Administrators Press Conference 16.02.2012, 3.45 pm - Live on STV

[Bears 0]

Also the fact they've only been in the door a matter of hours. they've obviously put a shift in

[Juancornetto 1]

Monies were paid to a parent company I think. I think someone asked if that money was secured on club assets and they confirmed that it wasnt.

 

So if the money was provided to some other company and not secured on club assets then I cant see how it would be a debt of the club.

 

So in simple terms, it's not Rangers problem. This is the key issue and obviously the one the media were more concerned with, so if that's the case I'm not concerned in the slightest. If CW has borrowed the money and secured it then it's his problem but also for the first time shows me that he or at least one of his companies has something invested in this.

[Juancornetto 1]

Monies were paid to a parent company I think. I think someone asked if that money was secured on club assets and they confirmed that it wasnt.

 

So if the money was provided to some other company and not secured on club assets then I cant see how it would be a debt of the club.

 

So in simple terms, it's not Rangers problem. This is the key issue and obviously the one the media were more concerned with, so if that's the case I'm not concerned in the slightest. If CW has borrowed the money and secured it then it's his problem but also for the first time shows me that he or at least one of his companies has something invested in this.

[Ergatrude 0]

Regarding PAYE they said everything was paid into one account & that there wasnt enough money to pay it as it was used as a funding tool. Not sure whether to take that as deliberately not paying it or it being similar to the last DD to come out your account when you have had a shite wage. Im assuming it was a conscious decision.

[way2go 0]

Really interesting that the first tier tax case can be negotiated prior to the judgement

[Bluedell 5,356]

They believe that they will be able to get the big tax case included in the administration process (not worded particularly well by me) - effectively they said that whilst they dont know either the outcome nor the quantum of the big tax case they CAN discuss it with HMRC in trying to pull it into the administration in the event that we have a liability to pay.

What possible incentive would HMRC have to allow the big tax case to be brought into this administration process?

 

It's concerning that they can only try and pull it in.Wwhat happens if they don't succeed? Do we go through this whole process again in a couple of month's time and get hit with yet another (bigger) penalty?

[Juancornetto 1]

What possible incentive would HMRC have to allow the big tax case to be brought into this administration process?

 

It's concerning that they can only try and pull it in.Wwhat happens if they don't succeed? Do we go through this whole process again in a couple of month's time and get hit with yet another (bigger) penalty?

 

We'll still be in this process in a couple of months time. Hope not but the end of March deadline is a pipedream at the moment.

[Bluedell 5,356]

So in simple terms, it's not Rangers problem. This is the key issue and obviously the one the media were more concerned with, so if that's the case I'm not concerned in the slightest. If CW has borrowed the money and secured it then it's his problem but also for the first time shows me that he or at least one of his companies has something invested in this.

 

That would be the ideal situation but I doubt that is the case. The club will likely end up being liable for it. It'll be Whyte as a Rangers director, on behalf of the club that would have committed the club to the debt but just asked Ticketus to pay it into another account.

 

Highly suspect and there may be an argument against Ticketus but it'll end up being us that have to pay. Why else would Whyte lie to us and say that the cash went into our bank account? Hope I'm wrong though.

[Bluedell 5,356]

We'll still be in this process in a couple of months time. Hope not but the end of March deadline is a pipedream at the moment.

 

Agreed. It's going to take a while for them to do their investigation and identify all creditors. They probably have to give a couple of weeks notice for any creditors meeting etc.. HMRC probably won't move quickly on this either. I just can't see any way that a 31/3 deadline will be met.

[pete 2,499]

Thanks very much for the updates Blue Mazza.