Guest John From Uddingston Posted May 12, 2012 Share Posted May 12, 2012 D&P are here to try and rescue the business too Craig. Well, they're supposed to be..... How right you are 0 Quote Link to post Share on other sites More sharing options...
craig 5,195 Posted May 12, 2012 Share Posted May 12, 2012 D&P are here to try and rescue the business too Craig. Well, they're supposed to be..... Their primary concern is to obtain as much for the creditors. For the administrators the survival of the club is, sadly, not much more than a bonus. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted May 12, 2012 Share Posted May 12, 2012 Their primary concern is to obtain as much for the creditors. For the administrators the survival of the club is, sadly, not much more than a bonus. Lifted straight out of the Insolvency Act Craig: Purpose of administration 3 (1) The administrator of a company must perform his functions with the objective of— (a)rescuing the company as a going concern, or (b)achieving a better result for the company’s creditors as a whole than would be likely if the company were wound up (without first being in administration), or ©realising property in order to make a distribution to one or more secured or preferential creditors. So according to that, the primary objective of the administrators should be to rescue the company. Duff & Phelps haven't performed that primary objective properly to date IMHO, although I'm not an expert, so I may well be totally wrong. 0 Quote Link to post Share on other sites More sharing options...
craig 5,195 Posted May 12, 2012 Share Posted May 12, 2012 Lifted straight out of the Insolvency Act Craig: So according to that, the primary objective of the administrators should be to rescue the company. Duff & Phelps haven't performed that primary objective properly to date IMHO, although I'm not an expert, so I may well be totally wrong. Not convinced you are correct Zappa. Whilst rescuing the company is listed first that list does not suggest it is in order of priority - it is simplay a OR b OR c - It isnt a case of a or failing that b or failing that c. In order to retain it as a going concern you need the creditors to approve a CVA - so you need to satisfy the creditors foremost or you end up in liquidation anyway given we are insolvent. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted May 12, 2012 Share Posted May 12, 2012 Not convinced you are correct Zappa. Whilst rescuing the company is listed first that list does not suggest it is in order of priority - it is simplay a OR b OR c - It isnt a case of a or failing that b or failing that c. In order to retain it as a going concern you need the creditors to approve a CVA - so you need to satisfy the creditors foremost or you end up in liquidation anyway given we are insolvent. It's a bit of a grey area actually, but I do believe that I'm correct regarding what their primary objective is supposed to be. Clark and Whitehouse have said themselves on numerous occassions (especially in the first month of administration) that their primary objective was to save Rangers Football Club. However! Clark and Whitehouse have changed direction more times than the Scottish wind in the past 3 months. They have continually contradicted themselves and while one day they've said their primary objective was to save the club, the next day they've said it was to secure the best deal for the creditors. Result = Total incompetence. 0 Quote Link to post Share on other sites More sharing options...
54andcounting 0 Posted May 12, 2012 Share Posted May 12, 2012 D&P are doing all they can in their position, seems no-one is coming in to complete the job. Like Zappa say's 'I'm no expert' but to me it looks like no-one is coming in to complete the job. 0 Quote Link to post Share on other sites More sharing options...
Guest El Dalto Posted May 13, 2012 Share Posted May 13, 2012 I would like TBK's to take over the club but they simply are not coming up with the money. I won't be doing anything to put of a bid of someone who is coming up with the money, time has just about ran out and we dint have time for another Blue Knights bid to fall short of what is required. Duff and Phelps have told the Blue Knights what money is required and it doesn't look like the money is there to match that amount. 0 Quote Link to post Share on other sites More sharing options...
foggy dewhurst 0 Posted May 13, 2012 Share Posted May 13, 2012 as someone said in the pub last night duff and phelps are not hear to save rangers but to get the best deal for the creditors. 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted May 13, 2012 Share Posted May 13, 2012 Charles Green and Freddy Shepherd were both hated by Sheffield United and Newcastle fans respectively, Kenny Shepherd was up to his neck in the Boumsong transfer and Paul Stretford is a gangster with heavy connections. Looking good so far. 0 Quote Link to post Share on other sites More sharing options...
3909 04 0 Posted May 13, 2012 Share Posted May 13, 2012 Charles Green and Freddy Shepherd were both hated by Sheffield United and Newcastle fans respectively, Kenny Shepherd was up to his neck in the Boumsong transfer and Paul Stretford is a gangster with heavy connections. Looking good so far. Brian Kennedy is hated by Stockport County fans, who feel he used them to get a bigger ground for his rugby team before dumping them. Paul Murray did an amazing job at Rangers, though. He was able to reduce the club's debt while being kept completely in the dark about the finances. When details of the dual contracts and dodgy bonus scheme emerged, he blamed his boss. That's the type of leadership we need. Yep, the OP is right. It's TBK or no-one for us!! C'mon D&P, ignore your professional duties and hand those keys to Paul Murray. 0 Quote Link to post Share on other sites More sharing options...
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