The media report £134m debt, but approximately £100m is conditional

[nachothelegend 1,932]

The media are the media - they'll always be cunts, they'll always stretch the truth and they'll always make mountains out of molehills. I think we are big victims to that up here at the moment but I don't think it is limited to us. Not entirely sure what you can do about it really. Can fight back bout then they'll just attack you for that. A thought for another time methinks!

Well Marco you do what you want as I will be doing every thing to challenge any lies, and inuendos spoken about our plight ,and wont be sitting back .

Time to contact these people ,and challenge the lies told by them.

This sorry saga will be coming to an end very soon and I for one am not going to forget about the shite spouted by media from certain quarters.

[A.T.G 10,773]

Doesnt matter if the debts are not due NOW

They are still logged on accounts as creditors, there may even be some creditors whose invoice dates back as far as 2006

Whatever is on the ledger is classed as debt

[Marco Negri's Beard 1,423]

Well Marco you do what you want as I will be doing every thing to challenge any lies, and inuendos spoken about our plight ,and wont be sitting back .

Time to contact these people ,and challenge the lies told by them.

This sorry saga will be coming to an end very soon and I for one am not going to forget about the shite spouted by media from certain quarters.

Ha maybe I should just change my name to Marco

I wasn't trying to knock anyone who fights back, just saying that me, personally, I don't really know what I can do. Posting messages on a message board isn't going to make a difference. Contacting media outlets? Well call me cynical but I reckon they wouldn't exactly lend much credence to such criticisms. I guess my only form of protest is in not buying the rags that spout such shite and the fact is, its virtually every media outlet at the moment. I wouldn't know where to begin

[JCDBigBear 10,824]

Just for information, I believe that Portsmouth FC had a CVA agreed at 20p in the pound in 2010. HMRC were owed a significant sum then. A couple of years earlier I also believe that Leeds United had a CVA agreed at 1p in the pound.

[OlegKuznetsov 10,816]

Just for information, I believe that Portsmouth FC had a CVA agreed at 20p in the pound in 2010. HMRC were owed a significant sum then. A couple of years earlier I also believe that Leeds United had a CVA agreed at 1p in the pound.

Cheers for that, mate.

I believe Darlington may have had a settlement at less than 1%. Not certain on that one. I'll do more research tomorrow.

[BlueThunder 8,453]

£90 to Edinburgh city council? Did Craig Whyte leave his car in long-term parking and do a runner?

[TheCutch 4,340]

£90 to Edinburgh city council? Did Craig Whyte leave his car in long-term parking and do a runner?

Good post Oleg.

[TheMotor 2,208]

How dare you tell the truth

One thing you forgot fella, 9 Million Compensation claim against CB. This will be lodged on the 16th of April, that plus the 2.7 Million that HMRC have relating to the WTC. (this has not been released to anyone and its will be used to pay part of the wee bill once the final figure is known)

While I am 100% behind the spirit of this thread and believe the knicker-twisters need to go for a wee lie down, the bit about the HMRC arrested funds is not correct. As contained in the statement:

9.26 In September 2011 HMRC arrested approximately £2.9m held in the Company‟s accounts with BOS in respect of tax arrears. On 24 November 2011, the Company agreed to release the arrested funds to HMRC, which were used to settle certain outstanding VAT arrears on instruction of the Company.

Overall though, this entire Admin statement has all been as poorly reported as you would expect from our media and unfortunately bought wholesale by the hard of thinking.

[Blue corn flakes 1,282]

328 k to utd? whens that from? 276 to chelsea! that must be from friendly! and over a hundred k to Arsenal! is that for Bartley?

[Nemesis 277]

I think admin have played a blinder here. By bulking up the hmrc debt they cast them as overwhelming creditor. IF it is true that a deal with them HAS been cooked up then ticketus etc get shafted cos they vote on cva based on value and hmrc have 69%! I may be wrong but this is what I think is happening.

[OlegKuznetsov 10,816]

Interestingly, most of the media have failed to report, from the same document, that we have over £126m in assets with a turnover that varies between approximately £35m and £55m. Hardly all doom and gloom at all.

[whytes3 254]

The total potential debt could reach £135m.

However, £27m approx, is from Ticketus, who may do a deal with TBK, who are still in the running. Furthermore, they've stated that they may make the same deal available to other bidders.

£72+m is the maximum liability to HMRC in relation to the Big Tax Case, if we are found to have mis-administered EBTs and if we are held for the full amount, full interest and full penalties. Many experts have said that this is not likely, and any liability, if there even is one, is likely to be of a much lower figure.

So, potentially, the figure could be roughly £100m less, which makes a CVA much more possible.

That said, financial experts such as David Bick and David Hillier have stated that as things stand, a CVA exit from administration is much more likely than liquidation, even with full liabilities.

Nonetheless, that's simply too rational, factual and positive for certain outlets.

Further to these points, sergio highlights:

So that's almost another £12m that can be deducted, taking the total down to a potential minimum of something almost as low as £20m. Thanks for this sergio.

That could even be cleared at a rate of 100p in the pound without much difficulty. Some CVAs have seen creditors returned single figures in terms of pence in the pound on their money. So even if we went for a low double figures rate of 10p, which is not totally unrealistic from my understanding, we could end up paying as little as £2.5m to creditors. Whilst this is far more optimistic outlook than the have suggested, it's not any more unrealistic than their claims.

However, even a half-way house between both extremes could see the debt being less than half the headline figure of £134m and paid at a rate between 25p to 50p in the pound. Those figures are likely to be far more realistic and easily achievable.

It's also worth considering the Rangers fans who are Ibrox debenture holders whose figure is £7.7m. They are unlikely to be wanting paid, but will get their share, unless there is a deal done with the Administrators to remove, or delay their return. The latter may not be legally within the remit of an Administrator who is charged with reducing debt, not adding to it.

Interestingly, most of the media have failed to report that we have over £126m in assets with a turnover that varies between approximately £35m and £55m. Hardly all doom and gloom at all.

Good summary OK - usual gutter rat mhedia looking for a doom and gloom headline out of nothing.

[Mikhailichenko 90]

Why on earth do we owe Argyll & Bute Council £406

[54andcounting 627]

Good summary OK - usual gutter rat mhedia looking for a doom and gloom headline out of nothing.

Just to add this:

The administrators say they believe a CVA could still be possible if creditors are willing to accept an offer of around 15p in the pound.

[gunslinger 270]

Why on earth do we owe Argyll & Bute Council £406

could be pitch hire for a soccer school or any number of things.

[Mikhailichenko 90]

could be pitch hire for a soccer school or any number of things.

[Chineseboy 1,563]

What a shit day i have had. Wake up to find that some Chinese fucker has broken into my flat as i was sleeping and nicked my laptop, expensive camera, phones, hard-drives etc. Then find out that AirAsia have cancelled my cheap flight back home, and to top it all we have this ludicrous figure of 100 million plus flying about. I am off to bed now , knackered after a whole day with the Chinese plod, please let me wake up to good news on the Rangers front tomorrow!