Tag Archives: Dave King

Mr Leggat, the Easdales and Charles Green – Thoughts on Defamation and Stock Market Abuse

David Leggat has shown by his insight into the internal affairs of Rangers that he still has a fine nose for a scoop.

He spotted the apparent flaws in Mr Green at an early stage, repeatedly calling him a snake-oil salesman. And even though, as the year progressed, he became one of the biggest cheerleaders for Mr Green and his consortium, he could be excused for having been led into misjudging the soon-to-be former Director.

It would be unfair to hold his change of mind against him, and in fact I am sure he would be quick to claim that he had been right about Mr Green from the start.

Yesterday too he indicated his prescience, pointing out that he had used his contacts to find out about and publicise the freezing of season ticket prices well in advance of the official announcement from Rangers.

As a man with his finger on the pulse, it is clear that he is privy to thoughts inside Ibrox. Continue reading

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Filed under Charles Green, Rangers

How Section 216 of the Insolvency Act Could Prevent “The Return of Dave King” to Rangers

We almost seem to be having déjà vu when it comes to Rangers, yet again! A tweet from @Corsica1968 prompted me to have a look at Section 216 of the Insolvency Act 1986.

It looks as if that section would potentially be enough to prevent the involvement of Dave King in Rangers for 5 years from 5th November 2012 onwards. It would also prevent John Greig, for example, from re-joining the Board.

The section relates to the re-use of a company’s name where it has gone into insolvent liquidation. The mischief the section is designed to stop is that of companies “dying” and leaving its debts with the oldco only to be resurrected a couple of days later as a newco but under the old trading name and with the same directors in charge. It can be legitimate to do so after a process of administration – but not when being “pre-empted” by the directors. Continue reading

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Filed under Insolvency Act 1986, Rangers

South Africa’s Tax Authorities v Dave King – Now In the High Court in London

I was looking, at the inadvertent prompting of Iain, one of the Rangers supporting commenters on the blog, at the history of Rangers rights and share issues.

I was diverted, as I often am. This time it was by a mention in the Murray International publicity about the £53 million share issue in Rangers Football Club plc in 2000 as follows:-

“Of the £32.3 million, the Murray Group is investing £9.3 million with new investment of approximately £20 million from Ben Nevis Holdings, a company associated with Dave King, a successful Scottish businessman based in South Africa.”

I have written about Mr King and his tax issues with the South African authorities before.

However a recently reported case from the Court of Chancery in England is of interest, both to tax practitioners, but also to those with an historical interest in the “fit and proper” person test in Scottish football.

The case of Revenue and Customs & Anor v Ben Nevis (Holdings) Ltd & Ors [2012] EWHC 1807 (Ch) was decided on 20 July 2012. The decision can be found here.

The case sheds an interesting light on some of Mr King’s dealings and history, and we see the vigorous defence being put up by his lawyers, no part of which is that he does not owe the money!

The Opinion details the allegations against Mr King in detail, and the remarkable fact that, as mentioned above, he invested £20 million in Rangers at a time a tax bill eleven times that size was being run up. If it was an effort at concealing funds, as I am sure it was not, then it failed – firstly because it was done in plain view and secondly because the £20 million of shares are worthless.

However, at no time did the raft of allegations against Mr King affect his position as a director of Rangers Football Club plc, nor indeed his status as a fit and proper person to be a company director.

Be warned – there is a lot of technical tax, jurisdiction and procedure stuff to follow, and the bits about Mr King are near the top. Continue reading

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Filed under Civil Law, English Law, Human Rights, Rangers, Revenue and Customs & Anor v Ben Nevis (Holdings) Ltd & Ors

Can “Rangers” Play as “Rangers”? What’s In a Name?

Various suggestions have been flying about teh Internetz regarding the possibility that Sevco Scotland Ltd’s team ought not be allowed to play under the name of Rangers.

This is suggested to arise from differing sources.

Some say that calling the team “Rangers” will make it a “phoenix company” and as such it would be illegal to use that name.

Others hint that HMRC would prevent the use of the old team name.

It is regularly voiced that HMRC did this with Farsley Celtic, an English non-league team which, as the story would have it, was blocked from reforming under the name Celtic.

In fact the ownership of the club had planned a name change prior to insolvency, and there was no HMRC involvement in the new name being chosen as Farsley AFC. This has become an urban myth which, like all such stories, has a life far beyond reality.

There are also rumours that calling the team “Rangers” would allow creditors of the Rangers Football Club PLC (RFC PLC) to pursue Sevco Scotland Ltd for payment of debts. Continue reading

41 Comments

Filed under Football, Insolvency Act 1986, Rangers, SFA

Dave King and Rangers – EBTs and SARS – Guest Post by Jim

Jim has been kind and has sent me a piece about one of the players (and at present going he might need to pull on a jersey) still flitting round the edges of the Rangers Debacle. I have added some information at the end, with some extra comment too.

I now leave the floor to Jim. Take it away!

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There are so many strands to the RFC debacle that some are forgotten/neglected when a new one is opened. Just a thought on an old one.

Mr Dave King is a very interesting business person. His ongoing dispute with the South African Revenue Service (SARS) has been going on for many years with no sign of resolution. SARS’ claims are quite revealing. Continue reading

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Filed under Guest Posts, Rangers