North Rd 0 Posted June 12, 2012 Share Posted June 12, 2012 What worries me now is just how hard HMRC are going to be on our club. Will they allow Sevco to go down the Newco route or will their own liquidators sweep in an halt this procedure? 0 Quote Link to post Share on other sites More sharing options...
North Rd 0 Posted June 12, 2012 Share Posted June 12, 2012 This must be HMRC's plan all along. We're being made an extreme example that will stop clubs from stepping out of line for a long time to come. It's impossible to believe they were EVER interested in maximising the taxpayers' purse. Liquidation means that they will received virtually nothing when doing a deal a year ago could have raised them well over £30m more than they will get. I wouldn't be so angry about it if I could see it as justified but it is entrapment at best and shows that the UK has a very unjust tax system. Proud to be British? I'm pretty ashamed of it right now. Can see Salmond shouting UK Tax Office shuts Scottish Institution 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 12, 2012 Share Posted June 12, 2012 What worries me now is just how hard HMRC are going to be on our club. Will they allow Sevco to go down the Newco route or will their own liquidators sweep in an halt this procedure? I think their liquidators are indeed now in charge. 0 Quote Link to post Share on other sites More sharing options...
sairdy 0 Posted June 12, 2012 Author Share Posted June 12, 2012 CHARLES GREEN, who is leading a consortium to acquire Rangers Football Club, issued the following statement today. Mr Green said: "I am hugely disappointed by the decision of HMRC not to support the CVA proposal and that disappointment will be felt acutely by Rangers fans across the world. "Frankly, I do not see what benefit will be achieved by this decision. My consortium's offer for a CVA amounted to a total of £8.5 million. "Now that we will have to complete the purchase via the formation of a NewCo, the purchase price and therefore the amount available to creditors will be £5.5 million. "I can understand HMRC deciding that football clubs which do not pay their taxes need to be punished, but by effectively banning Rangers from Europe for three years all that will happen is that there will be less revenue generated by the Club and consequently less money paid over to the taxman. "Also, I do not believe that by opting to vote against the CVA proposal, HMRC will generate more cash by pursuing those they believe as responsible - but that is a matter for them. "I am particularly saddened by the fact that this decision will mean that small shareholders will lose their shares in The Rangers Football Club plc, something which we were trying to avoid happening. "We will be exploring ways for the 26,000 shareholders who have lost their shares to subscribe for shares in the new company. We expect to appoint a private client broker in due course to allow existing shareholders and fans to buy into the new company. "We will, however, examine how to address this with regard to shares in the new company. "The solemn promise I can make to Rangers fans today is that this Club will continue as Rangers Football Club and will continue to play at Ibrox Stadium. "We will be liaising with the football authorities at the earliest opportunity to establish our position regarding the SPL. "I, along with my investors who believe that Rangers can have a bright future, will fight tooth and nail to ensure the Club recovers from this catastrophic phase in its proud history. "The fans deserve better and we will work tirelessly to realise their ambitions. http://www.rangers.co.uk/news/football-news/article/2809113 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 12, 2012 Share Posted June 12, 2012 green can get to fuck if he thinks I am subscribing to shares in his newco. he can replace the shares that have been in my family for decades for free if he wants. oh and I've read his cva. his numbers in that statement aren't true. 0 Quote Link to post Share on other sites More sharing options...
Gers4Life 0 Posted June 12, 2012 Share Posted June 12, 2012 I had a feeling all along that it would be HMRC that would finally tighten the screws placed apon our coffin and so seems the case I'm distraught 0 Quote Link to post Share on other sites More sharing options...
sairdy 0 Posted June 12, 2012 Author Share Posted June 12, 2012 DUFF AND PHELPS, administrators of Rangers Football Club, issued the following statement today. Paul Clark, joint administrator, said today: "We have been informed by HMRC they will not support the proposal for a Company Voluntary Arrangement at the meeting of creditors on Thursday, June 14. "As a result of this decision, the Sale and Purchase Agreement in place with the consortium led by Charles Green will take effect and Rangers Football Club will continue within a new company structure. "The reasons HMRC have given to us for their decision to vote against the proposal are as follows. HMRC has cited its general policy of not agreeing to a CVA where there is strong evidence of non-compliance by a company with its tax liabilities. "HMRC had agreed to consider a CVA proposal along with all other options in the case of Rangers but having taken into consideration the extent of funds which will be made available to creditors through the CVA option, they have decided that it is not acceptable given The Rangers Football Club plc's level of indebtedness to HMRC. "It has also been made clear to us that other offers tendered for the Club, which took the form of a CVA, would have been treated in the same way and that the rejection is not a reflection of the Green consortium bid. "HMRC has taken the view that the public interest will be better served with the liquidation of The Rangers Football Club plc as a corporate entity. The Club will continue to operate as it has always done but within a new company structure. "HMRC consider that the decision will enable a liquidator to instigate a wider investigation into all of the financial affairs and management of the Club in recent years and to bring to task those they believe are responsible for its collapse. "Furthermore, HMRC believes there will be an enhanced recovery of funds for creditors by pursuing those individuals who they believe are responsible. "The consequence of the rejection of a CVA outcome is that sanctions will be applied to the Club by UEFA and that the Club will not be able to participate in Europe for three years and the new company will need the consent of the other SPL clubs to the transfer of the share in the SPL, in order for Rangers to continue playing in the SPL. "As we have always stated, administrators have a primary objective to ensure the survival of the company and in this case, this would have been achieved through a CVA. It was with HMRC's approval, that a proposal was placed before creditors for consideration. "However, it is the commercial view that the level offered within the CVA was not enough to merit departure from their normal policy of seeking a detailed investigation via a liquidator. "However, we have been left in no doubt by HMRC the fundamental reason for the rejection of the CVA proposal is the historical non-compliance with tax liabilities by the former owners and directors of the Club. "As we have stated previously, there is a binding contract between ourselves as administrators and Charles Green, who is leading a consortium to acquire the Club. "The creditors' and shareholders' meetings will take place at Ibrox on Thursday but the results of those meetings will now be entirely academic given HMRC's decision. "As soon as the CVA proposal is formally rejected, Mr Green's consortium will move towards completion of an acquisition of the business and assets of The Rangers Football Club plc. That transaction will be completed within a few days. "The sum payable to creditors will be £5.5 million, most of which has already been paid over to us by the Green consortium. "Over the coming months, we as administrators will continue to finalise the administration of the Club and we will work in conjunction with BDO who will undertake the liquidation process. "We would like to thank the staff and supporters at Rangers for their great determination and professionalism during a very difficult period for the Club. While the Club will continue to face difficulties in the short term, it will survive and continue to play at Ibrox." http://www.rangers.co.uk/news/football-news/article/2809126 0 Quote Link to post Share on other sites More sharing options...
Gribz 743 Posted June 12, 2012 Share Posted June 12, 2012 Pretty shocked TBH. What now on the footballing side of things? The other 11 have to vote to allow us to play in the SPL? What is the percentage needed for that? 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted June 12, 2012 Share Posted June 12, 2012 Pretty shocked TBH. What now on the footballing side of things? The other 11 have to vote to allow us to play in the SPL? What is the percentage needed for that? Think it's 7 to say yes. 0 Quote Link to post Share on other sites More sharing options...
North Rd 0 Posted June 12, 2012 Share Posted June 12, 2012 3rd Division it is then, other clubs will screw us further 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.