Rangers FC Group liquidation suspended

[Steve1872 4]

off ff

Rangers FC Group liquidation suspended

 

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A move to liquidate Craig Whyte’s parent company that owns 'oldco' Rangers has been suspended.

 

The Registrar of Companies lodged its intention to dissolve Rangers FC Group Ltd last month.

 

It had made the decision as the company that owned an 85% stake in what was The Rangers Football Club plc had not been active or trading for twelve months.

 

However, the attempt to dissolve the parent company, which was formerly known as Wavetower, has been stopped after an "objection to the striking off has been received by the Registrar", a document lodged with Companies House has revealed.

 

It is unclear if Mr Whyte has lodged the objection to the striking off, while should the Registrar decide the action is once again raised by the registrar a further public notice will be published.

 

Rangers FC Group Ltd was used by Mr Whyte to take over The Rangers FC plc in May 2011, when he bought a majority stake in the club for £1 from Sir David Murray.

 

The company, which is registered in London, is currently the subject of litigation from club administrators Duff and Phelps, who are pursuing the businessman and his former lawyers Collyer Bristow for more than £25m.

 

Last week the Sevco consortium that purchased Rangers’ assets completed the name change of the club’s business operations. The newco’, formerly Sevco Scotland Ltd, has been changed to The Rangers Football Club Ltd, while the oldco, incorporated in 1899, has had its name changed to RFC 2012 Ltd.

 

Liberty Capital

 

The group company is wholly owned by Liberty Capital Limited, the British Virgin Islands registered business entity owned by Mr Whyte, which has stakes or links in the majority of his dealings.

 

Mr Whyte’s business associate Philip Betts was a director of the parent company, as well as of the oldco in the nine months before administrators were called in. Andrew Ellis, who subsequently claimed he was duped by Mr Whyte in his takeover of the Ibrox club, is the only other director of Rangers FC Group alongside the 41-year-old.

 

In March, Mr Whyte used the parent company in an attempt to strengthen his hold on the assets of the club through assigning a debenture to Liberty Corporate Ltd, a dormant company owned by him, of which his father Thomas Whyte is the sole director.

 

Liberty Corporate Ltd was granted a fixed and floating charge over Rangers FC Group, while it already had a floating charge over all of the assets of the club as a result of the purchase from Sir David.

 

The former Rangers owners' shares in the club did not come to have any bearing on the sale process as a company voluntary arrangement (CVA) deal with creditors was rejected last month, after HM Revenue and Customs found it contradicted their public policies on non-payment of taxes.

 

Subsequently, the assets of the club were sold to the Sevco consortium led by former Sheffield United chief executive Charles Green in a £5.5m deal, which also covered Duff and Phelps £2.8m legal fees.

 

Independent insolvency firm BDO will be appointed to liquidate the oldco at a future date, although so far no day has been set for this to take place. At the time of the asset sale in June, Duff and Phelps said they expected to remain in place as administrators for between six to ten weeks.

 

Ticketus

 

In a document released last month, the administrators confirmed there were "no provisions" within their power that would have resulted in Mr Whyte being compelled to deliver his shares to any prospective new owner, which contrasts with their claim during the bidding process that his position was "irrelevant". The administrators also revealed in the document that the legal battle among themselves, Mr Whyte and the lawyer who advised him on the takeover, Gary Withey, is not likely to reach English courts until late next year.

 

Originally, the case was scheduled to be held in October, but since then Mr Withey has applied to join the civil action against Mr Whyte, while Collyer Bristow has also lodged claims against him, as well as Liberty Capital and Merchant Turnaround plc – another company linked to the businessman who has not returned to Ibrox since administrators were appointed on February 14.

 

According to Duff and Phelps, the case is expected to go ahead in the summer or autumn of next year. London ticketing firm Ticketus are also pursuing Mr Whyte over the Rangers takeover. The businessman effectively funded his buyout using a £25.3m deal with the company for future Ibrox season ticket sales that he used to wipe out the club’s £18m debt to Lloyds Banking Group.

 

After a Court of Session ruling, the deal between the oldco and Ticketus was torn up by administrators because Lord Hodge found that they would be able to do so if it was in the overall interest of the creditors.

 

The Crown Office has previously confirmed it has ordered Strathclyde Police to pursue an investigation into alleged criminality surrounding Mr Whyte’s takeover of Rangers after they received documents from Duff and Phelps

 

http://local.stv.tv/glasgow/113970-move-to-liquidate-craig-whytes-rangers-oldco-parent-company-suspended/

Edited August 6, 2012 by Steve1872
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[Steve1872 4]

Allan David Martin‏@allanmartin63

 

@DEVILSADVOKAT it's being reported that liquidation of RFC Group has been suspended

 

12mGIOVANNI DI STEFANO‏@DEVILSADVOKAT

 

@allanmartin63 I have served notice want proper audit

[Bluedell 6,134]

12mGIOVANNI DI STEFANO‏@DEVILSADVOKAT

 

@allanmartin63 I have served notice want proper audit

 

I wonder who he thinks is going to pay for the audit?

[der Berliner 4,185]

Whyte? Dunno what exactly he is doing, but I hope he - in the name of all Rangers ex. shareholders - makes sure that BDO et al thoroughly roast Whyte and Co. over this.