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Admin Court Order for Money from Whytes Lawyers?


debear

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How can we owe Craig Whyte money as preferred creditor if he never actually spent any ?

I think, although I could be wrong, that's because the Ticketus money is secured against Whyte personally. Or at least Whyte claims the money is secured against him. Someone should start research for a book on this whole sorry saga ... would make an excellent film or television drama along the lines of Barbarians at the Gate.

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All his statements have been like this, shows he has travelled this road before.

(tu) He is very careful in what he says. I bet if you analyse every word he has said you will find that he hasn't actually lied. The odd word here or there or indeed a word omitted can make all the difference. It would appear he is a very clever individual with, as you said, a lot of experience in this field.

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By Matt Slater Sports news reporter

Rangers administrators are pursuing the club's owner Craig Whyte for up to £9m in money that was contractually promised at the time of his May 2011 takeover.

Lawyers acting for Duff & Phelps, who were appointed as administrators on 14 February, have gained a court order to seize a preliminary £3.6m from Whyte's solicitors Collyer Bristow.

That money is now in a bank account belonging to law firm Taylor Wessing. Duff & Phelps will ask a high court judge to release it to them on 8 March.

These legal moves come against a backdrop of enormous uncertainty at Ibrox, with a statement on drastic cuts to the playing squad being imminent.

With a projected shortfall in funding to the end of the season of £4.5m, the administrators desperately need this money - which they claim should be in the club's bank account anyway - to keep the Scottish champions in business.

The consent order against Collyer Bristow was granted in London on Thursday and is the first product of a concerted effort by Duff & Phelps to gain access to all of the club's assets - a process they claim has been hampered by Whyte.

Rangers FC Stadium, Ibrox

A March 16 deadline has been set for expressions of interest in Rangers Football Club

The controversial entrepreneur's legal advisors deny this and it is hoped that they will not contest the court order next week.

That does not mean, however, other parties to this complicated picture might not object to the Collyer Bristow cash being passed to Rangers.

Ticketus, the finance company that loaned Whyte £24m against future season-ticket sales, is just one party that may object to this transfer, although a statement from the London-based firm on Thursday suggested it wanted to safeguard its position by dealing directly with any potential new bidder for the Old Firm institution.

The good news for Rangers' hard-pressed fans and staff, however, is that this £3.6m can no longer be accessed by Whyte.

The next challenge for Paul Clark and David Whitehouse of Duff & Phelps, however, will be to get their hands on the £5m+ they claim Whyte owes the club as part of his legally-binding takeover agreement. This shortfall in "breaches of undertaking" was flagged up by former Rangers chairman Alastair Johnston last week.

Without some clarity on this matter it will be very difficult for Duff & Phelps to engage in meaningful discussions with individuals or groups interested in buying the Glasgow giants out of administration.

A March 16 deadline has been set for expressions of interest in the club and it is believed that up to six potential bidders have emerged with serious plans.

Just how serious those plans can be, of course, is open to debate whilst Rangers await the verdict of a tax tribunal that could result in the club being hit with a bill of anything up to £75m in back taxes, interest and fines.

The only hope for Rangers fans is that a deal can be struck between a new owner and the taxman, with the key consideration here probably being the return the public purse will get from the club as a going concern or a fire sale at the club.

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Can he not just be a corrupt businessman?

Does everything in your shallow life have to revolve around your hatred for Catholics?

I hope when we come back we come back with a different attitude to the world.

I see other posters posting smilies of flute playing muppets after each post.

It's time the rest of you grew up and took this as a knock on the chin and got rid of the hatred which will eventually bring us down.

There's people here moaning about the fines that Whyte has brought upon our club.

What about the fines our bigoted fans bring upon us? Does that no matter cos you get to sing yer songs.

Time to grow up and get a grip.

Close the door at the back o yeh on the way out :wanker:

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I'm an atheist. I was baptised as a non consenting baby in the Church of Scotland.

But because I support Rangers I get lumped as being an Orange Bastard.

I find that abhorrent.

Some of you need to get a life and get over it. The Boyne was over 300 years ago for fuck sakes.

:shifty:

:dioufcheer:

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I'm an atheist. I was baptised as a non consenting baby in the Church of Scotland.

But because I support Rangers I get lumped as being an Orange Bastard.

