CVA proposal due by Monday

[BAP1872 138]

This is the full article. I won't put the link up for obvious reasons

No quotes so I take it no official announcement has been made yet.

Rangers' administrators are expected to submit a proposal to bring the club out of administration via a Creditors' Voluntary Agreement by Monday.The club must notify the Court of Session first, with creditors then having two weeks to accept followed by a 28-day cooling off period.

The approval of 75% of the creditors is required for a CVA to proceed.

The two major creditors, HMRC and Ticketus, would together constitute that total.

A consortium fronted by former Sheffield United chief executive Charles Green have had a bid for the Ibrox club accepted by the administrators, Duff and Phelps.

The proposal will be an initial pence in the pound offer made up from purchase funds from Green's consortium and other cash raised by the administrators.

However, the proposal does not constitute a final offer and other funds may be available to the creditors' pot in the future.

Further funds would likely come primarily from Duff and Phelps' claim of £25 million against Craig Whyte's lawyers, Collyer Bristow, should that case be successful.

[gunslinger 270]

a week late.

won't hold my breath though they will need to do something at some point.

[Marco Negri's Beard 1,423]

a week late.

won't hold my breath though they will need to do something at some point.

You can't rush perfection

[mairydilk 22]

If this gets agreed, what happens if we lose the big tax case?

Does it need to be renegotiated, or do we keep HMRC as creditors and just owe them more money?

[ace1 49]

If a CVA was as simple a procedure to perform as spouting pish with no substance on an internet forum, then gunslinger would've had it all wrapped up by 16th Feb, maybe sooner!!

[ace1 49]

If this gets agreed, what happens if we lose the big tax case?

Does it need to be renegotiated, or do we keep HMRC as creditors and just owe them more money?

The amounts due would be subject to the same pence in pound agreement

[Blue Atheist 178]

How can a CVA still be done in time if advisers (albeit of Brian Kennedy) have said there's simply no time?

[Marco Negri's Beard 1,423]

How can a CVA still be done in time if advisers (albeit of Brian Kennedy) have said there's simply no time?

Wondered this myself. Simply a tactic I assume.

[Blue Atheist 178]

Wondered this myself. Simply a tactic I assume.

Unless its not being properly scrutinised before being offered? Which means something will end up going horribly wrong knowing our luck, lol.

[Sasa_Papac_No1_Fan 605]

a cva can be agreed as long as green injects funds for june's wages. tbks were going to use funds owed to us from other clubs as they didn't want to put money in . green must be funding the club for june if a cva is being put forward.

[Marco Negri's Beard 1,423]

Unless its not being properly scrutinised before being offered? Which means something will end up going horribly wrong knowing our luck, lol.

Perhaps. Literally cannot remember that last time a decision went our way with regards to non-footballing matters. Your luck has to turn at some point I guess. Personally think that HMRC are gonna turn down our CVA. just my gut feeling. WOuld be lovely if it went to plan though

[sergio 1,199]

The approval of 75% of the creditors is required for a CVA to proceed...................................... oh really

It's 75% of the total Debt ...

Shows how much the cunts now, they just print any fucking shit they like ...

[Blue Atheist 178]

Perhaps. Literally cannot remember that last time a decision went our way with regards to non-footballing matters. Your luck has to turn at some point I guess. Personally think that HMRC are gonna turn down our CVA. just my gut feeling. WOuld be lovely if it went to plan though

Am i right in saying the money in the pot covers any outcome of the big tax case also?

I dont think HMRC would vote for that.

[Marco Negri's Beard 1,423]

Am i right in saying the money in the pot covers any outcome of the big tax case also?

I dont think HMRC would vote for that.

As far as I'm aware. Hence, my doubts about that too. Frankly though, i know fuck all about all this. Never know though. Maybe others could enlighten us (probably tomorrow)? I was gonna put my thoughts across about pence-in the pound and all that jazz but I fear they would be frighteningly inaccurate

[Blue Atheist 178]

As far as I'm aware. Hence, my doubts about that too. Frankly though, i know fuck all about all this. Never know though. Maybe others could enlighten us (probably tomorrow)? I was gonna put my thoughts across about pence-in the pound and all that jazz but I fear they would be frighteningly inaccurate

Yeah, i'm not that clued up on it all either.

