GeneralCartmanLee 313 Posted April 22, 2012 Share Posted April 22, 2012 That's fair enough, but I was only going on what the rules state as of now.I'm not sure what bill miller is planning is covered under the current rules, I reckon a good lawyer could shoot holes in most of these things, as the filth proved last season. Quote Link to post Share on other sites More sharing options...
Edmiston Drive 3,846 Posted April 22, 2012 Share Posted April 22, 2012 newcos cant apply for 3 years.I know, hope mini does and tries to come up with a proper plan to combat this (doubt it right enough) Quote Link to post Share on other sites More sharing options...
gunslinger 270 Posted April 22, 2012 Share Posted April 22, 2012 Depends if he can get the sfa to agree it's not a newco.Bizzarely i sense that would upset you.a newco would indeed upsett me. Quote Link to post Share on other sites More sharing options...
gunslinger 270 Posted April 22, 2012 Share Posted April 22, 2012 I know, hope mini does and tries to come up with a proper plan to combat this (doubt it right enough)I hope so to. Quote Link to post Share on other sites More sharing options...
gunslinger 270 Posted April 22, 2012 Share Posted April 22, 2012 this whole idea reeks of Donald Muir. and where you have Muir you have whyte, Ellis greer...... Quote Link to post Share on other sites More sharing options...
Edmiston Drive 3,846 Posted April 22, 2012 Share Posted April 22, 2012 I hope so to.He will be a fuck up. Quote Link to post Share on other sites More sharing options...
OlegKuznetsov 10,816 Posted April 22, 2012 Author Share Posted April 22, 2012 MILLER CUTS SPL DEAL AS HE MOVES CLOSER TO BUYING GERSSPL chief executive Neil Doncaster last night refused to commentSunday April 22,2012By Scottish Express Reporter Have your say(1)BILL MILLER looks to have taken another massive step towards ownership of Rangers after appearing to have cut a deal with the SPL to take a newco Ibrox club into the SPL with only limited football sanctions.Despite the manoeuvrings from Paul Murray’s Blue Knights and Brian Kennedy, the signs are that the American will be given time to flesh out his controversial “incubator” plan as the preferred bidder.That involves the temporary transfer of assets – Ibrox, Murray Park, players etc – to a new company, but it will not mean liquidation.The only way Miller’s plan can now be derailed is if either the Blue Knights or Kennedy – or a combination of the two – put together a more attractive proposition in the next 24 hours.Both are working on that but need to get it in black and white to the administrators.It all leaves Miller on his way to ownership after he and his advisors held long and detailed discussions with the SPL that appear to have resulted in an agreement of some kind that will allow the American to move forward, knowing the future will not be blighted by restrictive football punishments.We have been involved in some of those discussions and I can’t tell you precisely what he’s now doing, even though I do know, but he’s pretty close to getting therePaul Clark of Duff and PhelpSPL chief executive Neil Doncaster last night refused to comment, but it’s understood that if Miller’s plan is given the green light by the administrators he will be accorded a reasonable welcome in the Hampden corridors of power, where officials are intrigued at his proposition.There is even a feeling that the much-vaunted SPL Financial Fair Play resolution which containts wide-ranging punishments and is due to be voted on a week tomorrow, may not get enough support to be implemented.That has been enough to convince Miller to plough on.SEARCH FOOTBALL for:Paul Clark of Duff and Phelps said: “Bill Miller has been speaking to the SFA and SPL.“We have been involved in some of those discussions and I can’t tell you precisely what he’s now doing, even though I do know, but he’s pretty close to getting there.“I think they are very close if they are not already at that position.”But before either Miller or Rangers fans get carried away at the prospect of thinking they will carry on regardless of all the last few months’ trials and tribulations, Clark sounded a note of caution.“The prospect of there being no measures is, I think, nil. That’s not going to happen,” he said.“But Miller is an experienced businessman and he has put out a fairly full and open statement of his position. He’s been taking the right steps.”For the average Rangers supporter, though, they are still somewhat difficult to understand.Clark explained: “We need to split his statement into two parts.“The first part he is making it clear that he would be making an asset sale and the football club would move into a newco entity, of that there should be no doubt.“There would be a newco that would continue to run the football club, the idea then would be because of what appears to be wrongdoing that has occurred within Rangers, those wrongs can be righted and then at a later date he would go through a CVA bringing the old company back to the new company.“Make no mistake, his bid is predicated on there being a new company that owns, runs and operates Rangers Football Club.”It is an interesting plan and it is now very much the front-runner although the Blue Knights and Kennedy have spent all weekend plotting their own way to progress bids that have so far been unacceptable.Clark added: “It’s fair to say the Blue Knights are still around. I had discussions with Paul Murray and various others on Friday and I have made it clear that I am willing to speak again.“But if they still have a desire to move forward we have made it clear they have to do that now, with no more delay.” Quote Link to post Share on other sites More sharing options...
