Tag Archives: Winding up

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. Continue reading

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Filed under Charles Green, Orlit Enterprises v Rangers, Rangers

HMRC v Hearts – A New Winding Up Petition – Might Sink Share Issue…and the Club

Recently I wrote about the Hearts share issue, the fact that the support seemed to be fully behind the efforts to raise funds to keep the club going to the end of the season, and the numerous risk warnings which basically amounted to the Hearts Board saying that there was literally no chance at all of any return whatever in return for buying the shares.

The share issue was a cri de couer by the Board. Having pointed out that the business was effectively insolvent, the Board said that is the share issue failed, then they would have to source the money from elsewhere. Who would lend to an admittedly insolvent business?

Today saw two announcements from Hearts, both of which emphasise the parlous position the club finds itself in. I will deal with the second in a later post.

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The Board Statement – Winding Up Petition

Heart of Midlothian plc (the “Club”) today wishes to make supporters and potential share offer investors aware of this most recent financial matter for their consideration in conjunction with the Share Offer 2012 brochure.

The Club has been served with an Order to wind up Heart of Midlothian plc by the Court of Session on behalf of the Commissioners for Her Majesty’s Revenue and Customs (the “Petition”). Continue reading

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Filed under Football, Hearts, HMRC, Insolvency

Petition re Winding Up of Hearts to Call Tomorrow – The Tax Man Cometh!

Further to my last post (and I apologise for teasing) a wee bit more info.

The name listed as the agent is Paul Johnston.  He is Solicitor to the Office of the Advocate General, and he acts for the Westminster Government in Scotland.

As per this link, his department deals with cases for HMRC in Scotland.

This could simply be a continuation of previous proceedings against Hearts in connection with unpaid tax, but looks from the case number to be a new application.

What will happen tomorrow – will Hearts get more time? Is Mr Romanov sitting just now meeting an administrator to protect his investment, or does this explain his outburst yesterday regarding Scottish football?

We shall see.

Lord Hodge must be fed up dealing with cases about football teams!

LORD HODGE

 

PETITION DEPARTMENT

 

UNSTARRED MOTIONS

1 Note: CNS Subsea Ltd to extend administration

Dundas & Wilson  2Pet: Caradale Brick Limited to wind up

Maclay Murray & Spens LLP

3P1176/11 Pet: Heart of Midlothian plc to wind up

Paul Johnston

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Filed under Civil Law, Courts, Football, Hearts

An Application Calls At the Court of Session Tomorrow re Winding Up a Football Club!

Tomorrow’s Court of Session list

 

Have a look at case number 3 before Lord Hodge.

Is anyone surprised? More to follow!

Thursday 3rd November

LORD HODGE

 

PETITION DEPARTMENT

 

UNSTARRED MOTIONS

1 Note: CNS Subsea Ltd to extend administration

 

Dundas & Wilson    
2 Pet: Caradale Brick Limited to wind up

 

Maclay Murray & Spens LLP

 

   
3 P1176/11 Pet: Heart of Midlothian plc to wind up

 

Paul Johnston  

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Filed under Civil Law, Courts