The Rumoured Rangers Winding Up Petition – What Is Mr Green’s Connection With the Alleged Creditor?

Alex Thomson reports today that a Singapore based company is attempting to proceed with a winding up petition in Scotland in connection with Rangers.

Orlit Enterprises alleges that £400,000 is due, according to Mr Thomson.

One wonders what a Singapore-based company could be invoicing Rangers hundreds of thousands of pounds for. Allegedly two invoices have been paid and two have not.

What can we glean from this?

First of all, the entity against which the petition is directed, should it be raised, is presumably Rangers Football Club Ltd, being formerly known as Sevco Scotland Ltd. That company owns the football club, having bought the assets from Duff and Phelps, and is in turn a wholly owned subsidiary of Rangers International Football Club PLC.

Secondly, there appears to be a possible connection between Mr Green and this company. Internet research suggests that one of the Directors of Orlit Enterprises is a lawyer called Chan Fook Meng. He is a Director of many companies, all of which is entirely legitimate.

The connection with Mr Green?

Mr Chan is Chairman of Nova Resources Limited.

He is described as follows on their site:-

Mr Chan obtained a law degree from the National University of Singapore in 1985 and was called to the Singapore Bar on 12 February 1986. He has since then practiced as an advocate and solicitor in Singapore in various firms. In the course of his work, Mr Chan has handled and been involved in a number of corporate finance matters and various mergers and acquisitions.

Mr Chan was on the board of directors of a SESDAQ listed entity in Singapore for approximately 18 months until April 2005. During this time, he dealt with issues relating to the rescue and restructuring of the business and its acquisition of several businesses. Mr Chan is a Director of Tricor plc (AIM Listed) and Mandarin Mining plc (PLUS Listed).

Guess who the chairman of Nova Resources Limited was until May 2012, when he resigned to pursue “other interests”?

Charles Green!

It would appear that Mr Green and Mr Chan (or at least Orlit, being one of Mr Chan’s companies) have fallen out.

With no knowledge of the details of the invoices and the apparent dispute, it would be wrong to take this as a sign that Rangers are in financial difficulty. Seeking a winding-up order can be an effective way of forcing payment.

It is embarrassing, even if Rangers have a cast-iron defence to any claim made against them.

We shall see what more is to come out about this. The taciturn Mr Green might even issue a statement!

Posted by Paul McConville

 

 

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41 Comments

Filed under Charles Green, Orlit Enterprises v Rangers, Rangers

41 responses to “The Rumoured Rangers Winding Up Petition – What Is Mr Green’s Connection With the Alleged Creditor?

  1. Is this the beginning of the end?

    Smells a wee bit like it to me.

  2. lordmac

    with there being a winding up order, CHARLES Green still comes out smiling he put nothing in, yet
    with the norm being, sixpence in the pound, his and the others penny shares come good.

  3. JohnBhoy

    Charlie’s Fooking with the wrang Chan, aka Meng the Merciless.

  4. COYBIG

    The Rangers needs a strong The Rangers!

  5. Whats the connection between Nova Resources and Mr Chan?

  6. Ernie

    The BTC will run for years and not really impact sevco anyway. The LNS thing will probably not impact them too much either, losing titles (for example) is important only to the fans, no real damage done. This is the gubbins that will sink the sevco unless, and it’s a very big unless, Greenser has actually got a plan that leaves any life in the corpse when he skips off with his bounty. It will be this boring stuff: who put the money up, what happens when they don’t get a return, where’s my share, wha’s in cherge here (as my Dundee mate would say). My only request is please let it last through the summer. What fun!

  7. john

    what a complete joke of a club this new lot are,its quite pathetic really what a sad little team they are

  8. john

    a team with no debt(they say this with a straight face) 36k season books but running at a loss????? something very wrong here ,but we are just a young team was the cry united wiped the floor with u with an even younger team and they are shite aswell lol they hadnt won at home for 6 month haw haw haw

    • Dave

      Actually, I’ve just read this, John. You’re simply a pr%ck.

