Monthly Archives: October 2012

A Bad Day For Rangers, Old and New – And The Spin Keeps Coming

After the decision today by Lord Hodge to end the administration of RFC 2012 PLC (oldco Rangers) and to appoint liquidators, tonight at Ibrox saw the home side (newco Rangers) defeated 3-0 by Inverness Caledonian Thistle. The clinical performance of the away team belied concern that, as an ex-Rangers hero, Terry Butcher’s team could be as ineffectual as that of another former Rangers great, Stuart McCall, in the last round.

Apart from the fact that the players are professionals who, I expect, would be even more determined to win if their boss told them to lose, the managers are too, and it is simply a statistical quirk arising from a small sample size which makes Motherwell’s recent record so poor. For the avoidance of doubt, I am not suggesting that Mr McCall sends out his Motherwell teams to lose to Rangers. Continue reading

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176 Comments

Filed under Football, Inverness Caley Thistle, Rangers

The Tweeted Report by @mdkster on This Morning’s #Rangers Hearing

I’m not in the CoS afternoon I’m afraid. It seems that Collyer Bristow are challenging D&P’s application to end the admin and appoint BDO.

CB’s lawyer hasn’t spoken yet, but it seems that they want nothing further to happen on the admin until the ‘MCR’ issue has been clarified.

Ticketus emailed D&P that, “for entirely commercial reasons”, they don’t currently intend to challenge D&P’s decision to reject their claim>

<but Ticketus reserve all rights (e.g. to press their claim against the liquidators). Ticketus voted against D&P fees, but vote was ignored. Continue reading

68 Comments

Filed under Administration, Guest Posts, Rangers

Not a Live Blog of the Oldco #Rangers Liquidation Hearing

Some additional thoughts arising from the reports so far from this morning’s case at the Court of Session before Lord Hodge.

As long as no one wonders about the sound of the laptop coming from the cupboard in the courtroom, I hope to keep the updates going this afternoon. I would ask any of the counsel appearing in the case to ensure they speak up, as the cupboard door makes it difficult sometimes to hear.

Counsel for Duff + Phelps told the court that there were £1.7 million of cash and “other assets” to be handed over by the administrators to the liquidators.

Bearing in mind that Sevco paid £5.5 million for all of the assets, how is the balance so reduced? Continue reading

21 Comments

Filed under Administration, Courts, Insolvency Act 1986, Rangers

Oldco #Rangers Liquidation Petition Heading for Extra Time?

 

Some info regarding the progress of the Rangers liquidation hearing before Lord Hodge today.

As with everything in this saga, it is not straightforward.

Three of the issues so far – Continue reading

16 Comments

Filed under Administration, Insolvency, Rangers

Rangers Statement Today – “Big Tax Case? Nothing To Do With Us Mate!”

How about a quick pop across to Rangers.co.uk?

Yes?

Okay then – here we go! (With my comments in bold)

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THERE has been growing speculation recently that an announcement from the First Tier Tax tribunal is imminent.

The Club has no knowledge of when such an announcement will be made. However, the Club as it now stands as part of The Rangers Football Club Ltd. has been informed by Her Majesty’s Revenue and Customs that any decision by the First Tier Tax Tribunal will not affect the operations of The Rangers Football Club Ltd.

I like the repeated references to “the club”. Just to make absolutely clear that the club exists, then, now and forever. Nothing to do with the “holding” company, so-called. Continue reading

35 Comments

Filed under Charles Green, Football, HMRC v Rangers, Rangers