forlanssister 3,050 Posted July 25, 2014 Share Posted July 25, 2014 Other than HMRC(who are owed the PAYE and NI Whyte didn't pay plus the small tax case which Whyte was supposed to pay but didn't) who are these creditors? There are no football debts as these were paid by newco as a condition of the licence being transferred. Ticketus aren't a creditor as Lord Glennie only granted them personal contractual rights hence their pursuit of Whyte thro' the courts down south. Don't forget too the RFFF paid off a number of small debts too. As a rough guess I'd say HMRC are owed circa £16m. Are D&P and BDO getting the rest of this £24m? £7m worth of debentures for a start. 0 Quote Link to post Share on other sites More sharing options...
jhunter 0 Posted July 25, 2014 Share Posted July 25, 2014 Does anyone agree with me here - without the BTC the oldco was never insolvent Absolutely , the whole thing was a stitch up. 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,254 Posted July 25, 2014 Share Posted July 25, 2014 £7m worth of debentures for a start. Surely irrelevant if the oldco hadn't been put into liquidation process. Oldco would still exist and they'd still be valid 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted July 25, 2014 Share Posted July 25, 2014 Surely irrelevant if the oldco hadn't been put into liquidation process. Oldco would still exist and they'd still be valid They were a debt owed by oldco to the bond holders no if's or but's will change that. Lord Hodge stated that the Ticketus debt did not rank above ordinary creditors effectively making them ordinary creditors at the time, Lord Glennie had nothing to do with the administration his ruling was in regards to the SFA's transfer ban. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted July 25, 2014 Share Posted July 25, 2014 Does anyone agree with me here - without the BTC the oldco was never insolvent whyte bought us to make us insolvent before buying us back debt free. if we weren't, we sure would have been he would have made sure of it. 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,254 Posted July 25, 2014 Share Posted July 25, 2014 whyte bought us to make us insolvent before buying us back debt free. if we weren't, we sure would have been he would have made sure of it. I don't think we'll ever know what Whyte's plan was if he ever had one in the first place. I'd always thought that had a CVA been agreed he'd have sold Rangers debt free to someone for a reasonably modest fee and been seen as some sort of saviour but it never worked out after it became apparent what he'd been up to since he took over. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted July 25, 2014 Share Posted July 25, 2014 I don't think we'll ever know what Whyte's plan was if he ever had one in the first place.I'd always thought that had a CVA been agreed he'd have sold Rangers debt free to someone for a reasonably modest fee and been seen as some sort of saviour but it never worked out after it became apparent what he'd been up to since he took over. he would have retained ibrox and given the club to the rst to run making himself a couple of million a year for a quid. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted July 27, 2014 Share Posted July 27, 2014 Ticketus aren't a creditor as Lord Glennie only granted them personal contractual rights hence their pursuit of Whyte thro' the courts down south. ? What's your source for that? Surely the fact that Ticketus pursued Whyte's personal guarantee doesn't preclude Ticketus from being a creditor? 0 Quote Link to post Share on other sites More sharing options...
Ser Barristan Selmy 222 Posted July 27, 2014 Share Posted July 27, 2014 he would have retained ibrox and given the club to the rst to run making himself a couple of million a year for a quid. How do you know this? 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted July 27, 2014 Share Posted July 27, 2014 How do you know this? He as good as said it himself. 0 Quote Link to post Share on other sites More sharing options...
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