creditors meeting called for noon on 20th April at Ibrox

[Miggy Sinclair 179]

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

[stevotrueblue 382]

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

[stampyurie 203]

DOOMED! DOOMED A TELLS YA.

Na hopefully to shell out a cva proposal.

[WVB 2,560]

No real bear would etc etc.........

That is all.

[dardo54 11]

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

[bilko89 507]

Maybe have to give them a certain notice period?

[Guardian 4,281]

I'm guessing it's a legal necessity to set a date for creditors to come forward and get an official statement.

I doubt it will be much more than an update and an outline of what will happen.

[Phil 1,150]

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

This is the first thing i thought of as well.

[Miggy Sinclair 179]

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.

[ChampionsAgain 1,373]

Administrators will have cost us 6-10 million by the end of this.

[Jimfanciesthedude 24,540]

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

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

[Don81 2,837]

I believe this has to be done within 10 weeks of administrators taking over . 10 weeks would be around about the 24th of April im sure.

[gunslinger 270]

good step forward.

[Creampuff 22,628]

It's getting to the stage where anything is becoming good news.

[MCLACHLAN1 49]

So we won't be in Liquidation in the next 20 days then

[markybear 136]

Gd news but I don't know why this couldn't be done at an earlier date than 20th April.

Drag and drag and drag.

[reddrock 107]

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