Jump to content

creditors meeting called for noon on 20th April at Ibrox


Recommended Posts

Admin have sent out notices of a creditors meeting to be held at noon on 20th April at Ibrox.

The voting forms and 'statutory proposals' will be on rangers.co.uk this Thursday, 5th April

Meeting called in accordance with Rule 2.28 of the Scotland Insolvency Rules (1986)

Anyone who can't access them there can get details free of charge from D and P offices in London.

This is all legit - straight from a creditor who has the notice.

It will be in the Herald and other papers on Wednesday

Link to post
Share on other sites

So whats to be taken from this ,,, good or bad ?? not sure.

Under the Insolvency Act 1986, D&P must issue a “statement of proposal” within 8 weeks of admin starting – they had until 10 April. It’s likely, then that the proposal date of 5 April is correct. Proposal must be sent to the Registrar of Companies, to every creditor and to every shareholder. Looks like, D&P are using the Rangers website to publish the proposal – which is perfectly reasonable. There are over 25,000 share holders after all!

By law, and in order of priority an admin’s objective is:

1. rescuing the company as a going concern, or

2. achieving a better result for the company’s creditors as a whole than would be likely if the company were wound up (without first being in administration), or

3. realising property in order to make a distribution to one or more secured or preferential creditors.

If D&P consider that only one, or both of the objectives, 1 and 2 cannot be met, they must explain why.

The proposals can include the making of a CVA or some other form of compromise.

Once the proposal is sent out, D&P must convene a meeting of creditors. This must be within ten weeks of appointment – in our case 24 April . D&P would present the proposal to the creditors. So again 20 April at Ibrox (there could be up around 30,000 individuals present at that meeting!!) sounds right.

The voting forms are for creditor approval.

The creditors can accept the proposals made without qualification, or accept them with modifications. As long as D&P accept the modifications, then the administration continues, working towards the goals set and agreed at the meeting.

If the creditors reject the proposals, then this has to be reported to the court. At that stage the court can make any order it thinks fit, including terminating the administrators’ appointment there and then or from a specified date.

Link to post
Share on other sites

if this is to get the ball rolling with the cva was hoping this would have been a lot sooner than 18 days time (td)

gives the administrators two weeks to analyse the final bids and then report to the creditors what the pot is for a cva. What this could mean is that the administrators wish us to have a potential new owner in discussions with creditors

Link to post
Share on other sites

Admin have sent out notices of a creditors meeting to be held at noon on 20th April at Ibrox.

The voting forms and 'statutory proposals' will be on rangers.co.uk this Thursday, 5th April

Meeting called in accordance with Rule 2.28 of the Scotland Insolvency Rules (1986)

Anyone who can't access them there can get details free of charge from D and P offices in London.

This is all legit - straight from a creditor who has the notice.

It will be in the Herald and other papers on Wednesday

So admin will run up even more costs , why so long

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

  • Upcoming Events

    No upcoming events found
×
×
  • Create New...