      • Den

        Gentlemen,

        Please meet and then ignore Dave.

        Maybe his post at 10.16 pm should read:

        “nothing to do with the club?

        Only someone with the intellectual capacity of a pond dwelling organism, would come to such a conclusion.”

  9. From Cartuja on KdS:
    Charles Green and Chan Fook Cheng directors of Nova Resources Ltd > Chan Fook Cheng director of Mandarin Mining Ltd > Mandarin Mining Ltd registered address – 14 New Street, London, EC2M 4HE > 14 New Street, London, EC2M 4HE – registered office of Pritchard Springfield Solicitors > Pritchard Springfield – solicitors to Nova Resources Ltd > Pritchard Stockbrokers linked to Craig Whyte.

  10. ecojon

    I wonder if chuckles was planning a stopover in Singapore en-route to OZ.

    Could be embarassing if true becuse chuckles has been saying he’s opening a new stadium in Singapore next year which I presume means Rangers will play the opening match.

    Only stadium I can see being opened in Singapore next year is the new National Stadium:

    http://en.wikipedia.org/wiki/New_Singapore_National_Stadium

    I have to say that it is a wonderful honour for Scotland that a team in our lowest footballing league should be regarded as suitable to inaugurate the footballing history of a brand-new prestigious stadium.

  11. COYBIG

    To be serious for a minute. Although this is embarrasing, it’s highly unlikely that The Rangers will be wound up over a debt of £400k. The REAL story here is that an English journalist has beaten every Scottish Sports and news journalists to this story. How did that happen? Don’t worry mick, it’s a rhetorical question.

    • ecojon

      @Coybig

      Well you would think their editors would be flaying them alive but that won’t happen – I wonder why?

      Will the Scottish MSM even mention it?

    • Adeste Fideles

      given the past record of the scottish media, it’s not outwith the bounds of possibility that they weren’t beaten. it’s possible that they just didn’t run the story.

  12. EXCELLENTE DR PAUL, WONDERFUL SCOOP MT ‘T’ ,MR GREEN IS TRICKIER THAN A LOAD OF TRUNK MUNKEEZ, TEE HEE LETS SEE WHAT “J.T.H. TRAYNOR” HAS TO SAY ABOUT THIS LOVIN EVERY MINUTE, C’MON THE HOOPS

  13. ecojon

    MORE CONNECTIONS 21/05/2012

    http://local.stv.tv/glasgow/102416-rangers-crisis-financial-advisor-behind-greens-consortium-named/

    The financial adviser behind the takeover of Rangers by a consortium led by Charles Green has been named.

    Imran Ahmad, who recently moved to English investment banking operation Zeus Capital, is advising on the financial structure of the deal for the Ibrox club by the Sevco group.

    The broker previously founded the London firm Allenby Capital Limited in 2009. It has been listed as an adviser and broker in several announcements by Singapore-based mining investment firm Nova Resources limited, of which Mr Green was chairman up until last Thursday when he resigned to “pursue other business interests”.

  14. John Burns

    Very interesting indeed – btw – did anyone read (Exclusive by) Keith Jackson in yesterday’s DR?

    It would appear that someone has slipped some sodium pentothal into his diet coke, or is it just that he is free of Goebells Traynor?

    • cam

      So,Mr Jackson pens a piece that is more to the liking of the Gers haters in a paper detested by CFC fans and he is now telling the truth as opposed to lying.
      Mr Traynor,or Jabba or any other insult that the haters see fit to denigrate him with due to his Gers connection, is now associated with a war criminal who played a major role in persecuting Jews in WW2.
      Its been educational having a wee peek into your napper.Thanks for sharing.
      Mr PMacG pens a wee satire that should have, in my opinion ,seen him arrested and he is a true “legend”
      Very interesting indeed.

      • COYBIG

        @cam

        ‘Cam’ down dear. I’m sure he’s only trying to wind you up. Get it?…

        Anyway, what do you think about this cash rich and debt free club/company being issued a winding-up order over a debt of £400k?

