "a big boy did it and ran away" total denial excuse already, classic stuff. Absolutely pishing myself at all this, absolutely brilliant watching these fucking bastards dying on their arses. I fucking love this. Quote Link to comment Share on other sites More sharing options...
Rebus30 Posted February 14, 2012 Share Posted February 14, 2012 that is all.... Quote Link to comment Share on other sites More sharing options...
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