BAP1872 138 Posted May 28, 2012 Share Posted May 28, 2012 "Hope" being the operative word here! Keep that in mind tomorrow if it doesn't happen Administrators of crisis-hit Rangers claim they are close to offering creditors a pence in the pound deal.Insolvency firm Duff and Phelps said they hope to unveil a proposed company voluntary arrangement (CVA) to take the club out of administration later on Monday or on Tuesday.The offer is going to be funded by the consortium led by ex-Sheffield United chairman Charles Green which is putting forward £8.5m to cover administrators' fees and secured creditors, before the remainder is used for a CVA.Following the submission of the proposed CVA, there will be a minimum 14-day period before a creditors' meeting is held where those owed money by the Ibrox club will vote on being repaid a fraction of their debt.Currently, the earliest any such meeting could be held would be June 11, five days later than the "target date" of June 6 administrators previously said they hoped to arrange it for.The CVA requires 75% of creditors to vote in favour of it for it to be passed, if it fails then liquidation of Rangers FC plc and an asset sale to a newco is the most likely option left for Rangers.According to a report released by administrators in April, the club has amassed creditors of between £55m to £134m, which factors in the high possible amounts owed in the loss of the big tax case against HM Revenue and Customs over the decade-long use of employee benefit trusts to pay players and staff.Ticketus is now a creditor of Rangers owed around £27m, making it the biggest by amount owed at the moment, after administrators formally breached the deal current owner Craig Whyte struck with the London firm for 100,000 Ibrox season ticket sales until 2015, which he used to effectively finance his takeover last May.The bid led by Mr Green is aiming for a CVA, but has already put provisions in place should it fail and an asset sale followed by the liquidation of the current Rangers company be needed, through the creation of Sevco 5088 Limited, which appears to be the newco in waiting and is registered to the lawyers Field Fisher Waterhouse, who are brokering the takeover deal.Mr Green has refused to reveal the identity of the consortium and has so far named Malaysian hotelier Jude Allen, also known as Javed Abdullah, and Middle Eastern lawyer Mazen Houssami as being part of the "20 individuals and families" behind the bid.Mr Allen informed STV News that the "financial adviser" to the consortium is Imran Ahmad, a stockbroker who recently moved to London-firm Zeus Capital and has been involved in companies that advised some firms linked to Mr Green previously.Tax authorityHMRC's position on any proposed CVA is likely to determine the success of it. It is owed a minimum of £14m, which was from unpaid PAYE and VAT deducted from employees' wages but not handed over to the authorities until February this year when Duff and Phelps were appointed.If any provision is given to pay off any unsecured creditors, such as football-related ones, in full, then it is contrary to HMRC's policy of insisting on all those owed money being treated equally.Although the football creditors rule, which HMRC recently failed to overturn, does not exist in Scotland as it does in England, the treatment of football-related creditors in this country has contributed to the authority opposing a CVA, as was the case with Dundee FC in 2010.Contingencies in place that could result in football-related creditors - including the Scottish Premier League, the Scottish FA and Scottish football clubs - being paid in full include the SPL and SFA's ability to deduct prize money and income due to Rangers and diverting it to those owed cash. Duff and Phelps noted this "offset provision" in their report in April, but it is unclear yet whether it will come into play in this case.The role of Mr Whyte's floating charge over the club's assets through his parent company Rangers FC Group has also yet to be cleared up. Administrators are suing him and his former law firm Collyer Bristow for £25m in relation to the Ticketus deal, but his charge has not been challenged yet in court.Mr Green has claimed to have struck a £2 deal with Mr Whyte for his 85% stake in the club, but it is unclear whether he has lodged a demand for cash through his holding of the floating charge he was transferred from Sir David Murray, or whether administrators believe it is invalid.Other secured creditors include Close Leasing, which is owed around £1.6m for a deal providing new kitchen equipment and big screens at Ibrox that was to be paid for by mortgaging off catering income the club made from its contract with Azure.The Scottish Sports Council is also owed an estimated £500,000 as a result of a security it holds over Murray Park.In April administrators held a "virtual meeting" of creditors, where they were to vote to allow the insolvency firm to remain in place and to continue to try and sell the club.Under law Duff and Phelps were required to lodge the results of this meeting as "soon as reasonably possible" with both the Court of Session and Companies House.So far the outcome of it has not been released, while the firm has only confirmed the proposals for it to continue in place were approved in the vote "with some modifications".Source Quote Link to post Share on other sites More sharing options...
Dennis 1,011 Posted May 28, 2012 Share Posted May 28, 2012 Another deadline gone. Quote Link to post Share on other sites More sharing options...
caseyjones 3,009 Posted May 28, 2012 Share Posted May 28, 2012 Another deadline gone.You know where you are with D&P. Quote Link to post Share on other sites More sharing options...
elephants stoned 2,994 Posted May 28, 2012 Share Posted May 28, 2012 A few days ago we were told it had to be today now they hope today or tommorow? Ive never bought into the conspiricy theorys that have been flying around regarding D&P but im starting to wonder what the fuck they are playing at. Not 1 deadline that i can recall being kept, its getting farcical now. Quote Link to post Share on other sites More sharing options...
eosmhdo 1,879 Posted May 28, 2012 Share Posted May 28, 2012 Duff & Phelps have created a new word though. Aliveline.Putting us through hell so they are. Quote Link to post Share on other sites More sharing options...
islandblue 366 Posted May 28, 2012 Share Posted May 28, 2012 Have they met any deadline? Quote Link to post Share on other sites More sharing options...
krissg910 110 Posted May 28, 2012 Share Posted May 28, 2012 makes you wonder if leggos rumblings about green having no cash may have a degree of truth to them.surely if the cash is there it doesnt take weeks to draw up a cva Quote Link to post Share on other sites More sharing options...