foghorn leghorn 608 Posted April 22, 2012 Share Posted April 22, 2012 Preferred bidder announcement on Monday,I'm sure we've heard this one before.Administrators don't fancy any of the bids and I have accused them of procastinating over the announcement of a preferred bidder. Maybe I was wrong and they do care who takes control of our club.Driving to shops last night,I listened to most of the interview with Jim Traynor and Paul Clark (think it was).Clark was concerned that Bill Miller wanted guarantees,but D&P can't do guarantees and the SPL will probably wait till April 30th to discuss any further sanctions against us.PS I haven't received a letter yet regarding ST renewal. Quote Link to post Share on other sites More sharing options...
JM1872 3,706 Posted April 22, 2012 Share Posted April 22, 2012 Spot on. I'm sick of the ups and downs, the hopes raised and hopes dashed... It's easier to just expect the worst and I do. We're finished. Paul Daniels couldn't get us out of this mess. It's the perfect storm, Craig Whyte, Ticketus, the tax issues, players all set to leave... Not forgetting the millions in other debts on that grim list. I don't see how a Newco with a prepacked liquidation can even work never mind a cva. You say that like your "club" is so perfect Paul Daniels might not get us out this mess, but Paul Murray could. Quote Link to post Share on other sites More sharing options...
ray 105 Posted April 22, 2012 Share Posted April 22, 2012 The administrators last night claimed that Miller has been in talks with the two governing bodies, yet the SFA claim no discussions have taken place. The SPL refused to confirm or deny the claims, although Neil Doncaster, the chief executive, is said to consider the American's proposals intriguing. It is hard to see beyond Miller's bid being little more than rhetoric – why wait the whole weekend to conclude it? – but it has forced the administrators and the Knights to find common ground.http://www.google.co.uk/url?sa=t&rct=j&q=sfa%20no%20discussions%20with%20miller&source=web&cd=2&ved=0CCsQFjAB&url=http%3A%2F%2Fwww.heraldscotland.com%2Fmobile%2Fsport%2Ffootball%2Frangers-face-their-day-of-destiny.17374604&ei=queTT6HsHZHU8QO2tYzYAw&usg=AFQjCNEgYR0YnG4wsWCIHPvPl9NlW0do4w Quote Link to post Share on other sites More sharing options...
Cadman 342 Posted April 22, 2012 Share Posted April 22, 2012 this part here kind of worries me :“Ticketus have always told us they have the ability to get Craig Whyte’s shares. They said ‘You don’t need to do anything with Duff & Phelps, we’ll deal with it’.it they (Ticketus) do a deal with Whyte regarding the shares does that not mean that they will be the majority shareholder and therefor owner of the club. Is Paul Murray and the Blue Knights then expecting the shares just to be handed over to them? could this scenario be the reason Bill Murray is so willing to cut Ticketus from the whole process?. Quote Link to post Share on other sites More sharing options...
