Whyte, Withey, Collyer Bristow, Ticketus & missing millions

[OlegKuznetsov 10,816]

So Collyer Bristow have been ordered to pay £24m for the actions of Gary Withey, a former employee and aid to Craig Whyte. This money came out of the Club.

Ticketus are pursuing Whyte for £18m to £25m. That money came out of Ticketus and the larger figure was the amount they were due as repayment.

In total, Whyte has been responsible for defrauding £42m to £49m with the likely larger part coming out of the Club. That money would have paid his tax bill

Whyte and Withey both look like they could well spend some time inside. Let's home that comes to pass.

HMRC allowed him to build up this tax bill, whilst running the club into ruin. They knew that major misdemeanours and potential crimes were being committed, yet they and the SFA sat back and let him have his wicked way.

I can't help but think that recent revelations are the but the tip of the iceberg. It now appears that more may become known in time with the ongoing investigations but it's beginning to look every bit the cloak and dagger affair we suspected.

This is not the end. These are merely the outer layers of a rotten onion that have been recently peeled. There's almost certainly far more to be revealed under the surface.

[nedged 58]

So Collyer Bristow have been ordered to pay £24m for the actions of Gary Withey, a former employee and aid to Craig Whyte. This money came out of the Club.

Ticketus are pursuing Whyte for £18m to £25m. That money came out of Ticketus and the larger figure was the amount they were due as repayment.

In total, Whyte has been responsible for defrauding £42m to £49m with the likely larger part coming out of the Club. That money would have paid his tax bill

Whyte and Withey both look like they could well spend some time inside. Let's home that comes to pass.

HMRC allowed him to build up this tax bill, whilst running the club into ruin. They knew that major misdemeanours and potential crimes were being committed, yet they and the SFA sat back and let him have his wicked way.

I can't help but think that recent revelations are the but the tip of the iceberg. It now appears that more may become known in time with the ongoing investigations but it's beginning to look every bit the cloak and dagger affair we suspected.

This is not the end. These are merely the outer layers of a rotten onion that have been recently peeled. There's almost certainly far more to be revealed under the surface.

Today's admission by HMRC that they broke normal protocol by denying the CVA to force the company into liquidation and open the door for them to pursue a full tax investigation says it all. We were stitched up from the outset. Just look at how Hearts and Dunfermline were treated by both HMRC and the Banks.

[OlegKuznetsov 10,816]

Today's admission by HMRC that they broke normal protocol by denying the CVA to force the company into liquidation and open the door for them to pursue a full tax investigation says it all. We were stitched up from the outset. Just look at how Hearts and Dunfermline were treated by both HMRC and the Banks.

Spot on, mate.

This just get fishier and fishier.

[gazza's love child 6]

Whyte and Withey both look like they could well spend some time inside. Let's home that comes to pass.

HMRC allowed him to build up this tax bill, whilst running the club into ruin. They knew that major misdemeanours and potential crimes were being committed, yet they and the SFA sat back and let him have his wicked way.

Didnt the SFA do a fit and proper person test on criag whyte before he took over? As your ment to do at any club! Would be ironic considering he had been previously been a banned company director. Then had to the fact the tried to sanction the 5 way agreement! They av to be brought to task.

[dave-brock 9]

Didnt the SFA do a fit and proper person test on criag whyte before he took over? As your ment to do at any club! Would be ironic considering he had been previously been a banned company director. Then had to the fact the tried to sanction the 5 way agreement! They av to be brought to task.

Gazza, the blame for the fit and proper person test failing lays in the boardroom at Ibrox. Murray always maintained he'd only sell to the right person. I just don't believe that none of those smart cookies we employed didn't know what Whyte was before the keys were handed over. But you're correct, there are matters which should be brought up and lead to sackings at the SFA.

[Carsons Dog 9,878]

Today's admission by HMRC that they broke normal protocol by denying the CVA to force the company into liquidation and open the door for them to pursue a full tax investigation says it all. We were stitched up from the outset. Just look at how Hearts and Dunfermline were treated by both HMRC and the Banks.

They actually haven't admitted that

[Jimfanciesthedude 25,044]

So where did the 49 million go then?

[elephants stoned 2,994]

If this was a bank executive or a insider trading fraud to the tune of over 40million then it would be worldwide news. The sfa/spl knew we were in trouble and let it happen to try and castrate us and leave us a broken club. It didn't work the way they hoped and so booting us into the second tier became their plan but that didn't work either and now we are nearly back and fully exonerated of all the "crimes" they claimed. If anything this will ensure we don't let ourselves get so caught up in relief when we get back to the top flight that we begin to soften our approach to the scum who did this to us.

[cumnockbear 2,446]

So is anything likely to come of this ? Will Whyte and Withey face jail, will Ticketus get their 18-25m back ? how will HMRC be dealt with for instantly liquidating the oldco and not accepting a CVA like Hearts and Dunfermline ? what about us ( Rangers ) will we see any money that we've lost over the past 3 seasons, players allowed to walk for free,sponsorship,lost revenue from the top flight and possibly Europe ? as victims of the most horrific fraud in probably world football will we be compensated in any way ? what action will be taken against the SFA for allowing this to happen to us ? are we suing HMRC for harrassment ? whole list of questons we/i need answered.

