Rangers’ Administrators In Court Friday 4th May Before Lord Hodge

A quick post.

Today’s court lists reveal a case set down for an hour tomorrow in connection with Rangers administration. http://www.scotcourts.gov.uk/rolls/supreme/lists/r120503_160.htm

Friday 4th May

LORD HODGE

 

STARRED MOTION

 

1 hour Pet: Rangers Football Club Plc for an Administration Order  Biggart Baillie LLP  

Might this be the required report to the court by Duff & Phelps of the outcome of the votes on its proposals?

After all, voting closed 13 days ago, and one would hope that they have added them up by now!

In light of today’s remarkable events about which, rest assured, I will be writing ad longam, it MAY be that counsel for HMRC appear raising questions about the sale process.

If anyone interested in the Rangers saga is in Edinburgh, a wee trip to the Court of Session might prove interesting in the morning (then again, it may not)!

It is remarakable, is it not, how much has happened over the last 12 months at Ibrox. Here again May brings a new buyer, and the “internet bampots” and the main stream media will again conduct detailed and thorough reserach into the new person looking to run Rangers.

Posted by Paul McConville

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15 Comments

Filed under Administration, Rangers

15 responses to “Rangers’ Administrators In Court Friday 4th May Before Lord Hodge

  1. I wonder what questions HMRC might be minded to ask at this stage.

  2. If it is HMRC this is long overdue….. This just stinks.

  3. jim62

    “”how is £11 mill enough to buy all the assets you valued at £110 mill”..and
    ” have any parties (e.g. Housebuilders),, expressed an interest in acquiring Murray Park on its own and if so what indicative value has been placed upon that asset alone”
    “What steps have the administrators( or agents appointed by them) taken to ascertain the level of innterest in acquiring the major assets of RFC in a piecemeal sale (e.g. The stadium…..the training complex)”

    There’s some for starters???

  4. TonyD

    Paul
    Duff and Phelps, as administrators, can sell the the club to whoever they wish. If rfc(ia) still own the assets (despite noises to the contrary from St.Craig of the ‘Well) and according to P Whitehouse they do, then do you think for one second D & P can sell the entire club plus assets (NBV c£120M) to BM for £11.2 and stiff creditors?……There is absolutely no prospect of this being allowed to stand in a court of law….watch this space with legal actions from HMRC, Ticketus and probably some of the other creditors being raised (cf above). Now, they can transfer the whole lot to a new owner but must sell the assets for a reasonabe market value and in the best interests of the creditors…its that simple.

    For D & P to entertain anything less is a complete dereliction of their duties as administrators.(wet nurses).

    TD

    • Alan

      The market value is determined by what people are willing to pay. Ticketus could have made a bid themselves if they had wanted. The Administrators have selected the highest bid, no court will block that.

  5. GiGi

    What is the flat real estate value for RFCia properties (all of them)?

    Any sale of RFCia as an on-going concern/business must surely deliver to the creditors a greater return than the flat real-estate value of the club.
    It is not the Administrators role to feel sorry for the fans, or consider the wider social & political issues, nor the ramifications for Scottish football in general, concerning the possible demise of this ‘business’. Their role is to conduct the administration process purely in the best interest of the creditors.
    Much as I hate that as a general principle in life, I always feel that the social impact should be considered with regards to any such business decisions, the fact is, I don’t make the rules. The rules are there, in law, for any administrator to follow. You have no choice. You MUST follow them.
    Selling off the assets for RFCia for anything less than the flat real-estate value of the assets is dereliction of duty.

    • Bhoywonder

      It would be very interesting if it transpires that an offer had been made, not for RFC (ia) but for a part thereof ie Murray Park, and this had been ignored…..just a thought.

  6. Harry Johnson

    From this article http://www.bbc.co.uk/sport/0/football/17943432 D&P appear to have tallied the votes but maybe extrapolating a mandate in excess of their proposals?

  7. Now I wonder what questions HMRC might be minded to ask at this stage.

  8. David H

    Paul, as D & P have stated that they are out to get the best deal for the club and keep it as a going concern is this not contrary to getting the best deal for the creditors which i had thought was an administrators top priority? Am i wrong? If not then is the an organsisation/ombudsman that will bring them to task?

  9. sixtaeseven

    Did anything interesting happen (if it went ahead)?

  10. Cavia porcellus

    How can this deal be in the best intrests of the creditors, the “toxic” current debt has been split off. However this is the “oldco” which is meant to agree a CVA worth ~7 million when the Administrator is paid, a CVA which is by all intents and purposes is now several months away. Yet all the assets with the exception of the playing staff will go with the “newco”.

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