the gunslinger 3,366 Posted August 15, 2012 Author Share Posted August 15, 2012 Not so gs. They could hypothetically (and using an extreme scenario) have zero cash but 100 million in assets and only 10 million in liabilities. They would still have a solvent balance sheet to the tune of 90 million. That wouldnt be considered insolvency but would rather show that they lack liquidity in their assets. true but inability to pay bills can lead to administration. I guess we were still solvent when we went into admin. at least on paper. the question is how long will it take them to pay and can they settle in full. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted August 15, 2012 Share Posted August 15, 2012 On the BBC Scotland Web Page Dundee United have confirmed that debts owed to the club from Rangers oldco have not yet been paid, contrary to claims from newco owner Charles Green. In a statement, United insist sums due from a Scottish Cup tie played at Ibrox last season remain unpaid and say the matter now rests with the Scottish football authorities. BBC Scotland has also learned Rapid Vienna are still owed for the sale of Nikica Jelavic, although the the next payment to the Austrian club is not due until the end of August. Continue reading the main story â?? Rangers do not owe other Scottish clubs a penny â? Charles Green on Monday Rangers oldco went into administration in February and filed for insolvency in July due to unpaid debts. A consortium, Sevco (Scotland) Ltd., led by businessman Green purchased the former company's assets and changed its name to The Rangers Football Club Ltd. The newco was granted a transfer of the oldco's Scottish Football Association licence with one of the conditions of membership being the payment of all football debts. On Monday, Green claimed all debts to Scottish clubs incurred by the company that formerly ran Rangers had been settled. The Ibrox chief executive told the Rangers website: "As of now, Rangers do not owe other Scottish clubs a penny." Domestically, Rangers owed: Hearts (£800,000), Dunfermline Athletic (£83,370), Celtic (£40,337) and Inverness Caledonian Thistle (£39,805). In a financial report produced by the oldco's administrators, Duff & Phelps, Dundee United were listed as being owed £65,981, however BBC Scotland has learned the amount is believed to be closer to £30,000. English clubs are also owed more than £700,000. This breaks down as: Manchester City (£328,248), Chelsea (£238,345) and Arsenal (£136,560). European clubs are also owed more than £1.6m, including Rapid Vienna (£1,011,763), St Etienne (£252,212), Palermo (£205,513) and Orebro (£150,000). On STV Site STV has obtained the wording of a letter believed to have been sent by the Scottish Premier League to Rangers on May 18, 2012. In the correspondence, the SPL agrees to meet a debt owed by Rangers to Dundee United, totaling just over £31,000, taken from competition money due to the Ibrox club for finishing second in the league in the 2011/12 season. The letter, from SPL secretary Iain Blair, read: "The Board of the Scottish Premier League Ltd considered the application by Dundee United that the outstanding sum due by Rangers to Dundee United of £31,031.20 be offset against the next sums due to Rangers by SPL Ltd, with the offset sum being paid to Dundee United. "The board decided to accede the application to Dundee United and accordingly the sum will be withheld from the next sum payable by the SPL Ltd to Rangers, and the sum will be paid by the SPL Ltd to Dundee United. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted August 15, 2012 Share Posted August 15, 2012 Wonder when BBC will change their story. 0 Quote Link to post Share on other sites More sharing options...
Blue Moon 1,114 Posted August 15, 2012 Share Posted August 15, 2012 Wonder when BBC will change their story. When there is a clearout of staff. Not before. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted August 15, 2012 Share Posted August 15, 2012 RANGERS Football club has today released the following statement. Rangers Chief Executive Charles Green said: “As previously stated, Rangers Football Club can confirm it has paid all outstanding debts to Scottish football clubs, in addition to agreeing to waive all claims to unpaid fees accrued last season, as part of the Five Party Agreement which was a condition of SFA membership. “A letter from the SPL to the Club - dated 18 May 2012 - stated ‘The Board decided to accede to the application of Dundee Utd and accordingly, the sum will be withheld from the next sum payable by the SPL Limited to Rangers and the sum will be paid by the SPL Limited to Dundee Utd.’ “Why the SPL have not paid Dundee Utd the outstanding sum as previously agreed is a question that they need to answer. "We wrote to Dundee Utd on Monday explaining the SPL had previously confirmed they would pay it. “I spoke to Stewart Regan and his solicitor this morning and provided them with copies of all relevant documentation.” 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted August 15, 2012 Share Posted August 15, 2012 They are disgraceful, the whole lot of them. 0 Quote Link to post Share on other sites More sharing options...
sannybear 0 Posted August 15, 2012 Share Posted August 15, 2012 Best laugh in ages - the twat Regan isn`t fit to run a sweetie shop ! . 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted August 15, 2012 Share Posted August 15, 2012 BBC not changed their story yet. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted August 15, 2012 Author Share Posted August 15, 2012 so the SPL screwed us out of last seasons prize money. disgraceful I wonder if creditors of the oldco can chase for it. 0 Quote Link to post Share on other sites More sharing options...
foggy dewhurst 0 Posted August 15, 2012 Share Posted August 15, 2012 so the SPL screwed us out of last seasons prize money. disgraceful I wonder if creditors of the oldco can chase for it. would be nice 0 Quote Link to post Share on other sites More sharing options...
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