I find that abhorrent.

Some of you need to get a life and get over it. The Boyne was over 300 years ago for fuck sakes.

Defo got a live one here lads.

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Are you mucking fental?

So he puts his money into the club then gets shafted for £75m months down the line, and Rangers immediately then go into administration.

No, he knew this was happening all along and he just shafted the tax payers out of the £9m in the interim.

Ur the mental one if u still believe whyte.

And £75mill. Try £36.6mill with possible penalties/interest

Stop listening to whyte ffs, there was no need for us to go into admin when we did, not paying the paye/vat is an embarrassment. If he put in his own money when he said he would we would not, I repeat NOT be in admin at present

If whyte said it was 2pm I'd still double check my watch

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If we get this money are we bound to the Ticketus deal?

I would've thought that we were already bound to the Ticketus deal since the bulk of the Ticketus money appears to have been used to clear the Lloyds debt.

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Can he not just be a corrupt businessman?

Does everything in your shallow life have to revolve around your hatred for Catholics?

I hope when we come back we come back with a different attitude to the world.

I see other posters posting smilies of flute playing muppets after each post.

It's time the rest of you grew up and took this as a knock on the chin and got rid of the hatred which will eventually bring us down.

There's people here moaning about the fines that Whyte has brought upon our club.

What about the fines our bigoted fans bring upon us? Does that no matter cos you get to sing yer songs.

Time to grow up and get a grip.

:crabflute: Fuck The Pope :crabflute:

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Can he not just be a corrupt businessman?

Does everything in your shallow life have to revolve around your hatred for Catholics?

I hope when we come back we come back with a different attitude to the world.

I see other posters posting smilies of flute playing muppets after each post.

It's time the rest of you grew up and took this as a knock on the chin and got rid of the hatred which will eventually bring us down.

There's people here moaning about the fines that Whyte has brought upon our club.

What about the fines our bigoted fans bring upon us? Does that no matter cos you get to sing yer songs.

Time to grow up and get a grip.

Fuck off ya f++++n bastard.

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The £9m being banded about is:

£5m working capital

£2.4m small tax case

£1.7m for catering facilities

On all 3 it says that Rangers group will provide the money to Rangers FC.

In my book, there should be a further £5m for the investment in players though there may be a get out in that they could roll that up into £25m over 5 years, none of which will ever see the light of day. W@nker.

Then.....there is the £24m he owes us for Ticketus taking the total to £33.1m.

Thats not including any discrepancies there is in the Jelavic money.

So in summary, Craig Whyte owes OUR CLUB £33.1m yet somehow, he could end up trying to claim £27m from our sellable assets.

:anguish:

Part of the plan though Declan. :anguish:

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The £9m being banded about is:

£5m working capital

£2.4m small tax case

£1.7m for catering facilities

On all 3 it says that Rangers group will provide the money to Rangers FC.

In my book, there should be a further £5m for the investment in players though there may be a get out in that they could roll that up into £25m over 5 years, none of which will ever see the light of day. W@nker.

Then.....there is the £24m he owes us for Ticketus taking the total to £33.1m.

Thats not including any discrepancies there is in the Jelavic money.

So in summary, Craig Whyte owes OUR CLUB £33.1m yet somehow, he could end up trying to claim £27m from our sellable assets.

:anguish:

Part of the plan though Declan. :anguish:

it was up to 5 million working capital.

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Yes, Larkhall. Larkyderry to the locals. I grew up with all the stupid mindsets.

Don't we all think the religious thing just interferes with the football?

Do you all go to church faithfully? Do yous fuck. It's a sham.

I love my club, the traditions, what it is to be a Rangers fan. Historically we actively discriminated against Catholics and the rest of society looks upon that with disdain. It's an embarrassment and a chapter that blights our otherwise glorious and illustrious history.

FFS let it die with you, and stop teaching it to your kids.

Unfortunately we have too many fans with a mindset of a 5 year old....Once they grow up and learn that it's all a load of bollocks and join the campaigns to rid this bigoted behaviour from both ourselfs and the tims the better. Not needed in this country in this day and age,

Also the police are now going through Facebook, forums and are arresting folk under the new laws brought into force, it's only a matter of time before these people are banned, fined or jailed.

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