Tag Archives: Companies House

Imran Ahmad No Longer Director of Rangers Football Club – What About Mr Green?

Imran Ahmad was described in the Rangers International prospectus as one of two “Key Employees”, the other being Ally McCoist, “still the club’s all-time leading goalscorer”.

However he apparently left his role as Commercial Director late in April in the aftermath of the allegations about Craig Whyte’s connections with Charles Green and the suggestion, strongly denied by Mr Green, that Mr Whyte was actually the owner of a Rangers subsidiary company.

Mr Ahmad’s fate was sealed, apparently, when a Rangers fans’ website alleged that he had been posting comments on a message board for Rangers fans, and revealing secret boardroom information, all under the pseudonym “IAmRangers”. Continue reading

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Filed under Charles Green, Rangers

Charles Green Denies Whyte/Sevco 5088 Documents Are “Correct or Valid” – But Are They Genuine?

Late last night (Friday) the following statement appeared on the Rangers official website. You can read it in situ here.

I have posted my comments in bold and indented beneath the relevant parts of the statement. I then end with a brief (yes, I know what you are thinking) conclusion.

Before I start, it is headed “Charles Green Statement” and then, as readers will see, is actually by a “spokesman” for Mr Green. It is not billed as a “Rangers Statement”. Might that be significant?

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FOLLOWING the publication and broadcast of misleading and inaccurate information on STV this evening, a spokesman for Charles Green said: “Mr Green is appalled by this blatant attempt to discredit him.

A hard-hitting start. The information broadcast by STV was “misleading and inaccurate”. I am sure the statement will tell us in what ways. Continue reading

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Filed under Charles Green, Companies Act 2006, Rangers

THE MANY MYSTERIES OF THE RANGERS FC SHAREHOLDING by Ecojon

I had scheduled a post for today revealing that Charles Green, according to Companies House records, owns 100% of the “The Rangers Football Club Ltd” shareholding – the company which owns Rangers the club and all its assets including the players, Ibrox and Murray Park.

Strange as it may seem the millionaire ‘investors’ who have each apparently paid approx £1 million for 10% of the Rangers club are not listed at Companies House as having any shares in the company which owns the club.

Does Mr Green really believe that Mike Ashley will invest without a shareholding which gives him voting rights at Rangers?  It seems from Mr Green’s comments that he isn’t too keen to have Ashley investing in the club and would rather he just flogged kit and handed all the profit to Green’s Rangers. However Zeus Capital might well recognise Mike is a shark compared to Green’s minnow status and prefer a deal with Ashley and his connection with Newcastle and Sports Direct. And, if Zeus hold the purse strings, as many suspect then ultimately they control the outcome irrespective of Green’s shareholding which I discuss in detail later. Continue reading

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Filed under Charles Green, Companies Act 2006, Guest Posts, Rangers

More Problems for Craig Whyte – Tixway UK Ltd Threatened With Striking Off

Tixway UK Ltd is the company of which Mr Whyte is director, having taken up that position on the expiry of his director’s disqualification. The company had been formed by his now estranged wife, and Mrs Whyte had been the sole director until she stepped down and her husband took over.

Tixway UK Ltd has been busy in Glasgow Sheriff Court recently defending an action raised against it by One Stop Roofing Supplies Ltd.

Mr Whyte gave evidence in court. It could be thought that perhaps he has memory problems, as he told counsel for One Stop that he could not recall, without seeing the paperwork, why he was banned for seven years in 2000 from being a company director.

Another sign of forgetfulness is indicated by a document which has just appeared on the Companies House website.

This relates to Tixway UK Ltd and can be viewed here – Tixway strike off.

As can be seen, it is the warning that, under s1000 of the Companies Act, the company will be struck off the Companies Register in 3 months and dissolved, unless cause to the contrary can be shown.

S1000 deals with situations where the registrar “has reasonable cause to believe that a company is not carrying on business or in operation”. A letter is sent to the registered office asking for confirmation of the position. If, after one month, there is no reply, a further letter is sent. In the absence of a response within one month to the second letter, the letter referred to above is sent.

