34 replies to this topic

[stevotrueblue]

Just seen they have frozen the 900K prize money in order to pay off football debts incurred by oldco.  Im not against paying off debts, but I didnt think that they could do that legally??

As far as I understand it newco cant be seen to be paying off debts of the oldco,,, and in any case shouldnt that cash (if it belongs to oldco)not be used evenly to ALL creditors in the first instance??????

http://www.scotsman....ngers-1-2407907

[The Godfather]

It's for finishing second last season is it not?

[Smile]

Sporting integrity surely dictates the moneys ours after all they are keeping money for debts like Wallaces that not due yet.

[AlanCompton]

That's theft
Not like the SPL to act illegally.

[stevotrueblue]

Scottio19, on 12 July 2012 - 12:12 PM, said:

It's for finishing second last season is it not?

aye mate,, the money for finishing 2nd has been frozen

[WillWard]

Wouldn't the money just go to the old company anyway?

[KeepBelieving1872]

stevotrueblue, on 12 July 2012 - 12:11 PM, said:

Just seen they have frozen the 900K prize money in order to pay off football debts incurred by oldco.  Im not against paying off debts, but I didnt think that they could do that legally??

As far as I understand it newco cant be seen to be paying off debts of the oldco,,, and in any case shouldnt that cash (if it belongs to oldco)not be used evenly to ALL creditors in the first instance??????

http://www.scotsman....ngers-1-2407907

seems fair enough to me. I'm sure this was expected long ago, that they would pay off domestic football debts with any prize money.

[nachothelegend]

When is Green going to rwalise they want to milk us .
Here we go they will just fucking take take and take fucking more.
Its not theirs to keep.
Did any other fucking clubs who Newcod have money deducted ? No.
Ive just about  had enough of this  pish.

[ruaridhmac]

I think the £900k goes to the oldco, and just increases the creditors pot?

[stevotrueblue]

WillWard, on 12 July 2012 - 12:17 PM, said:

Wouldn't the money just go to the old company anyway?

exactly,, my point is that if that is so, its supposed to be paid to all creditors evenly,, not held back for specific football debt firs.  As far as I understand that law isnt applicable in scotland

[Cooperfan]

ruaridhmac, on 12 July 2012 - 12:19 PM, said:

I think the £900k goes to the oldco, and just increases the creditors pot?

You would think it would go into the creditors pot but the SPL must have grounds to grab it beforehand.

[SteveJ]

It is my understanding that the payment was withheld because Rangers were in Administration, which has been done to other clubs in the same boat.

It also my understanding that the payments are due now but the SPL member that should benefit from the payment is registered to the oldco and as they are in liquidation, no more monies can be paid to them.

It is a bit like you buying a TV from an electrical company on a 'Buy now, pay later' deal and that company goes bust before you are due to pay them - your TV is now seen as a freebie to you, as you have nobody to pay and you keep the money.

The SPL are keeping the money as they have nobody to pay, but they are paying Scottish clubs the monies they were due from the liquidated SPL member.

[foghorn leghorn]

Hypo. situation.
If I was asked to supply Rangers with goods,say to the value of £5000,then didn't get paid,I'd expect something from that pot.
I could've paid out £3500 for the goods before adding proffit and that is a lot of money to lose.

Pay the small creditors first.

[BRICKY1872]

This may seem like an odd question, but it is connected. Does anyone know if the SFA have actually granted the football license to us from the old co yet? I'm sure one of the stipulations of that was football debts being settled first.

[Alnic3856]

It's for the creditors to argue with the SPL over fuck all to do with Rangers anymore so who gives a fuck in all honesty, if the SPl want to use 900k of the oldco money to pay off debts that they are trying to get the newco to accept responsibility for then fuckign bring it on means less for us to pay.

[Jadams]

So the SPL take the money to pay off who they want and screw over every other creditor

Aye

[Jamie29]

What stevej said.

[Prince of Orange]

SteveJ, on 12 July 2012 - 12:31 PM, said:

It is my understanding that the payment was withheld because Rangers were in Administration, which has been done to other clubs in the same boat.

It also my understanding that the payments are due now but the SPL member that should benefit from the payment is registered to the oldco and as they are in liquidation, no more monies can be paid to them.

It is a bit like you buying a TV from an electrical company on a 'Buy now, pay later' deal and that company goes bust before you are due to pay them - your TV is now seen as a freebie to you, as you have nobody to pay and you keep the money.

The SPL are keeping the money as they have nobody to pay, but they are paying Scottish clubs the monies they were due from the liquidated SPL member.

Bollox. The Rangers Football Club Plc is still in administration NOT liquidation. As such the company is still, under rule of law, able to trade. Liquidators BDO are waiting to move in but can't yet until the administration process is complete.
Scottish football has no football creditors rule like England so the money by law should go straight into the creditors pot to be distributed evenly, preferential treatment to football creditors or any creditor for that matter is illegal in this country and I would not be surprised if one or more challenge this action in court.

[Mikhailichenko]

I think the major factor here is that it is 'prize money' We would not have invoiced the SPL for this money so they are not classed as a debtor. By going into administration we didn't abide by the SPL rules and as such they can do as they see fit with the money.

[Del]

I thought that in order for any NewCo to gain a license the old co must have paid its footballing debt otherwise they wouldnt be given a license!

I think that this is just standard practise!