iconicman 8 Posted April 10, 2012 Share Posted April 10, 2012 liquidation will be a disaster. 3 years no European football at least mor if we are relegated to the 3rd division. probable poi.ts deduction if we aren't relegated. loss of all our players certainly the ones we care about. sure we keep our history part of which will be liquidation. Agreed, newco is a no go. We must keep SC004276! Quote Link to post Share on other sites More sharing options...
MikeBlue 136 Posted April 10, 2012 Share Posted April 10, 2012 Pre-pack works like this:1. Directors set up a new company.2. Old company goes into liquidation, and immediately announces a sale of assets to a new company. This usually happens just before close of business on Friday.3. On Saturday morning / Monday morning as appropriate, the new company starts tradingVery good - so if a company has already been liquidated, who exactly sells the assets to the newco?Maybe that would be THE ADMINISTRATORS? Quote Link to post Share on other sites More sharing options...
MikeBlue 136 Posted April 10, 2012 Share Posted April 10, 2012 We have 2 liquidation outcomes, 1 is ok, 1 is very bad.The o.k. one would be to agreed a CVA to sell the club into newco as a going concern, we have strong evidence from other clubs (Leeds etc) that nothing will change in terms of our history/ titles etc.The very bad liquidation would be a failed CVA and the club has to be broken up and sold off. Then it's going to be hard to maintain we are the same club as before.As I've said though, I don't believe the second outcome will come to pass unless HMRC want to make an example of us, as they'll end up with less pence in the pound that agreeing a CVA.I still very much want the successful bidder to keep the current corporate shell that was formed in 1899, if for no other reason than to stop the continual bleating about losing our history from the other side.Even in the event of a failed CVA it would still be possible for a newco to buy the club as a going concern, including the Goodwill etc. In that event Rangers would not cease to exist in the manner of Airdre. Still not a good outcome, of course, with the three year European ban, needing to reapply to the SPL, possible long term penalties. Quote Link to post Share on other sites More sharing options...
allanh91 75 Posted April 10, 2012 Share Posted April 10, 2012 GS says the record is saying we'll know who the bidder is by Thursday...What does the period of "exclusivity" mean then. I thought it meant nobody was to know who the winning bid was before everything was tied up with the takeover.Will we be given a "favourite bid" to chew over or will it be smoke and mirrors from the media, as it has been from the start? Quote Link to post Share on other sites More sharing options...
gunslinger 270 Posted April 10, 2012 Share Posted April 10, 2012 GS says the record is saying we'll know who the bidder is by Thursday...What does the period of "exclusivity" mean then. I thought it meant nobody was to know who the winning bid was before everything was tied up with the takeover.Will we be given a "favourite bid" to chew over or will it be smoke and mirrors from the media, as it has been from the start?its two weeks to get the deal done with no other bids. Quote Link to post Share on other sites More sharing options...
caseyjones 3,009 Posted April 10, 2012 Share Posted April 10, 2012 its two weeks to get the deal done with no other bids.Don't the creditors get 28 days to decide on a CVA? How can everything be done in two weeks? Quote Link to post Share on other sites More sharing options...
RFC55 110,177 Posted April 10, 2012 Share Posted April 10, 2012 Don't the creditors get 28 days to decide on a CVA? How can everything be done in two weeks?20th April is the date im sure mate Quote Link to post Share on other sites More sharing options...
bilko89 507 Posted April 10, 2012 Share Posted April 10, 2012 20th April is the date im sure mateSure it was on the announcement they gave whIch should be on the official website. Think it was that date mind you. Quote Link to post Share on other sites More sharing options...
caseyjones 3,009 Posted April 10, 2012 Share Posted April 10, 2012 20th April is the date im sure mateThat's just a vote on whether the creditors want D&P to continue as the administrators, nothing to do with a CVA. Quote Link to post Share on other sites More sharing options...
RFC55 110,177 Posted April 10, 2012 Share Posted April 10, 2012 That's just a vote on whether the creditors want D&P to continue as the administrators, nothing to do with a CVA.ok my bad Quote Link to post Share on other sites More sharing options...
Peachy 12 Posted April 10, 2012 Share Posted April 10, 2012 That is a good point, all the evidence was heard ages ago so what's the hold up?Can you have an abuse of process in tax cases?This is a high stakes poker game for HMRC. If they lose they will get nothingng from any of the other clubs they are eyeing on.I have a genuine feeling that have the goods on Rangers or a CVA has been discussed behind the scenes of 20 p Quote Link to post Share on other sites More sharing options...
caseyjones 3,009 Posted April 10, 2012 Share Posted April 10, 2012 ok my bad Back in your box. Quote Link to post Share on other sites More sharing options...
iconicman 8 Posted April 10, 2012 Share Posted April 10, 2012 Exclusivity just means that bidder gets to go over the books and records with a fine tooth comb, look at contracts, talk to management etc. I.e. get access to everything needed in order to put a final proposal together to buy and a CVA together. Quote Link to post Share on other sites More sharing options...
gunslinger 270 Posted April 10, 2012 Share Posted April 10, 2012 Don't the creditors get 28 days to decide on a CVA? How can everything be done in two weeks?sorry I mean to do due dilligence and get an offer made to creditors. Quote Link to post Share on other sites More sharing options...
RFC55 110,177 Posted April 10, 2012 Share Posted April 10, 2012 Back in your box. I prefer being out of my box Quote Link to post Share on other sites More sharing options...
caseyjones 3,009 Posted April 10, 2012 Share Posted April 10, 2012 sorry I mean to do due dilligence and get an offer made to creditors.Even that is optimistic. Quote Link to post Share on other sites More sharing options...
Eastcoast Al 1 Posted April 10, 2012 Share Posted April 10, 2012 This is a high stakes poker game for HMRC. If they lose they will get nothingng from any of the other clubs they are eyeing on.I have a genuine feeling that have the goods on Rangers or a CVA has been discussed behind the scenes of 20 pAll tax cases are on a case by case basis, it was the alleged misuse of them that has got us in trouble. Why should other clubs care unless they misused them in a similar manner?So HMRC are owed 45 million taxes and fines and Rangers take it to appeal. In the mean time we stop paying all other taxes for the hell of it and add another 9 million for good measure. HMRC then accept a CVA for £10 million and rangers continues on debt free. That's sending out the right message for clubs to pay their taxes. If as suggested elsewere we are being made an example of, why not take the £50 mill hit (after all in reality it has now effectively been reduced to £10 mill with a CVA) And refuse to play ball and scare the EPL clubs into paying up the really big bucks. Otherwise what is to stop other clubs following our route out of tax debt? Quote Link to post Share on other sites More sharing options...
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