BlueMazza 0 Posted March 23, 2012 Share Posted March 23, 2012 This has just been tweeted by Evening Times journalist. Matthew Lindsay @MattLindsayET Reply RetweetedRetweet Delete FavoritedFavorite · Close Open Details Just spoke to one of Scotland's top insolvency practitioners. A Rangers fan, he feels it is "inconceivable" the club will avoid liquidation. Without detailed - and I mean detailed - knowledge of the goings on in Ibrox, I can't take that seriously. It's a theory really. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted March 23, 2012 Share Posted March 23, 2012 Without detailed - and I mean detailed - knowledge of the goings on in Ibrox, I can't take that seriously. It's a theory really. It is, but as Lindsay says 'an informed opinion'. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted March 23, 2012 Share Posted March 23, 2012 In his decision, Lord Hodge noted: "I am informed that the expected income flow from the sale of the season tickets is likely to represent about 60% of the cash flow of Rangers in those seasons. "Accordingly, the sale of that income flow is likely to have a significant effect on what interested parties may bid for the majority shareholding in Rangers or for that company's business and assets." The judge noted on Friday that "An administrator would not be acting in breach of his duty to the company if he refused to perform a contract having acted reasonably to satisfy himself that the continued performance of the contract (i) would impede his achievement of the objectives of the administration and (ii) was not in the interests of the company's creditors as a body." However, Lord Hodge felt that if the administrators could establish reasonable grounds for ripping up the Ticketus contract, they would most likely need "legal justification" to do so. The judge also found: "I am satisfied that I cannot give the original direction which the administrators have sought without further information about the relevant circumstances of the administration and the administrators' proposals in the light of their discussions with interested parties." Lord Hodge also addressed the status of the Ticketus deal should Rangers go into liquidation. He stated "as a general rule" if a company sought a court order to enforce a contract with a firm in liquidation, "it should refuse to do so because the company could not perform or because such an order would conflict with the statutory duties of the liquidator." 0 Quote Link to post Share on other sites More sharing options...
johnnyk 158 Posted March 23, 2012 Share Posted March 23, 2012 Chris McLaughlin@BBCchrismclaugReply #Rangers administrators believe today's news from court states they have final say on whether the Ticketus deal is honoured Rangers administrators statement due soon. They appear pleased by today's judgement 0 Quote Link to post Share on other sites More sharing options...
johnnyk 158 Posted March 23, 2012 Share Posted March 23, 2012 David Hillier (@DavidHillier) News reports that Ticketus won case are completely wrong. Judge ruling is that he could not provide clarity on case because of lack of information. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,283 Posted March 23, 2012 Share Posted March 23, 2012 DUnno, I have a gut feeling that with Ticketus on their side, the BK's may be chosen as preferred bidders and HMRC will be more likely to underwrite a CVA. For they know that Rangers have a rather strong backer who will look after himself and can - if required - pay for any money owed to HMRC et al after a CVA. Just a gut feeling. That said, who knows what those bidders will offer who did not want to bow out with the Ticketus deal still standing? IMHO, people are very quick to throw the word liquidation into the bargain, it seems. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted March 23, 2012 Share Posted March 23, 2012 Chris McLaughlin @BBCchrismclaug Reply RetweetedRetweet Delete FavoritedFavorite · Close Open Details #Rangers administrators statement due soon. They appear pleased by today's judgement 0 Quote Link to post Share on other sites More sharing options...
johnnyk 158 Posted March 23, 2012 Share Posted March 23, 2012 DUFF and Phelps, the administrators of Rangers Football Club, have given their reaction to the decisions made today by Lord Hodge at the Court of Session in Edinburgh Paul Clark, joint administrator, said: "We welcome the decisions announced by Lord Hodge today and view them as a significant step towards clarifying the future for Rangers Football Club. "Lord Hodge has made it clear that the Ticketus arrangements do not mean Ticketus has property or real rights over seats at the stadium or, indeed, the proceeds from the sale of future season tickets. "Lord Hodge has stated Ticketus has what are known as contractual rights, essentially a contract between the Club and themselves. It is clear from the judgement that, as administrators, we have the statutory right and powers to have the company (the Club) refuse to honour the Ticketus arrangements if such a decision would be in the interests of creditors generally. "Lord Hodge has also referred to the various applications we made to the court. Initially, we did ask for guidance on the immediate termination of the Ticketus contract. We fully accept this guidance could not be given without disclosing the details of bids for the Club in open court. "This would most certainly not have been in the interests of creditors or the football club, particularly since the party which were subject to the legal proceedings also have an active interest in a bid for the Club. "We note the request from Ticketus following today's judgement for matters to be brought to a conclusion as soon as is possible in relation to the sale of the Club. We couldn't agree more. "However, a number of competing bids have been submitted to purchase the Club and the bid that will ultimately be successful will be the one that is in the best interests of the creditors and the business. "To date, our discussions with bidders have been very constructive and we will continue these discussions with all parties, including the consortium in which Ticketus is involved, in an effort to achieve a successful outcome. "We intend to create a shortlist of bids at the earliest opportunity and have no doubt today's decision will have a significant bearing on the proposals put forward by bidders to date." 0 Quote Link to post Share on other sites More sharing options...
Craigy1881 79 Posted March 23, 2012 Share Posted March 23, 2012 This is important i think Lord Hodge declined to grant Ticketus, which is backing the Blue Knights consortium to take over the club, preferential treatment as creditors under English law. The judge also confirmed that "in Scots insolvency law, a contracting party who has paid in advance for an asset does not thereby acquire an equitable right in the thing and is treated as an unsecured creditor." 0 Quote Link to post Share on other sites More sharing options...
bluebear54 0 Posted March 23, 2012 Share Posted March 23, 2012 (edited) There are better informed posters on here than me, but the things I'm reading make me think this is good news (in a relative kind of way, if you know what I mean!) Edited March 23, 2012 by bluebear54 0 Quote Link to post Share on other sites More sharing options...
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