But if its a "potential" £135m and there's about £8m in the pot... well.... thats not encouraging, lol

I think Dundee's creditors settled for 5p in the pound but it was not a sky high amount owed to the Gov.

[Marco Negri's Beard 1,423]

Yeah, i'm not that clued up on it all either.

But if its a "potential" £135m and there's about £8m in the pot... well.... thats not encouraging, lol

I think Dundee's creditors settled for 5p in the pound but it was not a sky high amount owed to the Gov.

135m can fuck off for a start! Thats rubbish. Was bandied about at the time for a headline but theres no chance it would be that high. Put simply, if HMC chased us for £100m or whatever they wanted, they would realise we'd fold and they'd get nothing. it's not actually in their interests to demand such a high amount.

28m to Ticketus. potentially upto 40 odd mil for HMRC, thats the two big hits. Pretty sure the rest are relatively insignificant. Say 70m ish. 10/15p in the pound? Do-able i'd hope. whether they'd accept is another question

[Guardian 4,281]

a week late.

won't hold my breath though they will need to do something at some point.

Where did this deadline come from. ?

I keep seeing it but no link to its source.

Have D & P been a week late on a date they didn't set ?

You doubt they will do anything but cover your arse in case they do. The original double sided post.

Until I see them announce it is a deadline, I will assume it's another date set up by those seeking to have them fail.

[Blue Atheist 178]

135m can fuck off for a start! Thats rubbish. Was bandied about at the time for a headline but theres no chance it would be that high. Put simply, if HMC chased us for £100m or whatever they wanted, they would realise we'd fold and they'd get nothing. it's not actually in their interests to demand such a high amount.

28m to Ticketus. potentially upto 40 odd mil for HMRC, thats the two big hits. Pretty sure the rest are relatively insignificant. Say 70m ish. 10/15p in the pound? Do-able i'd hope. whether they'd accept is another question

lol, Thats why i said "potential" in quotations. I doubt it will be that high.

If its 10p in the pound there could maybe be some kind of agreement but i wish it wasnt HMRC. They can afford to turn around and say no. In saying that, it could cost HMRC in the long run with no Rangers. All things considered there's a lot of money generated by the club and other businesses.

Better for the ecomony with us around.

[islandblue 366]

Can we at least hope they have discussed it with Ticketus and HMRC snd got an indication it is acceptable

[TheLawMan 6,240]

Where did this deadline come from. ?

I keep seeing it but no link to its source.

Have D & P been a week late on a date they didn't set ?

You doubt they will do anything but cover your arse in case they do. The original double sided post.

Until I see them announce it is a deadline, I will assume it's another date set up by those seeking to have them fail.

The reality is that there is no deadline.........as long as Green or somebody else agrees to somehow fund the club until the end of the "waiting period" whenever that is.

[bazzl82 2]

Wonder what meeting the sfa will rustle up to prevent it from happening

[caseyjones 3,009]

The approval of 75% of the creditors is required for a CVA to proceed...................................... oh really

It's 75% of the total Debt ...

Shows how much the cunts now, they just print any fucking shit they like ...

The two major creditors, HMRC and Ticketus, would together constitute that total.

It really wasn't that difficult to work out, unless you thought that there are only two creditors.

[Carsons Dog 9,878]

Can we at least hope they have discussed it with Ticketus and HMRC snd got an indication it is acceptable

I think that's a given

[gunslinger 270]

Where did this deadline come from. ?

I keep seeing it but no link to its source.

Have D & P been a week late on a date they didn't set ?

You doubt they will do anything but cover your arse in case they do. The original double sided post.

Until I see them announce it is a deadline, I will assume it's another date set up by those seeking to have them fail.

d&p and green.

[Edmiston Drive 3,846]

You must be The Chairman.