      • Vega

        Most football fans in Scotland had an intense disliking for Traynor long before his (latest) association with The Rangers, including most The Rangers fans. The mystery is why fans of The Rangers have gone quiet on him now…

        I wonder…

      • John Burns

        Cam, if he is telling the truth, then the sodium pentothal is working, pity (for the Ibrox throng) it was not administered at the time of Craig Whyte’s coronation – Goebells, as I sure you will know was the head of the Propaganda Ministry in Germany – I merely draw attention to Traynor’s similar skills, during the last year, post and prior to his engagement at Ibrox, where at last….. he is able to drop the pretence of being an objective journalist (loose use of the word)

      • Budweiser

        cam

        I don’t hold with equating rangers= nazis: celtic=Irish nazi lovers.
        Regards PMG – He did ‘break’ this story. What puzzles me is that rangers, and more importantly, Traynor MUST have known the story was about to break and did absolutely zilch about it . Surely this is exactly the kind of situation that jabba , with all his journalistic experience is paid to defuse?

  15. lordmac

    i wonder how much is owed by the rangers TO THE SOTTISH SPORTS COUNCIL
    as there seems to be an outstanding account dated 6 july 2012
    maybe if we could get a email address for them, they could put us all in the picture as having debt or no debt

  16. COYBIG

    As I wrote in my last post, i’m sure this is nothing to worry about. Charlie’s just really forgetful. I mean, he’s been saying, “We’ll announce shirt deal by end of week.” for months now, but hasn’t followed through (no, not in that way mick) with it yet.

  17. COYBIG

    Just a wee thought. Orlit Enterprises is described as a company used by Green’s consortium to source investors for the purchase of asset.

    So Green’s ‘paid’ someone £400k x 4, to source out potential investors willing to loan £5.5m to purchase the assests (who will also have to be repaid, with intrest) ?????

  18. I know there are quite a few legal and corporate minds on here, so maybe someone could explain to me why this is a bill RIFC should receive If Orlit were raising seed capital, does that not imply that RIFC are yet to be conceived? Is Charlie bumping them?

  19. fergus mc

    Saint Valentine is working his magic again

    What a top bhoy !!

    HH

  20. dan

    Trying to diddle Fuk Me! What can I say but Fuck me!

    • I know, but if RIFC haven’t come into existance, how can THEY be billed? Is that not a wee bit like a kerb crawler getting a pro pregnant, then the baby paying his mother for his kerb crawling fathers fun.

  21. Budweiser

    Paul
    V interestng.

  22. Jamie

    It’s funny (I was going to say ironic but funny will suffice) a few weeks ago when Hearts and Killie were threatened with the same thing Sevconians were laughing and were convinced these clubs were going down the swanny.

    Now the shoe is on the other foot it’s not so funny. 🙂

    ANNNNNNNND! if the debt is so insignificant why do they need a payment plan to pay it off?

  23. James C

    Two things occur to me from this

    400K for introductions in a deal that needed 5.5M+expenses! As this is just 2 out of 4 invoices the ttal charge was (much?)more than that! Maybe 10% commission for making the introductions? Not a bad business to be in I think.

    Second, this could be a disputed invoice (maybe) but on the other hand it maybe implies cash flow issues with an one-off account like this being stiffed to ensure adequate cash to pay recurring creditors and staff. Are their bankers not willing to allow a suitable overdraft facility to deal with “inconsequential” bill such as this or did the invoice just get lost under Charles coffee cup?

    Appreciate this is a different business to the oldco but given the circumstances of it’s death I’d have thought the newco would be very keen indeed give the impression of financial robustness.

    All businesses need a level of credit worthiness to survive and this type of story they tend to make your average credit controller nervous and be a little more careful on outstanding invoices,. Once bitten…

  24. Pingback: Rangers “Winding Up” Story Emphasises That People Read What They Want to See, Not What is There | Random Thoughts Re Scots Law by Paul McConville

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