OlegKuznetsov 10,816 Posted April 22, 2012 Author Share Posted April 22, 2012 this part here kind of worries me :“Ticketus have always told us they have the ability to get Craig Whyte’s shares. They said ‘You don’t need to do anything with Duff & Phelps, we’ll deal with it’.it they (Ticketus) do a deal with Whyte regarding the shares does that not mean that they will be the majority shareholder and therefor owner of the club. Is Paul Murray and the Blue Knights then expecting the shares just to be handed over to them? could this scenario be the reason Bill Murray is so willing to cut Ticketus from the whole process?.Has that been lost in translation or are we truly scrooged? This saga is a bit like groundhog day. Are we truly at the razor's edge? If Paul Murray isn't the Kingpin I can't see Charlie's Angels getting to the bottom of Miller's bid.Cadman, do you have a shack? Quote Link to post Share on other sites More sharing options...
jack1690 793 Posted April 22, 2012 Share Posted April 22, 2012 this part here kind of worries me :“Ticketus have always told us they have the ability to get Craig Whyte’s shares. They said ‘You don’t need to do anything with Duff & Phelps, we’ll deal with it’.it they (Ticketus) do a deal with Whyte regarding the shares does that not mean that they will be the majority shareholder and therefor owner of the club. Is Paul Murray and the Blue Knights then expecting the shares just to be handed over to them? could this scenario be the reason Bill Murray is so willing to cut Ticketus from the whole process?.There are that many posters saing this that I'm starting to visualise bill murray with his ghostbusters suit on at a press conference! Quote Link to post Share on other sites More sharing options...
North Rd 2,860 Posted April 22, 2012 Share Posted April 22, 2012 Whyte is behind all of this...... Article comes straight from Media House. Former clients? MIG, David Murray, Craig Whyte and now Duff & Phelps. Mmmm. Quote Link to post Share on other sites More sharing options...
Cadman 342 Posted April 22, 2012 Share Posted April 22, 2012 my comment wasn't meant to sound like i'm saying Ticketus and Whyte are in cahoots - it's basically saying that Ticketus could end up royally shafting the blue knights to recoup more of their cash. Quote Link to post Share on other sites More sharing options...
ray 105 Posted April 22, 2012 Share Posted April 22, 2012 my comment wasn't meant to sound like i'm saying Ticketus and Whyte are in cahoots - it's basically saying that Ticketus could end up royally shafting the blue knights to recoup more of their cash.What a sensible appraisal, as we have said before, inviting the fox into the hen house. Quote Link to post Share on other sites More sharing options...
gunslinger 270 Posted April 22, 2012 Share Posted April 22, 2012 Whyte is behind all of this...... Article comes straight from Media House. Former clients? MIG, David Murray, Craig Whyte and now Duff & Phelps. Mmmm. Quote Link to post Share on other sites More sharing options...
Chef 436 Posted April 22, 2012 Share Posted April 22, 2012 Whyte is behind all of this...... Article comes straight from Media House. Former clients? MIG, David Murray, Craig Whyte and now Duff & Phelps. Mmmm.one thing I have noticed is, you are a right little conspiracy theorist ain't ya toots Quote Link to post Share on other sites More sharing options...
54andcounting 627 Posted April 22, 2012 Share Posted April 22, 2012 What the fuck does that mean“I can’t tell you precisely what he’s now doing, even though I do know" Quote Link to post Share on other sites More sharing options...
Edmiston Drive 3,846 Posted April 22, 2012 Share Posted April 22, 2012 Apologies.So UEFA would abide by whatever decision the SFA took over this? Would that also mean that we would qualify for the CLQ by finishing second this season?Indeed, if the sfa give them the licence Quote Link to post Share on other sites More sharing options...
sergio 1,199 Posted April 22, 2012 Share Posted April 22, 2012 Indeed, if the sfa give them the licence I think Miller has found a way around the newco being punished. Most of the punishments are related to the old company being liquidated, which isn't the case. All he is doing is moving the assets over to the newco to allow them to trade freely without penalty.I think that any penalties will only happen if the old company are not combined with the new one. Quote Link to post Share on other sites More sharing options...
