Guest Dummiesoot Posted October 31, 2012 Share Posted October 31, 2012 The BBC take on it: A court will be asked later to approve moves for the former Rangers Football Club to be handed to liquidators. Duff and Phelps took over running of the club when it entered administration on 14 February over unpaid tax bills. Earlier this month, the administrators said the club's creditors had approved an end to the administration. Duff and Phelps is seeking formal approval at the Court of Session in Edinburgh, paving the way for the appointment of BDO as liquidators. The petition is due to be heard before Lord Hodge on Wednesday morning. The old club, which was formed in 1872, was forced into administration by HM Revenue and Customs (HMRC) in February, over non-payment of tax totalling about £14m. 'Potential investigation' HMRC subsequently blocked a proposal for a CVA (creditors agreement), which would have allowed the old club to continue by paying creditors a fraction of what was owed. Rejecting the CVA in June, HMRC said: "A liquidation provides the best opportunity to protect taxpayers, by allowing the potential investigation and pursuit of possible claims against those responsible for the company's financial affairs in recent years." Following this decision, Duff and Phelps oversaw a sale of assets for £5.5m to the Charles Green-led Sevco consortium. Shareholders in the old Rangers then gave their approval for Sevco to change its name to The Rangers Football Club Limited. The former club, which remained in administration, has since been known as RFC 2012. The Scottish Football Association later approved the transfer of the licence held by the old club to the new club started by Mr Green's consortium. It has since started life in the Scottish Third Division. http://www.bbc.co.uk/news/uk-scotlan...-west-20141946 more old club rubbish why cant bbc tell the truth the club still exists only holding company liquidated. 0 Quote Link to post Share on other sites More sharing options...
frost 0 Posted October 31, 2012 Share Posted October 31, 2012 You're trying to pull my chain aren't you?............. Looks like Mark Daly must have "mispoken" on Newsnight the other week if the BBC have to be served with a court order. I suspect Lord Hodge is unimpressed with the whole sorry saga not just today's proceedings. Not at all fact is always preferable to chain pulling. The noble Lord is far from impressed by Duff & Phelps tardy late presentation of error strewn documentation, their QC Wolff is drowning in a sea of disbelieving stares from our noble Lord, is getting very interesting with ticketus having reserved their options. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted October 31, 2012 Share Posted October 31, 2012 BBC Scotland allegations of a conflict of interest by Rangers administrators Duff and Phelps are to be examined at the Court of Session. Lord Hodge has asked to see the BBC reports and may seek a court order to get hold of the evidence behind them. Administrator Duff and Phelps is seeking the judge's permission to end its role and hand over to liquidators. The process is being held up by a last-minute challenge from Collyer Bristow, former lawyers to Craig Whyte. The law firm, which is also one of the creditors of the old Rangers, is being sued for about £25m damages by Duff and Phelps over its role in Mr Whyte's takeover of the club last year. Ticketus deal The administrators are seeking to retrieve money, alleging conspiracy and breach of undertakings. A hearing at the Court of Session on Wednesday has gone into detail about the administration process. Continue reading the main story â?? Start Quote There may be a good answer to these allegations, but allegations are being ventilated which call into question the probity of proceedingsâ? Lord Hodge Judge In June, Lord Hodge asked for a report into BBC allegations that Duff and Phelps had a conflict of interest, as one partner of the firm knew about the controversial Ticketus deal to use advance sales of season tickets to pay off the club's debt to Lloyds bank. More evidence that Duff and Phelps was aware of the funding deal at an early stage was broadcast by BBC Scotland last week, including excerpts of a secretly-recorded conversation. Lord Hodge said: "I have asked the BBC to provide me with a DVD of their allegations in May and October and may be requesting them to give a transcript of the entire telephone conversation so that I can see it in context. "I may have to make a court order and if I do, I will give the BBC a chance to be represented. "There may be a good answer to these allegations, but allegations are being ventilated which call into question the probity of proceedings." It also emerged during the court hearing that the administrators have £1.7m in cash. Meanwhile, the means of agreeing their £3.1m bill for fees and expenses has been questioned by Lord Hodge. The process of winding up administration is being further complicated by legal action in English courts against Collyer Bristow by Duff and Phelps and by others. The case continues into Wednesday afternoon. 0 Quote Link to post Share on other sites More sharing options...
Steve1872 4 Posted October 31, 2012 Share Posted October 31, 2012 Lawyers trying to block wind-up of #Rangers administration tell court £2m extra outlays only revealed this month, and not to all creditors Oldco #Rangers administrators took £2.5m fee from funds without proper permission, court told. It 'rectified' this later. 0 Quote Link to post Share on other sites More sharing options...
Steve1872 4 Posted October 31, 2012 Share Posted October 31, 2012 GIOVANNI DI STEFANO@DEVILSADVOKAT YES Lord Hodge will now ADMIT the Craig Whyte tape as evidence...I wanted him to be heard but this is better...I was right DP took 2m+.. without proper authority...the stuff is now all coming out...I also heard from DA Office in New York...DP investigated YESSSSSSSSSSSS 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted October 31, 2012 Share Posted October 31, 2012 Clark and Whitehouse will have trouble blami.g grier for that. 0 Quote Link to post Share on other sites More sharing options...
Steve1872 4 Posted October 31, 2012 Share Posted October 31, 2012 Lord Hodge approves winding up of oldco #Rangers, RFC 2012 plc - out of administration and into liquidation 0 Quote Link to post Share on other sites More sharing options...
Steve1872 4 Posted October 31, 2012 Share Posted October 31, 2012 Colleyer Bristow wanted a delay so D&P could provide a report to the court about allegations on conflict of interest. This was rejected. The liquidators are the partners of BDO and take over with immediate effect. #Rangers 0 Quote Link to post Share on other sites More sharing options...
Steve1872 4 Posted October 31, 2012 Share Posted October 31, 2012 Lord Hodge also fixed a date for a hearing to impose an order for a transcript from the BBC. #Rangers Although D&P are no longer administrators they have not been dispensed of liability. #Rangers 0 Quote Link to post Share on other sites More sharing options...
Steve1872 4 Posted October 31, 2012 Share Posted October 31, 2012 D&P have also promised they still recognise the court has "residual powers" when it comes to certain allegations. #Rangers Lord Hodge is letting the IPA investigate claims against D&P and he'll then look at their report. #Rangers 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.