Guest Dutchy Posted February 13, 2012 Share Posted February 13, 2012 I read post 29 and still don't see it. I just can't see there being any shadowy figure behind the scenes that has Whyte as his front man. This is Whyte himself. I said Whyte is the front man for Murray, or whoever dreamt this idea up to dodge their resposibilities, like all businessmen. I must have got my numbers wrong, I'm go and administer myself immediately! 0 Quote Link to post Share on other sites More sharing options...
Danny 0 Posted February 13, 2012 Share Posted February 13, 2012 His modus operandi is not turning round businesses but liquidating them. We certainly have the potential to be liquidated. If Whyte took over with the aim of liquidating Rangers, otherwise known as finishing us as a business, and it's what ends up happening, his life would be at risk. There would be many fans who would want to kill him. I'm not even kidding. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,283 Posted February 13, 2012 Share Posted February 13, 2012 If this was always the plan, Whyte should have said that from the start. I would assume that the outcome of the tax case was 50/50 at best, so he could at least wait till he knows it. ANYWAYS ... before we all join the moon in orbit, we should wait what Rangers will have to say about this. BTW, so far, this looks much more like a precautionary measure to me (though I have no clue how this process is being done): HM Revenue and Customs guidelines state: "The appointment of the administrator will take effect within ten business days of the date the notice of intention is filed." This period allows the company to speak to creditors to see if they reach an agreement. If they enter administration the Scottish Premier League champions will automatically be docked ten points. Rangers FC are currently awaiting the result of a £49m tax case with HM Revenue and Customs in relation to the club's use of an Employee Benefits Trust to pay players and staff. It is thought the decision to lodge court papers means the result of this tax case is likely to be known imminently. Essentially, the tax case can still go either way, unless Whyte and Co. knew the results before posting the letters. On a sidenote, what do HMRC guidelines have to do with this? Unless I am mistaken, this is company/business stuff, not something for a tax and customs authority? 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,447 Posted February 13, 2012 Share Posted February 13, 2012 Rangers Football Club has lodged legal papers signalling its intention to go into administration. The Ibrox club lodged papers at the Court of Session in Edinburgh on Monday, notifying an intention to declare an administrator. It now has five days to confirm whether administrators have been appointed to take over the running of the club. The moves comes while Rangers awaits a tax tribunal decision over a disputed bill plus penalties totalling £49m. If the club is formally put into administration it faces an immediate 10-point penalty from the Scottish Premier League. That would place the Ibrox club 14 points behind first-placed Celtic in the race for the championship. Craig Whyte bought the club last year from Sir David Murray It is understood the papers relating to administration were lodged by Rangers' lawyers on behalf of directors. Craig Whyte, who bought the club from former owner Sir David Murray last year, said recently that administration was an option if the club lost the tax case. BBC Scotland's business and economy editor, Douglas Fraser, said the legal moves on Monday surrounding administration would give the club "a few days for negotiations with HM Revenue and Customs (HMRC)". The revenue could stand to lose out on any tax due if Mr Whyte chooses to collapse the company. Mr Whyte is understood to be the club's main secured creditor via a floating charge over its assets. This would allow him to pursue other avenues such as receivership or pre-pack administration to satisfy the debts which the club owes him. These would involve transferring Rangers assets out to another company or companies to satisfy outstanding debts to the floating charge holder and leaving the club behind with the debt. In such scenarios, it would be likely that Rangers FC - formed in 1873 - would be formally wound up. 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted February 13, 2012 Share Posted February 13, 2012 He won't liquidate us for the reason Danny said and there is a chance for him to make some money on this deal I think. 0 Quote Link to post Share on other sites More sharing options...
way2go 0 Posted February 13, 2012 Share Posted February 13, 2012 Don't post on the site very often but I came on to get a balanced non hysterical view of what is going on. I believe this has been Whytes plan all along and perhaps there was no other option. Perhaps Whyte is the man to sort us out? I simply don't know. The coming days/weeks will be very interesting. Perhaps Whyte has put enough of our assets out of harms way to enable a phoenix company to be liquid and stable.. Today is a sad day 0 Quote Link to post Share on other sites More sharing options...
Craigy1881 79 Posted February 13, 2012 Share Posted February 13, 2012 Mr Whyte is understood to be the club's main secured creditor via a floating charge over its assets. This would allow him to pursue other avenues such as receivership or pre-pack administration to satisfy the debts which the club owes him. These would involve transferring Rangers assets out to another company or companies to satisfy outstanding debts to the floating charge holder and leaving the club behind with the debt. In such scenarios, it would be likely that Rangers FC - formed in 1873 - would be formally wound up. Wow that thought really depresses me 0 Quote Link to post Share on other sites More sharing options...
ascender 352 Posted February 13, 2012 Share Posted February 13, 2012 Whyte has always been quick to respond so we should see a statement soon. Where has the money gone though??? 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,354 Posted February 13, 2012 Share Posted February 13, 2012 Don't post on the site very often but I came on to get a balanced non hysterical view of what is going on.Today is a sad day I think I for one will struggle to give a non-hysterical view today, mate. 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted February 13, 2012 Share Posted February 13, 2012 (edited) How far ahead of a public announcement being made on the tax case would the relevant parties be informed? If this administration isn't even linked to that, then is there scope for even worse to come? Edited February 13, 2012 by caseyjones 0 Quote Link to post Share on other sites More sharing options...
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