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HMRC arrange for liquidators at Rangers if administrators fail to save club


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HMRC arrange for liquidators at Rangers if administrators fail to save club

HM Revenue and Customs have arranged for liquidators to be appointed at Rangers should administrators fail to rescue the club.

The tax authorities agreed the plan with current administrators Duff and Phelps, it was revealed on Thursday.

Insolvency firm BDO have been lined up by HMRC should the current attempts to get the Ibrox club out of administration fail and they are put into liquidation.

The move was made by HMRC in April after Duff and Phelps produced their proposals to remain in post, which those owed money had to vote on.

On Thursday the administrators released the proposals approved by creditors, which originally asked them to rubber-stamp the appointment of Duff and Phelps as liquidators of Rangers should a proposed company voluntary arrangement (CVA) fail.

The result of the creditors vote in April has also given the administrators power to "conclude a sale of the whole, or part of the business, property or assets of the company" without needings creditors permission, should the proposed CVA be successful.

Now, should the CVA proposal funded by an £8.5m loan from the Sevco consortium led by Charles Green fail to receive the backing of creditors, the neutral insolvency firm would be called in.

This would be in the case of the compulsory court-ordered winding up of the crisis-hit club, or if a creditors voluntary liquidation (CVL) took place as part of a 'newco' switch.

According to documents released last week, in the event of the CVA failing, the consortium is "contractually obliged" to pay £5.5m for the "business and assets" of Rangers, which would be transferred to a completely different business entity, before the existing one is liquidated.

The details of the newco deal are "confidential" and it is unclear whether the money to fund it would also take the form of a loan with interest.

BDO and HMRC refused to comment on the agreement reached over the situation at the Glasgow club, which was plunged into administration on February 14 having failed to pay £14m in PAYE and VAT since Craig Whyte bought an 85% stake in the club in May 2011.

http://local.stv.tv/glasgow/105193-hmrc-arrange-for-liquidators-at-rangers-if-administrators-fail-to-save-club/

I don't like the sound of this, also Dave King has been talking to the BBC. More to follow on why he wants us to oppose the CVA later.

Alasdair Lamont ‏@BBCAlLamont

Dave King calls for Rangers fans to oppose Charles Green's CVA

Alasdair Lamont ‏@BBCAlLamont

Dave King also says he's making a claim against club for the full amount of his investment, based on "deliberate non-disclosure by David...

Alasdair Lamont ‏@BBCAlLamont

...Murray of transactions that he had committed to on behalf of the club that were both risky and to the sole advantage of the Murray Group"

Alasdair Lamont ‏@BBCAlLamont

DK: "I also believe that all true Rangers fans should not buy any season tickets until full and frank disclosure...

Alasdair Lamont ‏@BBCAlLamont

... has been provided by Duff & Phelps, Mr Green, and Mr Whyte, as to what is truly going on behind the scenes."

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Jesus. Why would HMRC even contemplate liquidation if the CVA decision lies with them? <cr>

Why do HMRC want to appoint a different company to put us through liquadation too? <cr>

Then we have King asking fans not to buy season books whilst at the same time telling us he is making a claim against the club for hsi investment, what was it, £20m or so? <cr>

WTF! :lol:

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He always said this was the likely scenario - just hope his words do not come to fruition. However I just wonder how many others are standing in the wings to pick up the pieces if liquidation happens as I am unsure of the newco deal

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after losing the battle to appoint administrators, HMRC seen this as a chance to try and keep some hold of the situation

I wonder if this is why Whyte set up the floating charge, he seen the HMRC appointed liquidators situation and made sure they couldnt attempt to side with them if the worst happened?

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This story has more twists and turns than a corkscrew! What I can't understand is if King is such a committed Rangers' man why isn't he going after Murray personally for his money instead of the club/consortium?

Can't wait for this whole bloody thing to be over! TBH just want put out of our misery. If it's to be Div 3 then so be it!

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The HMRC stuff is just a non-story.

Depends how you look at it, they could either be safeguarding their position just in case, or they anticipate the CVA failing, or intend rejecting it, and are getting theirselves prepared.

Based on my limited understanding.

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Depends how you look at it, they could either be safeguarding their position just in case, or they anticipate the CVA failing, or intend rejecting it, and are getting theirselves prepared.

Based on my limited understanding.

Well, a liquidator will be appointed at some point in the future if a CVA is not agreed. If there's an assets deal then the company will be liquidated shortly afterwards and HMRC will want control of that process. Strictly speaking, they won't know how Ticketus plan to vote on the CVA.

In my view they're just safe-guarding their position - as is prudent in this scenario. I wouldn't look at it as a sign that they're going to reject the CVA. Even if they do, the assets will presumably be sold to Green.

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dave kink is right about one thing.no fans should renew season tickets till there is full disclosure of investors and future structures and plans.i've been a season ticket holder for 40 years but i'm not giving my money to anyone who is not divulging their forward strategy for our club.

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I love the way King asks fans not to buy season tickets as if he is even remotely involved in what normal fans do.

When is the last time King did anything for Rangers? He pumped £20M into Murray's company that owned Rangers in the 90's and has seen his "investment" crash and burn.

An investment is a bit of a punt in anything. In a football club, it is even more unlikely to be a long-term winner.

Us normal fans "invest" in the club through buying tickets, merchandise etc every single season and get nothing tangible back for it. We dont ask for anything back but the hope that our team can do well. I doubt King has, "investment" aside, put one penny into the club by way of ticket, merchandise, RFFF, Rangers lotto etc. But he wants to tell us who go every week not to buy a ticket because Murray duped him and Whyte told him he had a deal for first refusal on his shares.

Away and take a flying one to yourself Mr King if that is going to be your attitude.

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