Edmiston Drive 3,846 Posted April 22, 2012 Share Posted April 22, 2012 I think Miller has found a way around the newco being punished. Most of the punishments are related to the old company being liquidated, which isn't the case. All he is doing is moving the assets over to the newco to allow them to trade freely without penalty.I think that any penalties will only happen if the old company are not combined with the new one.You are spot on bud he will put the money in take the running of the club , let the administrators sort out the cva and then merge the club and the existing Ltd Company again.He obviously has picked a top legal firm and insolvency people to look at the whole set up. Quote Link to post Share on other sites More sharing options...
nachothelegend 1,932 Posted April 22, 2012 Share Posted April 22, 2012 You are spot on bud he will put the money in take the running of the club , let the administrators sort out the cva and then merge the club and the existing Ltd Company again.He obviously has picked a top legal firm and insolvency people to look at the whole set up.Ah thank Christ for that ,a Businessman that knows what he is doing at last. Quote Link to post Share on other sites More sharing options...
Steely 58 Posted April 22, 2012 Share Posted April 22, 2012 What the fuck does that mean“I can’t tell you precisely what he’s now doing, even though I do know" I would think on the grounds of confidentiality they can;t discuss what is going on, even though they do know Quote Link to post Share on other sites More sharing options...
ray 105 Posted April 22, 2012 Share Posted April 22, 2012 Seems clear enough Miller's idea is a no-goer.The aftermath of Oakland vs Wellswood (Yorkshire) LtdOverview:Statutory purposeThe statutory objectives (*1) of an administrator, in order of priority, are to either:a) rescue the company as a concern;b) achieve a better result for creditors than on a winding up; orc) realise assets for secured / preferential creditors.These objectives are in order of priority and an administrator can only move from one objective to the next if it is not reasonable practicable to achieve that objective.TUPE ProtectionsThe 2006 TUPE (*2) regulations grant various protections to employees where a business is transferred from one party to another. Namely, in the Oakland case, regulation 4(1) means that the contracts of employment between the transfer (“OldCo”) and its employees are automatically taken over by the purchaser (“NewCo”) following the transfer. The remainder of regulation 4, along with regulation 7, means that NewCo takes on the liabilities of OldCo under that contract of employment (subject to some exceptions), that any dismissal solely connected with the transfer will be automatically unfair (unless is can be shown to have been an ETO reason(*3) ) and that NewCo will be liable for any unfair dismissal claims arising as a result (even if the dismissal was made by OldCo).Regulation 8(1)-(6) provides exceptions to the liabilities taken on by NewCo where there are ‘relevant insolvency proceedings' in place. Relevant insolvency proceedings are those opened in relation to OldCo ‘not with a view to the liquidation' of OldCo's assets. Where there are relevant insolvency proceedings then various liabilities (mostly capped) for statutory redundancy payments and insolvency payments under the Employment Rights Act 1996 will remain in OldCo and not automatically transfer to NewCo. In reality they will be paid by the National Insurance Fund, who will claim in the administration of OldCo.Regulation 8(7) dis-applies regulations 4 and 7 where those insolvency proceedings were instituted “with a view to the liquidation” of OldCo's assets. This means that, where 8(7) applies then regulation 4 and 7 will not apply and the contracts of employment / liabilities under them will not automatically transfer, but remain with OldCo.Whether 8(7) applies or not will affect the liabilities that NewCo takes on in respect of employees, which will affect the ultimate price OldCo can sell the business for. By way of example; if an administrator were to dismiss an OldCo employee, where the dismissal is made to facilitate the sale it will automatically be deemed unfair and, where regulation 4 applies, liability for the compensatory element of that unfair dismissal claim (not the basic award (*4)) will transfer to NewCo (*5). The basic award will remain with the OldCo under 8(1)-(6). If regulations 4 and 7 do not apply then the full liability for any such claim would remain with OldCo.IssueBy virtue of the priority of the statutory objectives, it is questionable whether administrations can be opened with a view to the liquidation of assets, as statutory objective a) takes priority. However, a sale of OldCo's business / assets means that purpose a) is not possible and in reality most administrations (particularly pre-packs) are opened with purpose b) as their aim. The issue is therefore whether or not the statutory purpose allows an administration to be opened with a view to the liquidation of OldCo's assets and, therefore, whether or not the exemption under regulation 8(7) applies.The FactsMr Oakland (“O”) was director and 50% shareholder in Wellswood Ltd (“OldCo”). He was employed as general manager.Prior to their appointment the administrators had assessed the affairs of OldCo and concluded that it was not possible to save the company as a going concern, so agreed to concentrate their efforts on achieving a better result for creditors than winding up.It was intended that following the sale OldCo would go into CVL the book debts were to say in OldCo.The administrators were appointed on 6 December 2006 and sold the business and various assets to Wellswood (Yorkshire) Ltd (“NewCo”) following their appointment on the same date, they did not trade the company and took the view that to do so (and market the business) would erode its value. It was a pre-pack.O was transferred to NewCo with the assets of OldCo and along with other employees. There was then a dispute over his terms of remuneration and he was dismissed by NewCo within 12 months of the transfer from OldCo to NewCo.O claimed unfair dismissal against NewCo.The First Decision: The Employment TribunalThe tribunal held that O did not have 12 months continuous employment with NewCo so could not claim unfair dismissal. This was because the appointment of the administrators and the sale by them was with a view to a subsequent CVL of OldCo and therefore regulation 4 did not apply and the period of employment had been terminated by the sale and a new period started with NewCo; on which basis it would follow that the liabilities did not transfer either. Their focus was on the fact that the main aim of the administrators when they were appointed was to sell the business with a view to liquidating its assets thereafter. On this basis they held that the exemption under regulation 8(7) did apply, meaning that there was no automatic transfer of employment from OldCo to NewCo under regulation 4.O argued that:1. the exemption under 8(7) could not apply as, by definition (i.e. the statutory purpose) the appointment of an administrator could not constitute the commencement of insolvency proceedings with a view to the liquidation of assets;2. further, the business continued to trade under the auspices of NewCo just as it had under OldCo (i.e. there was no real change); and3. the statutory objective focussed on by the administrators was different to bankruptcy or liquidation situation.He appealed the decision.The Second Decision: The Employment Appeal Tribunal – January 2009The appeal Tribunal held that where administrators continue to trade a company with a view to selling it as a going concern then regulation 4 will apply. However, because in this case administrators had been appointed with a view to immediately selling the business and then putting OldCo into CVL, the tribunal were right to find that the exemption under regulation 8(7) applied as the administration was with a view to a liquidation of assets on which basis regulation 4 did not apply.The Tribunal took it upon itself to consider what it saw as the government's policy behind the enactment of regulation 8, being to promote a ‘rescue culture'.O appealed.Department for Business Innovation & Skills Guidance – June 2009The government issued guidance following the Employment Appeal Tribunal decision, expressing the view that “relevant insolvency proceedings” as defined in regulation 8 (i.e. those instituted not with a view to a liquidation of assets, being the opposite of those where the exemption under 8(7) applies) would include those in which the whole or part of a business is transferred to another party as a going concern; they specifically exclude a winding up where there is no transfer.On this definition, a pre-pack sale by an administrator, would not fall within the exemption under 8(7) and regulations 4 and 7 would apply; therefore the relevant liabilities to employees will transfer with the sale.There is now a direct contradiction between the Employment Appeal Tribunal's decision and the government's guidance. It was hoped that the Court of Appeal would resolve this; sadly they did not.The Third Decision: The Court of Appeal.To date there is still no transcript of the actual decision, only summary reports of the decision.At the Court of Appeal, O submitted a new argument; he argued that the TUPE argument was academic as under section 218 of the Employment Rights Act 1996, the transfer of his employment with the business of