[dave-brock 9]

So is anything likely to come of this ? Will Whyte and Withey face jail, will Ticketus get their 18-25m back ? how will HMRC be dealt with for instantly liquidating the oldco and not accepting a CVA like Hearts and Dunfermline ? what about us ( Rangers ) will we see any money that we've lost over the past 3 seasons, players allowed to walk for free,sponsorship,lost revenue from the top flight and possibly Europe ? as victims of the most horrific fraud in probably world football will we be compensated in any way ? what action will be taken against the SFA for allowing this to happen to us ? are we suing HMRC for harrassment ? whole list of questons we/i need answered.

Whyte and Withey are going to jail. Ticketus have lost their money. As for the rest - swept under a big carpet imo.

[cumnockbear 2,446]

Whyte and Withey are going to jail. Ticketus have lost their money. As for the rest - swept under a big carpet imo.

Hope you're right about the 1st part and for a very long time, we should be compensated for millions.

[StublueKPL 524]

Didn't some of the dough go to llyods?

[dave-brock 9]

Didn't some of the dough go to llyods?

That was the money Whyte got from Ticketus.

[Bad Robot 21,513]

Oleg, has BDO officially confirmed the payout and if so can you supply the link?

[StublueKPL 524]

That was the money Whyte got from Ticketus.

i know but is that not part of that 40 odd million mentioned?

[OlegKuznetsov 10,816]

Oleg, has BDO officially confirmed the payout and if so can you supply the link?

Actually, I don't think there has been a public announcement.

I hope FF haven't jumped the gun with this:

I hear that the liquidator's claim brought against Collyer Bristow has been settled as of yesterday.

Further, it is now likely that criminal proceedings will follow.

The total amounts to a £24m settlement to creditors less liquidators costs.

Settlement covers the following: Breach of undertaking, breach of trust, deceit/conspiracy, admin and liquidation costs, claimant's costs, interest.

Around £15m of that will likely be attributed to the breach of undertaking by the law firm.

This represents an impressive recovery for creditors.

The settlement would appear to confirm the belief that the Oldco was the victim of a criminal conspiracy.

Had the prima facie evidence available to all of us at the time been accepted by the governing bodies – from the Murray arrangement with Lloyds and the reality that the huge ‘debt’ being floated as a fact was closer to myth than reality (and, bondholders aside, almost entirely a matter of Whyte’s dealings with Ticketus and lack of short-term engagement with the tax process) – then much hurt and suffering would have been avoided.

Messrs Withey and Whyte will not have enjoyed their breakfast today.

More no doubt to follow in the days to come.

[Bydo 3,287]

Today's admission by HMRC that they broke normal protocol by denying the CVA to force the company into liquidation and open the door for them to pursue a full tax investigation says it all. We were stitched up from the outset. Just look at how Hearts and Dunfermline were treated by both HMRC and the Banks.

Source?

[will_1974 204]

Think they jumped the gun - rumour denied by BDO Oleg

[Bad Robot 21,513]

Oleg, yesterday I read or seen on the news that BDO refused to comment on this and that's why I asked.

I hope FF are right as this would be fantastic news but they may have jumped the gun.

Similar to board statement yesterday, I hope they are correct but again HMRC might not be finished with us just yet.

[nedged 58]

Source?

From Glasgow Herald Online

But an HMRC source said: "The company, Rangers Football Club Plc, did not go into liquidation because of this tax case. It is a matter of public record that Rangers was placed in administration by its principal shareholder and director because it was unable to pay its creditors, including HMRC.

"HMRC voted against the CVA proposed by the administration. ­Liquidation allows a full investigation into the conduct of the owners and financial officers of the company, which would not be possible in a CVA.

"It wouldn't be the case that HMRC would vote down a CVA based on ­wanting directors' conduct to be looked as a general rule, as happened with Rangers."

The behaviour of the board in the three years prior to the operating company going into administration in February 2012 was already being looked at by the Insolvency Service's Investigations and Enforcement Directorate.

[nedged 58]

They actually haven't admitted that

Implied in Herald Online Article

But an HMRC source said: "The company, Rangers Football Club Plc, did not go into liquidation because of this tax case. It is a matter of public record that Rangers was placed in administration by its principal shareholder and director because it was unable to pay its creditors, including HMRC.

"HMRC voted against the CVA proposed by the administration. ­Liquidation allows a full investigation into the conduct of the owners and financial officers of the company, which would not be possible in a CVA.

"It wouldn't be the case that HMRC would vote down a CVA based on ­wanting directors' conduct to be looked as a general rule, as happened with Rangers."

The behaviour of the board in the three years prior to the operating company going into administration in February 2012 was already being looked at by the Insolvency Service's Investigations and Enforcement Directorate.

[Jimfanciesthedude 25,044]

The behaviour of the board in the three years prior to the operating company going into administration in February 2012 was already being looked at by the Insolvency Service's Investigations and Enforcement Directorate.

hmmm, so they were also looking at Aj and co as well as whyte

this wont go down well in some places, no wonder Murray bailed asap if this is true

[will_1974 204]

hmmm, so they were also looking at Aj and co as well as whyte

this wont go down well in some places, no wonder Murray bailed asap if this is true

HMRC wanted to win the BTC unequivocally in order to support future claims against other parties. A CVA would have been a hollow victory.

Rangers were small beer but big noise.

[Jimfanciesthedude 25,044]

HMRC wanted to win the BTC unequivocally in order to support future claims against other parties. A CVA would have been a hollow victory.

Rangers were small beer but big noise.

my point is though that HMRC clearly thought the board before Whyte were needing looked at, considering a lot of fans claimed them to be whiter than whyte (pun intended)

[Bad Robot 21,513]

If HMRC are using this as an excuse then where are the damning investigation reports from the Insolvency Service's Investigations and Enforcement Directorate?