Blue Forever 179 Posted June 12, 2012 Share Posted June 12, 2012 Several BBC journalists reporting that HMRC will vote against a CVA and the asset purchase by the Sevco consortium will now take place. Quote Link to post Share on other sites More sharing options...
North Rd 2,860 Posted June 12, 2012 Share Posted June 12, 2012 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... Quote Link to post Share on other sites More sharing options...
broxibear87 129 Posted June 12, 2012 Share Posted June 12, 2012 HMRC to reject Rangers CVA proposal at creditors meetingBy Alasdair Lamont and Chris McLaughlin BBC ScotlandHer 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 Quote Link to post Share on other sites More sharing options...
The Godfather 70,782 Posted June 12, 2012 Share Posted June 12, 2012 Well that's a bitter blow... Quote Link to post Share on other sites More sharing options...
elephants stoned 2,994 Posted June 12, 2012 Share Posted June 12, 2012 Fuck sake how do the beeb know that? Supposed to be confidential till Thu. Quote Link to post Share on other sites More sharing options...
hugh_capet 341 Posted June 12, 2012 Share Posted June 12, 2012 So be it, at least we know what's required now Quote Link to post Share on other sites More sharing options...
50ShadesofBlue 667 Posted June 12, 2012 Share Posted June 12, 2012 Quote Link to post Share on other sites More sharing options...
californiadreamin52 339 Posted June 12, 2012 Share Posted June 12, 2012 Got your wish then Leggo. Just be a long road to recovery, but no debt Quote Link to post Share on other sites More sharing options...
paisleyroad 894 Posted June 12, 2012 Share Posted June 12, 2012 If this is the case the club should be telling us not the BBC. Quote Link to post Share on other sites More sharing options...
North Rd 2,860 Posted June 12, 2012 Share Posted June 12, 2012 Will D&P now open it up to other bidders?? Quote Link to post Share on other sites More sharing options...
theiconicman 2,947 Posted June 12, 2012 Share Posted June 12, 2012 It's not confidential but you are right the club should have come out on Monday with something if the decision is already made. Quote Link to post Share on other sites More sharing options...
Leedsbear 0 Posted June 12, 2012 Share Posted June 12, 2012 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? Quote Link to post Share on other sites More sharing options...
paisleyroad 894 Posted June 12, 2012 Share Posted June 12, 2012 i see the BBC have went with an image of the BNP supporting Asian racist for the story :wanker: Quote Link to post Share on other sites More sharing options...
TheBluebells 6,898 Posted June 12, 2012 Share Posted June 12, 2012 Fuck sake how do the beeb know that? Supposed to be confidential till Thu. Was just about to ask this.Not great news at all Quote Link to post Share on other sites More sharing options...
Rfc#1. 1,877 Posted June 12, 2012 Share Posted June 12, 2012 TBK and Leggo will be overjoyed,bastards. Quote Link to post Share on other sites More sharing options...
Smile 26,592 Posted June 12, 2012 Share Posted June 12, 2012 Several BBC journalists reporting that HMRC will vote against a CVA and the asset purchase by the Sevco consortium will now take place. Like they can be trusted. Quote Link to post Share on other sites More sharing options...
OlegKuznetsov 10,816 Posted June 12, 2012 Share Posted June 12, 2012 I expected this when I heard about HMRC appointing their own liquidators.D&P's plan to sell the assets to Green's Sevco may too be scuppered, should HMRC get vindictive. Quote Link to post Share on other sites More sharing options...
paisleyroad 894 Posted June 12, 2012 Share Posted June 12, 2012 It's not confidential but you are right the club should have come out on Monday with something if the decision is already made.exactly, if they know something we should know right away. Quote Link to post Share on other sites More sharing options...
The Godfather 70,782 Posted June 12, 2012 Share Posted June 12, 2012 Will D&P now open it up to other bidders??What other bidders?The ones involved ran a mile when they looked at our books and the other couldn’t get a decent bid in during weeks/months…. Quote Link to post Share on other sites More sharing options...
WilliamMunny 3,181 Posted June 12, 2012 Share Posted June 12, 2012 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?Example. Make a point. Fuck us over. We could be in limbo now. Quote Link to post Share on other sites More sharing options...
elephants stoned 2,994 Posted June 12, 2012 Share Posted June 12, 2012 Fucking pisstake then by HMRC well Rangers will survive no matter what these wankers in suits do. NO SURRENDER! Quote Link to post Share on other sites More sharing options...
OlegKuznetsov 10,816 Posted June 12, 2012 Share Posted June 12, 2012 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. Quote Link to post Share on other sites More sharing options...
Straight-Edge-Loyal 6,651 Posted June 12, 2012 Share Posted June 12, 2012 Edit : hadn't finished my post. Quote Link to post Share on other sites More sharing options...
ger50champ 300 Posted June 12, 2012 Share Posted June 12, 2012 Why on earth would Hmrc knock back a Cva when it would mean they can't touch us for the big tax case ..Bbc wishful thinking me thinks .Total shite Quote Link to post Share on other sites More sharing options...
Gregor Stevens Fan Club 42 Posted June 12, 2012 Share Posted June 12, 2012 I suspect things are going to get hell of a messy now Quote Link to post Share on other sites More sharing options...
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