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Rangers Creditors Win £24m Settlement from Law Firm


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Along with the UTT appeal rumours, I'd fancy a few people will not be sitting comfortably over the coming monhts...

 

http://www.followfollow.com/news/tmnw/rangers_creditors_win_24m_settlement_from_law_firm_836024/index.shtml

 

I hear that the liquidator's claim brought against Collyer Bristow has been settled as of yesterday.

 

Further, it is now likely that criminal proceedings will follow.

 

The total amounts to a £24m settlement to creditors less liquidators costs.

 

Settlement covers the following: Breach of undertaking, breach of trust, deceit/conspiracy, admin and liquidation costs, claimant's costs, interest.

 

Around £15m of that will likely be attributed to the breach of undertaking by the law firm.

 

This represents an impressive recovery for creditors.

 

The settlement would appear to confirm the belief that the Oldco was the victim of a criminal conspiracy.

 

Had the prima facie evidence available to all of us at the time been accepted by the governing bodies – from the Murray arrangement with Lloyds and the reality that the huge ‘debt’ being floated as a fact was closer to myth than reality (and, bondholders aside, almost entirely a matter of Whyte’s dealings with Ticketus and lack of short-term engagement with the tax process) – then much hurt and suffering would have been avoided.

 

Messrs Withey and Whyte will not have enjoyed their breakfast today.

 

More no doubt to follow in the days to come.

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http://www.followfollow.com/news/tmnw/rangers_creditors_win_24m_settlement_from_law_firm_836024/index.shtml

 

 

Further, it is now likely that criminal proceedings will follow.

The total amounts to a £24m settlement to creditors less liquidators costs.

Settlement covers the following: Breach of undertaking, breach of trust, deceit/conspiracy, admin and liquidation costs, claimant's costs, interest.

Around £15m of that will likely be attributed to the breach of undertaking by the law firm.

This represents an impressive recovery for creditors.

The settlement would appear to confirm the belief that the Oldco was the victim of a criminal conspiracy.

Had the prima facie evidence available to all of us at the time been accepted by the governing bodies – from the Murray arrangement with Lloyds and the reality that the huge ‘debt’ being floated as a fact was closer to myth than reality (and, bondholders aside, almost entirely a matter of Whyte’s dealings with Ticketus and lack of short-term engagement with the tax process) – then much hurt and suffering would have been avoided.

Messrs Withey and Whyte will not have enjoyed their breakfast today.

More no doubt to follow in the days to come.

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one poster on FF

 

It's highly unlikely the liquidation would stop. Any monies recouped would pay of creditors any left after that would go to shareholders.

I have been informed that the law firm will probably go for administration shortly and the monies may never be recouped.

One big stitch up from day one.

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Along with the UTT appeal rumours, I'd fancy a few people will not be sitting comfortably over the coming monhts...

 

http://www.followfollow.com/news/tmnw/rangers_creditors_win_24m_settlement_from_law_firm_836024/index.shtml

 

The SFL may be wishing they formed a new company rather than maintaining the same one at the merger.

 

They are wide open to the victims of crime here, their own rules stipulate that quite clearly. Should be squeaky bum time indeed.

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The SFL may be wishing they formed a new company rather than maintaining the same one at the merger.

 

They are wide open to the victims of crime here, their own rules stipulate that quite clearly. Should be squeaky bum time indeed.

 

I hope you are right DT, but do our board have the nous or even care to try to go for those who kicked us when we need help, who refused to even consider for a minute that we might not be hospital & school-shutters, and who messed up Scottish football for a generation just to spite the club they were most jealous of.

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I hope you are right DT, but do our board have the nous or even care to try to go for those who kicked us when we need help, who refused to even consider for a minute that we might not be hospital & school-shutters, and who messed up Scottish football for a generation just to spite the club they were most jealous of.

 

Maybe the RFFF can be put to good use after all!

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I hope you are right DT, but do our board have the nous or even care to try to go for those who kicked us when we need help, who refused to even consider for a minute that we might not be hospital & school-shutters, and who messed up Scottish football for a generation just to spite the club they were most jealous of.

 

Not sure if it is legally to do with our current board. It was oldco so perhaps up to BDO and they certainly seem to know what they are doing so far.

 

Depends on the conditions around the SFA playing licence / transfer thereof etc. I remember reading the rules at the time but would need to look at the terms of playing licence etc to see where the ball sits.

 

I would certainly be more hopeful if it is up to BDO to fight the case though. They may even have funds to go after compensation now lol.

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Spot on Ian. It was for legal challenges to protect our name, titles etc.

 

If there is any chance that the SPFL can be held accountable for damages (or even our money back that they withheld, fines etc), we would love to be able to go after them, and using the RFFF money would be a good shout, given that the club itself cant afford anything but Directors bonuses.

 

Also, the RFFF was holding back to ensure that, should the unthinkable happen and the UTT go against us, we knew Celtic (the SPFL) were going to come after our titles again and we were keeping the money to fight it. Now that it appears this has finally went the way it should have, and it now has to be accepted that we didnt financially cheat during any title winning period, this money should now be free to be used somewhere else.

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Incredible result by BDO if this is true.

 

If Whyte hadn't been allowed to appoint Duff & Phelps as administrators and we had gotten BDO appointed instead, they would have made a much better job of our administration.

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