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HMRC to vote against CVA


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Her Majesty's Revenue and Customs will reject the company voluntary arrangement proposal made by Rangers' prospective owner Charles Green.

Green's consortium hopes to have its CVA approved by creditors when they meet at Ibrox on Thursday so that the club can exit administration.

But the club needs dominant creditors HMRC and Ticketus to vote in favour to avoid the assets being sold off.

The CVA terms suggest a maximum payout of nine pence for every pound owed.

BBC Scotland has learned that HMRC rejected the offer in two meetings with Rangers on Monday.

The CVA requires the approval of 75% or more in value of the creditors, and more than 50% in value of the members, voting on the resolution.

Rangers entered administration on 14 February and await the outcome of a First Tier Tax tribunal at the Court of Session in Edinburgh over unpaid taxes - the so-called "Big Tax Case".

More to follow...

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HMRC to reject Rangers CVA proposal at creditors meeting

By Alasdair Lamont and Chris McLaughlin BBC Scotland

Her Majesty's Revenue and Customs will reject the company voluntary arrangement proposal made by Rangers' prospective owner Charles Green.

Green's consortium hopes to have its CVA approved by creditors when they meet at Ibrox on Thursday so that the club can exit administration.

But the club needs dominant creditors HMRC and Ticketus to vote in favour to avoid the assets being sold off.

The CVA terms suggest a maximum payout of nine pence for every pound owed.

BBC Scotland has learned that HMRC rejected the offer in two meetings with Rangers on Monday.

The CVA requires the approval of 75% or more in value of the creditors, and more than 50% in value of the members, voting on the resolution.

Rangers entered administration on 14 February and await the outcome of a First Tier Tax tribunal at the Court of Session in Edinburgh over unpaid taxes - the so-called "Big Tax Case".

More to follow...

http://www.bbc.co.uk/sport/0/football/18407309

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How much are creditors expected to receive under a newco? Nothing?

If so why would the HMRC do this to themselves and all the other creditors?

To force Green to put more in before Thursday's meeting, or they appoint their own liquidators who may grant an asset sale to a higher bidder.

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