Craig Whyte, Ex-Rangers Chairman, To Be Bankrupted by Harper MacLeod?

With many thanks to the regular commenter, Duplesis, for spotting it, a case is due to call tomorrow in Inverness Sheriff Court. It appears on the Court List as follows:-

6 Harper Macleod v Mr Craig Whyte Harper Macleod LLP

SQ55/12

This is a bankruptcy petition raised by Harper Macleod, the solicitors who acted for Mr Whyte (a) in his contentious matrimonial court action with his wife at the Court of Session and (b) for Tixway UK Ltd, Mr Whyte’s company, in its unsuccessful defence of the action raised by One Stop Roofing Supplies Ltd.

It may not be the same Mr Whyte as recently occupied the Chairman’s position at Rangers, but that Mr Whyte has a residence, Castle Grant, within the Inverness jurisdiction.

The papers would have been served on him between 6 and 14 days ago.

As long as that has occurred, and all the paperwork is in order, then he will be declared bankrupt tomorrow unless (1) he agrees a continuation of the case to explore settlement, which can be for no longer than 6 weeks or (2) he is likely to enter into a formal Debt Arrangement Scheme by which his debts will be cleared over a reasonable number of years. As he is being sued for may millions by Ticketus, that seems very unlikely!

So, either tomorrow or within 6 weeks, he will be declared bankrupt and, on the pain of committing a criminal offence, will require to give the Trustee in Bankruptcy full information about his assets and liabilities, income and expenditure.

Frankly this might explain his apparent insouciant attitude to the prospect of being taken to court for so much money by Ticketus – a personal guarantee is only worthwhile if the guarantor has any money!

It may be that Castle Grant is mortgaged to the hilt and otherwise Mr Whyte may have no assets in the jurisdiction.

A trustee in bankruptcy has little chance of getting their hands on assets elsewhere, in normal circumstances.

It is also ironic, bearing in mind the clamour (ill founded) for Harper MacLeod to be punished for the alleged conflict of interest in being “Celtic’s lawyers” at the same time as acting for the SPL in the dual contract inquiry, that they may also be putting the former chairman, who is not universally popular in the blue part of Glasgow I imagine, into bankruptcy.

Would this in fact be considered by the same people who criticise the firm as doing something good, and getting Mr Whyte what they might perceive as his comeuppance?

We shall see.

Inverness Sheriff Court in the morning could be an interesting place.

Posted by Paul McConville

 

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23 Comments

Filed under Craig Whyte's Companies, Insolvency

23 responses to “Craig Whyte, Ex-Rangers Chairman, To Be Bankrupted by Harper MacLeod?

  1. Conme Come Paul, You know he will turn up at the door of the court with a treasure chest, a war chest, a frontloaded off the radar, unequivocal bank guarantee or lorry load of cash to settle Harper McLeod’s petition??

    No?

    Oh yee of little faith!!!!

  2. John Mac

    Oh please let this be true. Turned out his wealth was quite literally off the radar. Right off.

  3. mick

    its all a timmy conspiricy he really is timmys agent whyte they will be saying over on ff when they see who his lawyer is a feel whyte was just a chancer to think jabba had him down as a billionaire and of the radar wealth yet he cant even pay his roof bill msm hang your head in shame you destroyed the club yous love whyte to me is a bit part when the warrents get issued a feel murray is the ring leader,there is lots of talk of floating charges ticketus and whyte always pops up we will just have to wait and see how it all pans out

  4. mick

    all my sympathys for whyte are quelled by the thought he robbed 400 security guards of there lying time at vital so for that a hope he crashes down to earthwith a bang and has to live like a worker instead of a billioniare ,it seems all the caviar chasers are well stressed and all that chaseing is bad for them maybe it proves you live longer munching on mcgees rolls filled with choppork and smokey bacon crisps washed down with a cup of tetley at least the later can sleep at night

  5. But he can’t be Bankrupted– he owns Braehead, half of Monte Carlo, has a business empire on which the sun never sets, he duped Sir David Murray, is a Billionaire, owns a Castle, had Roddy Forsyth on his plane, paid off Lloyds with his own money……………… surely it’s another Craig Whyte? One with a different date of birth? Someone with a different address? Maybe someone has stolen his persona?