Interestingly, this is the third consecutive year that the striking off procedure has been put into process for Tixway UK Ltd. On the previous 2 occasions, dissolution was prevented close to the deadline.

If nothing more is done to prevent striking off, then any assets of the company will be declared “bona vacantia” and paid over to the Scottish Consolidated Fund, effectively the Scottish Executive’s bank account. Perhaps, in view of the sums involved, this is Mr Whyte’s way of making sure that tax paid in Scotland stays in Scotland

Bearing in mind that Tixway UK Ltd’s last accounts, dated January 2010, disclosed that the company held over £2.5 million worth of assets, then I am sure Mr Whyte will want his administrative colleagues to get the finger out and to reply to the Registrar! tixway–Annual-Accounts

Perhaps these things simply slip his memory, as did the reason for his disqualification.

It constantly amazes me that, for all of his undoubted business and entrepreneurial skills, Mr Whyte’s grasp of administration and time limits laid down by law seems to be so lacking. Alternatively, his administrative systems require a substantial overhaul.

Of course, if the assets have been used, and there is nothing in Tixway UK Ltd any more, the striking off process might result in One Stop, if successful in their court action, receiving nothing. I am sure however that Mr Whyte would not seek to make deliberate use of this procedure to have his company avoid paying debts due by it.

Sadly, as the company has not lodged any accounts since those for year ended January 2010, it is impossible to say what might have happened to the £2.5 million in assets which existed then.

 

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Filed under Companies Act 2006, Craig Whyte's Companies, One Stop Roofing Supplies Ltd v Tixway UK Ltd, The Company Directors Disqualification Act 1986.

Proof That Rangers FC Follows the Rangers Tax Case Blog? Possibly

A new thread on the Rangers Tax Case Blog was posted on 30th December 2011. In the course of a discussion in the comments about areas where it appeared that Rangers Football Club PLC might possibly, whether through inadvertence, administrative errors or postal mistakes, have fallen short of its legal requirements under the Companies Act, and its regulatory obligations under the rules of the PLUS SX, one commenter, the “Casual Observer” raised an interesting issue.

John Greig and John McClelland had resigned from the PLC Board in October, alleging unhappiness at the absence of involvement in the running of the PLC since the takeover by Craig Whyte in May 2011.

On 17th October, as required by PLUS SX rules, Rangers Football Club PLC announced this. The link to the announcement is here – http://www.plus-sx.com/newsItem.html?newsId=1367093

However, as the “Casual Observer” pointed out, Companies House had no record of the resignations.

The Companies Act 2006 requires a company to notify appointments or resignations of Directors to the Registrar of Companies within 14 days, failing which a criminal offence is committed by the company and its Directors.

Rangers should have lodged its audited accounts with Companies House by 31st December. As of 15 minutes ago, the lodging of accounts is still listed as “overdue”. This may of course be down to delays in opening mail received at the end of the period and lodging it on the Companies House website. It is not necessarily the case that the accounts are late, which would be a criminal offence. Failure to hold an AGM is also a criminal offence.

These alleged offences are rarely prosecuted, and generally would have to be extreme cases of corporate irresponsibility, or part of a regular practice by the company or Directors involved, before a prosecution would be raised.

One of the factors for Companies House in deciding to refer the matter to the procurator fiscal is how quickly the error is remedied.

At least as far as the failure to notify the resignations of the directors goes, that has now been rectified.

The relevant “paperwork” in relation to Messrs Greig and McClelland was transmitted electronically to Companies House yesterday (3rd January 2012).

The documents can be found here Director resignation no 1 and here Director resignation no 2. (I haven’t quite worked out how to link the docs directly, so click through the next page which appears after clicking on the links above.)

The documents confirm (a) that the resignations were effective on 16th October and (b) that the intimation only took place yesterday.

I am sure that the “Casual Observer” and the Rangers Tax Case blog are happy that their disclosures have been noted and acted upon by Rangers, and that, notwithstanding yesterday being a public holiday, Rangers’ assiduous staff were hard at work attending to these technical requirements.

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Filed under Companies Act 2006, Football, Rangers