Top Insolvency Adviser Q And A On Rangers(doom And Gloom)

[PaulRFC1 115]

TOP insolvency adviser Michael Lord-Castle answers the questions Rangers fans are asking.

Q What will happen if Rangers cannot pay their tax bills?

A Football is different to any other business in the UK. If this was a normal company the Inland Revenue would issue winding up proceedings immediately. As it is football they tend not to do this and try to reach an agreed settlement.

Q What could the settlement be?

A Inland Revenue could take a share in the club or it could be that they accept third party funds and subrogate the debt. That means another party comes in and for the £50million, they give the HMRC £15million to £20million to take no further proceedings. The debt would become the third party's but the pressure would be off Rangers. That is the easy route out of this for HMRC.

Q Who would come in with that money?

A There are three types of person. One who has a genuine passion for the club and has the funds available and also the business acumen.

The second are outside investors who have lots of money and get a kick out of owning a football club.

The final type are those people who can see an opportunity to asset strip the business and are able to sell players and look at the property and turn it around. There are many financial incentives for business men to do that.

Q What would asset stripping mean?

A The club, the players and the land is sold off and developed for residential or commercial use and there's no football club. It is the worst-case scenario.

Q Is it possible the current owners could settle the HMRC debt?

A The big problem there is that there is a lot of distrust on both sides. I think the current owners had plenty of opportunities to deal with this properly and commercially. In my opinion they have not adopted the proper approach and are now paying the price for it.

Q Will Rangers exist in a year?

A With the correct management and support which is readily available it could be. Without that, no — and I don't believe it has got that at the moment.

Read more: http://www.thescottishsun.co.uk/scotsol/homepage/news/3810704/40million-Rangers-fear.html#ixzz1XnhU62zu

[PaulRFC1 115]

Michael Lord-Castle has all sort of questions hanging over him about his business activites.

His answers are complete shite.

Q Is it possible the current owners could settle the HMRC debt?

A The big problem there is that there is a lot of distrust on both sides. I think the current owners had plenty of opportunities to deal with this properly and commercially. In my opinion they have not adopted the proper approach and are now paying the price for it.

Q Will Rangers exist in a year?

A With the correct management and support which is readily available it could be. Without that, no — and I don't believe it has got that at the moment.

How would he know that? and why would we try and settle the HMRC debt when we feel we can win the case and we havent even been given a bill.

And Rangers wont exist in a year? Whyte admitted we had huge assets(80million in assets)and guaranteed we would not go under.

I posted it up here to let people see this guys opinion but I think its bullshit and its not because its not what im wanting to hear.

[Clemdog 39,389]

Bullsheeet.

Rangers FC will always exist.

[Gaz52 11,837]

What will we rename this site?

[Clemdog 39,389]

What will we rename this site?

Ben51'sPlaceMedia.

[Gaz52 11,837]

GrizzlyAdamsDidHaveABeardMedia

[DarcheVinny 1,003]

This place will be renamed

Boab.com

[harry handsome 629]

Again we have another supposed expert comment on our financial situation with no relevant information or insight.

[boss 1,941]

Google Michael Lord-Castle and then see if we should believe a word the chancer says. For instance, an article from the Mirror:

http://blogs.mirror.co.uk/investigations/2009/05/lord-castle-needs-to-get-fax-s.html

Lord-Castle needs to get fax straight

BY ANDREW PENMAN ON MAY 7, 2009 9:39 AM IN JUNK MAIL

We could write a book on Michael Lord-Castle, but we'll have to keep this short.

We first came across him in 2006 when he was inflicting unwanted plugs for his Insolvency Advisory Service on the nation's fax machines.

The Advertising Standards Authority has now ruled that the faxes, which feature a crest and the words "PAYMENT DEMAND" and "HM Revenue & Customs", look like an official invoice and could cause fear or distress.

Lord-Castle denies any involvement, saying, "They were sent by a rival."

Another of his projects came to light when he was convicted for speeding - and claimed to be in an ambulance despite driving an unmarked BMW.

The website for his London Ambulance Donor Service carries the claim that by 2007 it would provide nationwide donor delivery services. While it was funded solely by donations it was not registered as a charity.

Now, Lord-Castle, 49, of Hook, Hampshire, has abandoned the scheme to focus on other projects, like his firm Vizexon, which makes a spray it claims can kill everything from swine flu to HIV.

He also tried to set up a business class airline. But his Blue Fox Executive Airlines crashed before it took off.

Weirdest is the Global Protection Committee, which claims it can provide everything from bio-terrorism decontamination to tactical air support. Lord-Castle told us his work for it had taken him to Uganda, Palestine and beyond - but went all cagey when pressed for details.

"My work for it is now very limited," he said, preferring to instead tell us about his insolvency business - "We save 400 to 600 firms a year".