Administration thread

[caseyjones 3,009]

I think the issue is that HMRC are applying for the court to appoint the administrator(s), not Craig Whyte and Rangers.

[Mikhailichenko 90]

You better tell HMRC then....

It was a question. Thinking out loud (or in type)

look I can use smilies as well

[caseyjones 3,009]

He could do worse!

He's lucky I was in, gunslinger was next on his list!

[kp501 6]

yeah i just seen that.

I've also read other article from so called tax experts who claimed that we are likely to win, as HMRC have already lost a couple of EBT cases.

It all depends really if the EBT system we used was lawful, as it seems that perhaps HMRC have a valid claim that our EBT system wasn't 'by the book' therefore illegal and money is owed.

If we do lose, i think that Whyte taking everything as the main creditor, then starting again under a new name and leaving HMRC with a case against a business that doesnt exist could well be the outcome.

what a f'n mess.

supporting the glasgow rangers though is one hell of a rollercoaster, from helicopter sunday, the 1000/1 shot that Scott McDonald would score a last minute freekick, to this. I guess its take the highgs with the lows and hope that we do get up & dust ourselves off from this.

They were lawful, but the way they were used wasn't.

To use them correctly they COULDN'T be used for weekly/monthly salaries. IF Murray and Co hadn't kept written records of using them as salaries they would never have been in this position. Sadly, the club were too diligent (believe it or not) with their record keeping and books, and this is how they were caught out.

Money from EBTs had to be at least declined once a year so as to prove they were not getting used for salaries. This didn't happen. Instead they were used to pay much lower tax, which reduced massively their tax liability for PAYE on salaries.

This is very watered down obviously but i hope it helps.

[Turnberry18 3,204]

I would be very surprised if this issue doesn't get politicised: Scotland being the size it is, and Rangers extended influence taken into account are key factors to this being a possible.

[Blue and True 311]

could SDM be behind this

far fetched I know

But FK im hoping beyond hope

Just get SDM to cough up.

[Mikhailichenko 90]

Edit: made an arse of it

[MosesMcNeil 1,664]

I received information yesterday (you'll just have to trust me, or not) that made this a possible scenario, so if I found out about it then it shouldn't have come as a surprise to Whyte's people.

My wife (accountant) told me last night she would expect this to happen almost immediately - lo and behold. As I so regularly do - I told her she doesn't know what she's talking about. Wummin and fitba, eh?

I'm thinking now that Whyte must have known or he has some tragically inept advisors and I highly doubt that.

[Support_The_Troops 89]

.

[TheBluebells 6,898]

What's the chances of allowing them to do this? What makes them have more of a right to appoint administrators than Craig Whyte.

Apologies if it's a daft question im just not very clued up on this compared to a lot of folk here.

[Turnberry18 3,204]

could SDM be behind this

far fetched I know

But FK im hoping beyond hope

Just get SDM to cough up.

I don't think so. I think that people at Rangers have seen this is going nowhere and have bit the bullet. Rangers in its status quo cannot get through this; we need closure. I think it is highly possible a price is being paid for it being badly handled years ago.

[zildjian 1]

How can HMRC be an unsecured creditor if we got into administration and be able to veto a decision? That doesn't make sense to me.

[Turnberry18 3,204]

What's the chances of allowing them to do this? What makes them have more of a right to appoint administrators than Craig Whyte.

Apologies if it's a daft question im just not very clued up on this compared to a lot of folk here.

They do, because they will be regarded as a kind of implied creditor. I live in hope that we have forced their hand. This is precarious.

[Guardian 4,281]

Is it beyond reason that Murray, AJ and paul Murray have been talking to HMRC themselves and offered up a better deal if Rangers go into administration.

I can't see a lot of gain for HMRC doing it themselves other than it limits choice of administrator.

This would be of great help to anyone else looking to bid though.

[StudsLonniegan 9]

Conclusions

The proposal in paragraph 73 to abolish the secured creditor’s right to veto the appointment

of an administrator is, of course, of considerable interest to secured lenders such as banks. As

the Report accepts, the floating charge is recognised as an essential funding mechanism and

we would be concerned at a diminution in its potential to achieve a successful recovery of a

business

The proposal to abolish was thrown out.

[WilliamFyfe 1,438]

Tax really is a bastard.

As long as there's a Rangers least we'll have our Club.

Hopefully this gets sorted pronto, soul destroying this.

[OlegKuznetsov 10,816]

HMRC already have their figure do they not? At least £49m?

That ain't a figure.

[The Godfather 71,877]

Former Rangers manager Graeme Souness fears the club will cease to exist in their current form as they prepare to pay the price for "chasing the dream". Speaking to talkSPORT he said: "I think they will go into administration and reappear as Rangers 2012 or something, sadly. It is just a tragedy that has happened to them."

Any one listen to this?

Talk about doom and gloom Souness ffs!

[blueben_d 40]

At this point in time we don't actually owe HMRC anything, is that not right?

[aldo1690 7]

I think it is highly possible a price is being paid for it being badly handled years ago.

No shit sherlock!!!!

[LeeWallaceRFC 3,920]

At this point in time we don't actually owe HMRC anything, is that not right?

We owe them hee fucking haw.

[OlegKuznetsov 10,816]

If HMRC has there action granted they are then a secured creditor ( fact) which means all liabilities are protected , if whyte sets admin they are not protected , he is , seems to Me HMRC are playing poker with proper cards and Whytes cards are the happy families set .

I have a feeling Whytes bluff has been called and he did not expect this route to be taken by HRMC .

That's highly technical legal information, but difficult to believe when it comes from someone who doesn't know the difference between "there" and "their", whilst also using "fact".

[Turnberry18 3,204]

Tax really is a bastard.

As long as there's a Rangers least we'll have our Club.

Hopefully this gets sorted pronto, soul destroying this.

It puts all our other debt issues into insignificance. Of all the things we got involved in this is really 'kissing the baby'. We have a steep road ahead.

[Creampuff 22,628]

At this point in time we don't actually owe HMRC anything, is that not right?

Technically we owe them £49m, but the tax case is us appealing that.

[JM1872 3,708]

That ain't a figure.

I've already replied to a similar post to clear up what I mean. Its hard to explain, I know what I mean but its hard to put into words.

They have their figure, that's why they are challenging us, and it will be no less than £49m. Obviously nobody other than them, the court and possibly Rangers will know exactly what their "figure" is.

The sooner this is all resolved, the better.