Jump to content

CVA proposal due by Monday


BAP1872
 Share

Recommended Posts

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.

Link to post
Share on other sites

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!!

Link to post
Share on other sites

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

Link to post
Share on other sites

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 :praise:

Link to post
Share on other sites

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 ...

Link to post
Share on other sites

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 :praise:

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. :(

Link to post
Share on other sites

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

Link to post
Share on other sites

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.

Link to post
Share on other sites

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

Link to post
Share on other sites

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.

Link to post
Share on other sites

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.

Link to post
Share on other sites

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. (tu)

Link to post
Share on other sites

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.

Link to post
Share on other sites

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.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

  • Upcoming Events

    • 29 January 2022 12:30 Until 14:30
      0  
      Ross County v Rangers
      Global Energy Stadium
      Scottish Premiership
      Live on Sky Sports Football and Sky Sports Main Event
×
×
  • Create New...