aweebluesoandso 290 Posted February 14, 2012 Share Posted February 14, 2012 Maybe just wishful thinking on my part but watching that interview I thought CW looked as though he was becoming more confident. Its as if we are coming to the part that he actually knows something about and he's almost enjoying it, so he can show that he knew what he was doing all along. Then again, my heads up my arse with whats going on and I'm probably imagining it....... I think it was Wellington that said war is total confusion, but we British do confusion well. Well i think it's a similar case with administration/liquidation with Whtye. 0 Quote Link to post Share on other sites More sharing options...
Juancornetto 1 Posted February 14, 2012 Share Posted February 14, 2012 This is getting ugly...fast. Now talk of HMRC claiming we are insolvent and are trading illegally. Brace yourselves. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,187 Posted February 14, 2012 Author Share Posted February 14, 2012 Apparently we're going into administration today - regardless of HRMC outcome. 0 Quote Link to post Share on other sites More sharing options...
aftershock 0 Posted February 14, 2012 Share Posted February 14, 2012 FFS, not sure I can take this anymore. Getting really scared now, and I had just been feeling better! 0 Quote Link to post Share on other sites More sharing options...
54andcounting 0 Posted February 14, 2012 Share Posted February 14, 2012 Apparently we're going into administration today - regardless of HRMC outcome. The 'snowball' is getting bigger and BIGGER! 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,187 Posted February 14, 2012 Author Share Posted February 14, 2012 @stvlocal Lawyer for Rangers told court paperwork on its way to appoint administrators. HMRC questioned the validity of this move. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted February 14, 2012 Share Posted February 14, 2012 The latter bit seems to be the problem here. While all talk about administration, the actual implications of the various forms remain unclear. From what I gather from the Q and A, the threat of HMRC winding us up of their claim became lesser, as they have been placed as unsecured creditors. But that is just an assumption of mine too. dB, if there is no agreement to the HMRC debt i.e. HMRC agree to a only a portion of the debt rather than the 50+ mill being mooted, and if CW doesnt have the money to pay that debt..... then what other option is there aside from liquidation ? Lets remember here that administration will ring-fence the assets and liabilities of the club. Whilst CW is the preferred creditor that only secures HIS money on the club. It prevents, in admin, HMRC from obtaining and fire-selling club assets such as Murray Park and Ibrox - but.... and it is a big but.... they STILL would be owed their tax liability. Who is going to pay that if CW doesnt have the cash to do so ? I am no administration expert so the above is very much a guess on my part, and one to be taken with a large pinch of salt. One question that I just thought of.... we have been talking about the ticketus money, Jelavic sale, saved wages etc etc - and how the cashflows of the club dont make sense given all these savings and inflows..... could it be (the optimist in me here....) that CW has taken ownership of all those funds and stock-piled them in order to pay off the HMRC bill ? I guess where I am going with this is that, yes, we have bills to pay but we should have had a reasonable amount to cover those without the ticketus money. So CW takes the ticketus money on a 3 yr loan deal basis, banks the cash in reserve - then the HMRC bill hits, uses the ticketus money to clear that bill (admittedly it looks to be in excess of the 20-25 mill we received from ticketus) and we dont have that HMRC debt. Debt to HMRC cleared but still with a 3 yr loan to ticketus ? Not sure how valid that is but I would prefer to owe ticketus 24 mill over a 3 yr term (yes, things would be TOUGH for those 3 years but then things have already been tough for the last 10 years!!) but we would be out from under the cloud of HMRC on more of an even footing. Just some ramblings. 0 Quote Link to post Share on other sites More sharing options...
rbr 1,247 Posted February 14, 2012 Share Posted February 14, 2012 Craig why do we owe Ticketus anything , they were secured against another company not Rangers , they just become another creditor 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted February 14, 2012 Share Posted February 14, 2012 Craig why do we owe Ticketus anything , they were secured against another company not Rangers , they just become another creditor Good point. They would also fall in the same bucket as HMRC, unsecured creditors. So CW stockpiles their cash, then offers them pennies on the pound deal as unsecured creditors ? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,187 Posted February 14, 2012 Author Share Posted February 14, 2012 RFC now officially in administration 0 Quote Link to post Share on other sites More sharing options...
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