OldCo to NewCo did not break his continuity of employment, therefore he had over 12 months continuous employment. Section 218 of this act states that where a business is transferred from one person to another the transfer does not break the continuity of employment of its employees. NewCo had no defence to this point.The new point was a knock out blow for NewCo meant that the decision of the Employment Appeal Tribunal had to be reversed on a point of law. As a result no argument was heard by the Court on the TUPE issue and the issues arising from it were not directly addressed. The divergence of opinion between the government guidance and the Court therefore remains.The Court did state that they felt there was strong argument that regulation 4 of TUPE would still apply in the case of a pre-pack and that the exception under 8(7) would not. However, as no argument was heard on this point no definitive ruling was given.The problemTUPE 2006 was introduced to update previous regulations to make exceptions in insolvency situations and make the obligations on purchasers less onerous in these situations; with the aim of encouraging a ‘rescue culture'. R3 made extensive representations to the government when the amended regulations were proposed and later to parliament when they were debated. The representations were to the effect that TUPE should not apply to administrations at all. Parliament would not agree to this.R3 also pointed out that the terminology used in the regulations was unclear (as a result of it being imported from an EU directive) and suggested that it make reference to the UK's insolvency schemes (i.e. liquidation, administration etc.) to avoid confusion. Parliament refused to amend the wording on the basis that the Court would clarify any issues arising from any unclear wording in case law. This situation arose in Oakland and that clarification has not been given - the Court side stepped the issue.Practical effects of OaklandIt is apparent that where a purchaser takes on an employee from a company in administration then they will take on the continuity of employment under the Employment Rights Act. Those employees dismissed by the purchaser in reliance upon the Employment Appeal Tribunal's decision may therefore have claims for unfair dismissal against purchasers, however the time for them to be made is limited as unfair dismissal claims generally have a three month limitation.However, the result of Oakland is wholly unsatisfactory as there is still no binding guidance on whether or not the protection given to employees under regulations 4 and 7 of TUPE will apply on a pre-pack administration sale and, more importantly, whether a purchaser may find themselves liable for liabilities existing before the transfer such as unfair dismissal claims made by employees dismissed by an administrator. The comments of the Appeal Tribunal state that in the case of a trading administration TUPE will apply, but not a pre-pack. The Court of Appeal's comments suggest it will apply in both cases, although their comments are not binding!Given the wording of TUPE, the government's guidance and the Court of Appeal's comments the Employment Appeal Tribunal's decision must be treated with extreme caution as it is at odds with the Court of Appeal's comments and government guidance; save that it seems to be agreed by the two Courts that the TUPE protections afforded to employees will apply in trading administrations (although this is not yet definitive). It also seems likely the same will apply in a pre-pack and in practice purchasers from administrators should expect to incur TUPE liabilities whether they purchase a business via a trading administration, a pre-pack or from a liquidator.*1 - Para 3 Schd B1 to the Insolvency Act 1986*2 - Transfer of Undertaking (Protection of Employment) Regulations 2006*3 - ETO = Economic, technical or organisational. In essence - a genuine redundancy*4 - There are two elements to an award for unfair dismissal, the basic award and the compensatory award*5 - In theory there may be circumstances where NewCo may be able to cross claim against OldCo / the administrator for this, therefore the terms of the sale and purchase agreement should protect them from these.Related linksBack to e-BulletinOur Business Recovery serviceOur Debt Collection serviceThomas Eggar homepageAdditional articlesCourt of Appeal clarifies definition of realisation of interest in property under section 283A of the IA 1986Liquidators beware! Retrospective sanction for proceedings will not always be grantedEncouraging Corporate Rescue – consultation paper 15 June 2009Claims against directors – don't forget Section 212 Quote Link to post Share on other sites More sharing options...
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