Tag Archives: Court of Session

Rangers, Sevco and the Law – Threatened Court Actions – Duff & Phelps v BBC

Following the BBC Inside Story, Part 2, recently it was made clear by Duff & Phelps that they were poised to embark on court action against the BBC.

As the Scotsman reported on 24th May, “RANGERS administrators Duff & Phelps last night threatened to sue the BBC over claims a senior partner in the firm was aware of Craig Whyte’s scheme to buy Rangers using cash from the controversial Ticketus deal.”

The piece quoted the statement from Paul Clark which said:-

“The allegations made in tonight’s programme against Duff & Phelps are untrue, a distortion of the facts and highly defamatory. Discussions are already underway with our solicitors with a view to bringing legal proceedings against the BBC.

 “We made a number of offers to assist the BBC in order they would not make the fundamental errors broadcast this evening and for some inexplicable reason the reporter Mark Daly declined these.

“We had also hoped to give interviews stating our case on camera but received strong legal advice against this course of action, bearing in mind the legal proceedings Duff & Phelps have raised against Collyer Bristow. The BBC were informed in writing from our solicitors.” Continue reading

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Filed under Administration, BBC, Defamation, Rangers

To Keep Rangers Afloat, Can Duff & Phelps Seek Judicial Review of HMRC’s Rejection of the CVA?

Mark Twain once said “Rumours of my death have been greatly exaggerated.”

Today’s newspapers in Scotland have pronounced the last rites over Rangers Football Club. However, I suggest in this piece that the Death Certificate could have been signed prematurely, and that there remains an option, by taking on HMRC in court, which might give Duff & Phelps and Mr Green enough “oxygen” to keep Rangers alive into next season and potentially an increased offer to creditors.

The answer to the question at the top of the page is “yes”, in that an administrative decision, as this is, and carried out by a public authority, can generally be subject to consideration and review by the Court. In reality, there are various reasons why, even if it did not succeed, it could still work to the advantage of Rangers and of Mr Green.

I thought about it when reading Mr Green’s thoughts from yesterday as detailed on the official Rangers website. I have added emphases to the relevant parts of the edited article.

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CHARLES GREEN admits HMRC’s decision to reject his consortium’s CVA proposal left him speechless and has accused them of giving Rangers fans false hope it would go through. Continue reading

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Filed under Administration, Charles Green, Judicial Review, Rangers

Rangers and the Incubator – Part 2 – Who Could Stop the Deal?

The Bill Miller takeover of Rangers is intended to take place this week (by 11 May). That does not leave much time. My plan is to write a few posts looking at the hurdles Duff & Phelps and Mr Miller will need to cross to achieve the goal of having Rangers play its last game of the season next Sunday under the ownership of the American trucking tycoon.

 

The second area I will look at is that of the possible legal challenges to the proposed deal.

 

Creditors and shareholders could seek to block the deal if they consider that they are prejudiced, and even the sale happening will require court actions to decide ho much, if anything, can be put in the pot for a CVA for unsecured creditors!

Continue reading

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Filed under Administration, Insolvency, Insolvency Act 1986, Rangers

Rangers “Virtual” Creditors’ Meeting – What Happens Now?

The creditors’ meeting for Rangers Football Club PLC (In Administration) took place on Friday 20th April. The administrators had earlier issued their proposals to creditors (Duff and Phelps Proposal 5 April 2012), and proposed various resolutions to govern how administration should continue.

These were voted on by post, up to the deadline of noon on Friday, and the results are now awaited.

What effect, if any, will the decisions on the resolutions have for the administrators (D&P) and on the future of the Club?

I think the results of the votes, which have to be made public, will be very instructive as to how HMRC views the administration process. Opposition to the administrators might suggest that HMRC feels D&P have been too cosy with the company, for example.

It might simply be that HMRC is unimpressed by the efforts of D&P to secure a sale.

We will find out soon. But for now, what rules apply? Continue reading

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Filed under Administration, HMRC v Rangers, Insolvency Act 1986, Rangers

Rangers (In Administration) and Ticketus – Back in Court on Wednesday 25th April

Rangers Football Club PLC (In Administration) will be back in the Court of Session on Wednesday 25th April before Lord Hodge.

 

The Scottish Courts website has the following entry for Wednesday. (Scroll about 2/3 of the way down the Scottish courts page to see it in situ.)

 

LORD HODGE – H. Fraser, Clerk

Wednesday 25th April

Starred Motion

Between 10.00am and 11.00am

 

1 P221/12 Pet: Rangers Football Club Plc for an Administration Order

 

Biggart Baillie LLP Burness LLP  

Biggart Baillie act for the administrators, Duff & Phelps, whilst Burness represent the various companies who together make up Ticketus.

The court rolls do not tell us whose application is before the court, but it is likely to be one by D&P. Burness are involved because the hearing relates to its client.

It might only, of course, be a hearing to decide who pays for last months court proceedings. In any event, it will not be another attempt by D&P to have Ticketus and its deal torn up with court approval, or if it is, then Wednesday’s calling will be for the purposes of scheduling a full hearing at a later date.

One hour is rather long, even for the Court of Session, to simply fix a new date. Continue reading

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Filed under Administration, Courts, Football, Rangers