Rangers FC to go into administration

[LondonCamanachd]

I was referring to the Irish flag being flown at sporting events within Scotland.  Perhaps my comment should read:  I'd prefer if the Red Hand or Tricolour were only used at sporting events in Scotland when someone present was representing the relevent nation.

Opening a can of worms with that terminology Camanachd 

Wish a Untied Ireland would just hurry up and happen, and save us mainlanders* from the terminological confusion.


*don't worry, that one was deliberate!

[BennyCake]

If Rangers go out of business, who will Rangers fans then support? And who will Celtic fans hate?

[LondonCamanachd]

If Rangers go out of business, who will Rangers fans then support? And who will Celtic fans hate?

1) FC Rangers 2012 or whoever, if Wimbledon, Accrington Stanley, ALdershot and 1.FC Lokomotive Leipzig can manage it, so can rangers.  Especially as the SFA won't be too averse to giving them a leg up.

2) Everyone, after all, everyone hates Celtic, it'd just be closing the circle.

[Main Street]

An indebted Derry City was dissolved nearly 2 years ago and was reborn as  .... Derry City.
But it had to play in a lower division for a season and gain promotion.

[ONeill]

Tick Tock Tick Tock til 3:30

[LondonCamanachd]

From an accountant on Aberdeen-Mad:-

It make a big difference.

A quick pre-pack CVA (where Whyte has say because HMRC are not yet a creditor.) can be arranged, securing the Assets for NewCo Hun FC (Owned by Whyte).

RFC can then be put into liquidation leaving the tax case behind.

Admittedly NewCo Hun FC have to apply to rejoin the FL and possibly SPL, but they are now a debt free company, run from Ibrox with no Tax case pending on them.

HMRC need win the case v der Hun and soon, so that they join the list of creditors and can block any pre-pack.

Yours
aDONis
:star: :star:

rangers will probably escape this without too much harm tbh.

[amallon]

Coleraine in the Irish league did a debt ditching stunt too a good few years back.  They went into administration or something like it, shafted all their creditors and setup a new company and business as usual. 

[AQMP]

Rangers have gone into administration and have been deducted 10 points acc. to the Guardian

[LondonCamanachd]

Rangers have gone into administration and have been deducted 10 points acc. to the Guardian

As HMRC's claim isn't yet confirmed, Whyte remains the primary creditor and will rush through a CVA wiith a very low p-in-the-£ return.  rangers will pay f*ck all, close the administration out very quickly and it'll be business as usual less ten points. 

[Ulick]

As I understand CVA, they would still have to pay the creditors more than they would get if the company was liquidised, so presumably given the value of their stadium, this is still going to be one hell of a hefty payment arrangement?   

[Main Street]

What's the difference between Rangers appointing their own administrator and the Court appointing one?

[LondonCamanachd]

As I understand CVA, they would still have to pay the creditors more than they would get if the company was liquidised, so presumably given the value of their stadium, this is still going to be one hell of a hefty payment arrangement?

1) land in Govan isn't worth very much, it's impossible to knock Ibrox down, as it's a listed building.  Ibrox is only of value to "a rangers fc".

2) With HMRC out of the picture, Whyte's the main creditor.  i.e. it becomes his decision how much he gets back, and at what rate.

[LondonCamanachd]

What's the difference between Rangers appointing their own administrator and the Court appointing one?

In practical terms, it'll be a lot easier for them to get an agreement that suits Whyte.  In legal terms, I can't help you I'm afraid, I'm an engineer, and ken less than f*ck all about Mercantile Law.

[passedit]

What's the difference between Rangers appointing their own administrator and the Court appointing one?

Lot of good stuff here

http://scotslawthoughts.wordpress.com/category/rangers/

but basically Whyte's admin will do what he tells them and they can legally get away with. HMRC will go for the throat here though and although the case is ongoing, there are rumoured to be substantial unrelated VAT and PAYE bills.

[LondonCamanachd]

cant wait for gers supporters to say that hmrc are full of papists and taigs.

as I understand it, HM is ok, it's RC that rangers have problems with.