3Proddie1690 132 Posted May 28, 2012 Share Posted May 28, 2012 You'd think these so called professional insolvency experts would have a time table with all the deadlines clearly marked and an action plan put in place to meet each one in a timely fashion.. You have to wonder what they do at Ibrox all fucking day, its beyond a joke now.. I'll be surprised if they ever handle another football clubs administration again.. Quote Link to post Share on other sites More sharing options...
JM1872 3,776 Posted May 28, 2012 Share Posted May 28, 2012 I'll be surprised if they ever handle another football clubs administration again..Never mind that, have they even handled one before?! Quote Link to post Share on other sites More sharing options...
BAP1872 138 Posted May 28, 2012 Author Share Posted May 28, 2012 Has D&P set any deadlines for this or has it been the media? Haven't saw anything from D&P to suggest they have! Quote Link to post Share on other sites More sharing options...
3Proddie1690 132 Posted May 28, 2012 Share Posted May 28, 2012 Never mind that, have they even handled one before?!Excellent point! w/o even looking into it im prepapred to put money that being a huge big fat NO. Quote Link to post Share on other sites More sharing options...
elephants stoned 2,994 Posted May 28, 2012 Share Posted May 28, 2012 Im pretty sure i read this was there first football admin when they first took over. You would never guess would you Quote Link to post Share on other sites More sharing options...
islandblue 366 Posted May 28, 2012 Share Posted May 28, 2012 Dont understand why ther should be a delay here? Quote Link to post Share on other sites More sharing options...
debear 603 Posted May 28, 2012 Share Posted May 28, 2012 Dont understand why ther should be a delay here?Was supposed to be done for last Tuesday, then Friday, now hopefully tomorrow. Quote Link to post Share on other sites More sharing options...
caseyjones 3,009 Posted May 28, 2012 Share Posted May 28, 2012 Writing them all out by hand takes a long time. I heard that Clarky was in Ross Hall suffering from a severe case of writer's cramp. Quote Link to post Share on other sites More sharing options...
3Proddie1690 132 Posted May 28, 2012 Share Posted May 28, 2012 Writing them all out by hand takes a long time. I heard that Clarky was in Ross Hall suffering from a severe case of cramp. Fixed Quote Link to post Share on other sites More sharing options...
Senna 735 Posted May 28, 2012 Share Posted May 28, 2012 STV news at six now saying (hopefully) tomorrow morning. Quote Link to post Share on other sites More sharing options...
MayboleLoyal_atb 3,772 Posted May 28, 2012 Share Posted May 28, 2012 Writing them all out by hand takes a long time. I heard that Clarky was in Ross Hall suffering from a severe case of writer's cramp. To be fair he had to wait a while for a doctor as most the staff were still giving Lovenkrands his medical! Quote Link to post Share on other sites More sharing options...
caseyjones 3,009 Posted May 28, 2012 Share Posted May 28, 2012 To be fair he had to wait a while for a doctor as most the staff were still giving Lovenkrands his medical! Quote Link to post Share on other sites More sharing options...
Jimfanciesthedude 24,986 Posted May 28, 2012 Share Posted May 28, 2012 i would rather they didnt rush these things and potentially make a cunt of somethingone extra day, or one extra week will not make the slightest difference in the long run considering the SPL need us for next season and we have already lost our euro deadlines Quote Link to post Share on other sites More sharing options...
caseyjones 3,009 Posted May 28, 2012 Share Posted May 28, 2012 i would rather they didnt rush these things and potentially make a cunt of somethingone extra day, or one extra week will not make the slightest difference in the long run considering the SPL need us for next season and we have already lost our euro deadlinesIt has nowt to do with the SPL or Europe.Nothing has changed regarding them since the May 21 and June 6 dates were announced. Quote Link to post Share on other sites More sharing options...
Edmiston Drive 3,846 Posted May 28, 2012 Share Posted May 28, 2012 It has nowt to do with the SPL or Europe.Nothing has changed regarding them since the May 21 and June 6 dates were announced.There has been a huge amount going on behind the scenes, hence the delay. Quote Link to post Share on other sites More sharing options...
islandblue 366 Posted May 28, 2012 Share Posted May 28, 2012 There has been a huge amount going on behind the scenes, hence the delay.So is it stlill on track for tomorrow? Quote Link to post Share on other sites More sharing options...
Ferdasyn 431 Posted May 28, 2012 Share Posted May 28, 2012 Alasdair Lamont @BBCAlLamontTicketus have received Rangers' Cva proposal this evening. More to follow (hopefully) Quote Link to post Share on other sites More sharing options...
caseyjones 3,009 Posted May 28, 2012 Share Posted May 28, 2012 CVA meeting on June 14. Quote Link to post Share on other sites More sharing options...
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