    Who knows………

  6. itsme

    Busy day for Whyte tomorrow

    Glasgow Sheriff Court
    21 Bannatyne Kirkwood F – v – Craig Whyte Bannatyne Kirkwood France & Co – ms fs SC924/12

  7. COYBIG

    Why is Craig Whyte seen as a villain by The Rangers fans? Where as Charles Green is seen as a hero.

    As far as I can see, they both used the fans’ season ticket money to buy a football club. Whyte, by selling off a percentage of season ticket revenue to pay off Llyods Bank. And Green, by using £5.5M of season ticket money revenue made this year.

    Before anyone thinks i’m trying to take the p*** with this post, I’m not. It’s a honest question and I would appreciate it if any The Rangers fan can explain.

    • cam

      I don’t know one Gers fan who views Chico as a hero and Mr Whyte will hopefully get what is coming his way and then some.
      All of this current stuff is just a hiccup and normal service shall be resumed shortly.Celtic fans live for the here and now,the Bears are eternal.

      • Ernesider

        Cam
        you wrote – ” I don’t know one Gers fan who views Chico as a hero”

        ” After a massive thanks to Mr Green from myself on behalf of the Committee, 6yr Old Rangers Season Ticket Holder Johua Wilson, made a Presentation of a Crystal Clock with the words, ”To Charles Green, from R.T.I.D.N.I.” Mr Green then stayed behind to sign Autographs and pose for photos before retiring to bed.”

        &

        ” All in all we found Mr Green to be very honest and upfront and along with all the other Supporters thought his plans were excellent.”

        &

        ” We believe that Mr Green is the real deal and has the Full Backing of R.T.I.D.N.I and we would urge ALL fans to do the same.”

        Charlies meeting with RTID NI

        (Report from @RTID_NI meeting Charles Green.)

        • cam

          I don’t get the relevance of your post.The guy turns up at a meeting and is treated politely,does that infer hero worship?
          Does the fact that wee Fergus was booed roundly by the GFITW mean that they think he’s a spiv?
          Chico is here for a pay day,he is noising up the Tic fans,the SFA and SPL and giving the loony tunes in here something new to obsess about,,,certainly value for his money.

  8. miki67

    Craig Whyte, the foil for Minty, become the doorman for Greenie, now being pursued in Scottish courts, having stowed his lucre in untouchable Monaco.
    Ah…..they’re all in this together. Surely, this is the true meaning of Cameron & Osborne’s mantra?

  9. Lord Wobbly

    Couldn’t we have a whip around? After all, he has given us sooooooo much entertainment over the last couple of years.

  10. michael b

    Paul,

    You are missing the point, of course Harper MacLeod will be the ones to pull the rug, Its a Timmy Conspiracy to ensure that Ticketus don’t get their cash from Craig and Rangers have to hand over 4 years worth of seats, Surely the fans will help Mr Charles out at £500 a throw, he will now need any share money to keep the club trading?
    Its all Timmy’s fault!!

  11. If this petition is granted, then there could be some very intersting consequences because remember that a trustee in bankruptcy can investigate and undo any transactions going back over the last 5 years.

    Given Craig’s history of not exactly getting his paperwork or detail right,I wonder if any deal whereby he “gave” away his shares in Rangers PLC might be scrutinised especially where he appears to have had control of a floating charge over valuable assets that belonged to Rangers PLC?

    Notwithstanding the failed attempt at a CVA, if Whyte has left a trail of personal creditors by way of say personal guarantees, then the trustee may well fell obliged and indeed instructed by those creditors to examine just what has happened to his business interests which may well have brought him personal income and wealth.

    Further, there may very well be those who are interested in any suggestion that someone could be holding assets in trust for him or who may be fronting businesses on his behalf.

    However, of greatest interest is the fact that any trustee will be able to take possession of his entire business records over the five years and examine all documentation relating to his involvement in businesses like Rangers— that would be correspondence, transactions, legal instructions etc etc– BEFORE, during and after his time at Ibrox.

    I wonder whose name or names any such correspondence will throw up?????

    • ecojon

      @ Brogan Rogan Trevino and Hogan

      I would think his business records are a pile of ash in the Great Hall of his castle having been burnt to warm the place after the leccie was cut-off 🙂

  12. OnandOnandOnand

    The petition requires to be servd personally.l doubt if Whyte has been around and so re-service seems the most likely option

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