Administration Statement - Oldco goes into liquidation

[der Berliner 3,249]

Administration Statement

 

Wednesday, 17 October 2012 13:48

 

 

PAUL CLARK, of Duff and Phelps, joint administrator of RFC 2012 P.L.C (formerly The Rangers Football Club plc), issued the following statement today:

 

"Creditors have today given their approval for the Administrators to bring the administration process to an end and to place the company into liquidation.

 

"As a result, we as Administrators have instructed our legal team to prepare the necessary application for lodging in The Court of Session as a matter of urgency.

 

"Should the application be approved, then Malcolm Cohen and James Bernard Stephen of BDO will be appointed liquidators of RFC 2012 plc, and will undertake the process of liquidation of the 'oldco' company and the continued recovery of funds for creditors.

 

"This will not affect the current operations of The Rangers Football Club in any way as it is a completely separate entity.

 

"At this point, we would like to thank the many people, mainly the staff of Rangers Football Club, for their co-operation during a very difficult time for the Club.

 

"If it were not for them it would have been impossible for the club to continue functioning.

 

"As Administrators, our primary statutory function was to ensure Rangers continued as a business and this was achieved.

 

"Secondly, we were tasked to secure a buyer for the Club and this too was achieved. We are delighted that plans for the revitalisation of Rangers are now continuing with the new owners' intention to float the club on the AIM market.

 

"There has been widespread comment on the administration process but in reality the period 'oldco' Rangers has been in administration has been comparatively short.

 

"Our conduct of the Rangers administration has been the subject of intense public scrutiny and we are wholly satisfied it has been carried out the highest professional standards.

 

"We have co-operated fully with inquiries into our appointment by Lord Hodge at the Court of Session and the Insolvency Practitioners' Association."

 

So only in a few days the oldco (sic!) goes into liquidation and NOT as not least the BBC has it is already being liquidated.

 

Furthermore, you have it here on "black & white" by legal people that:

 

"This will not affect the current operations of The Rangers Football Club in any way as it is a completely separate entity.

 

Throw that at anyone in the media who claims that the club (sic!) was relaunched, refounded or whatnot.

[54andcounting 0]

So only in a few days the oldco (sic!) goes into liquidation and NOT as not least the BBC has it is already being liquidated.

 

Furthermore, you have it here on "black & white" by legal people that:"This will not affect the current operations of The Rangers Football Club in any way as it is a completely separate entity.

 

 

 

 

Throw that at anyone in the media who claims that the club (sic!) was relaunched, refounded or whatnot.

 

I'm stumped!

[EDGE 0]

The liquidation process can and probably will take years.

[the gunslinger 3,366]

isn't the cost of liquidation already fixed at about a million. as such I don't think it will be dragged out.

 

because of the court case final payouts etc may well take some time but they will be moving along as fast as possible.

[der Berliner 3,249]

I was under the impression that the oldco will not be liquidated until the last outstanding amount for e.g. Jelavic is being received?