JTP 0 Posted November 17, 2014 Share Posted November 17, 2014 We have been properly gang raped haven't we ............. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,148 Posted November 17, 2014 Author Share Posted November 17, 2014 Ellis also threatened to sue and could it even be Whyte trying to cover his personal guarantee to Ticketus? Media reports from 2012 suggest Ellis was going to sue Whyte personally. Whyte/Green litigation reports suggest anything from £8.5-50million... 0 Quote Link to post Share on other sites More sharing options...
Dragonfly Trumpeter 50 Posted November 17, 2014 Share Posted November 17, 2014 Including Bondholders? Bondholders are unsecured creditors also. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted November 17, 2014 Share Posted November 17, 2014 football debts that have all been repaid are all in there to. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,240 Posted November 18, 2014 Share Posted November 18, 2014 I snatched the BDO view on the EBT stuff from their report, as it is rather concise: 5. EBTAs previously reported to creditors, HMRC appealed the First Tier Tribunal (“FTT”) decision in respect of the EBT Scheme previously operated by the Company, commonly known as the “Big Tax” case. The Big Tax case represents c£72m of the £94m claim submitted by HMRC in the Liquidation proceedings, and may therefore have a material impact on the dividend payble to unsecured creditors. Following an Upper Tier Tribunal (“UTT”) hearing over a ten day period commencing on 24 February 2013, a final decision was handed down on 8 July 2014. The decision can be summarised as follows: The UTT referred a small number of discrete issues back to the FTT for consideration, on the basis that the UTT did not consider that the original FTT decision addressed matters concerning (i) the issue of whether termination and bonus payments were taxable, and (ii) whether the “grossing up” applied by HMRC (which effectively increased the value of its claims) was correct. Other than in respect of the FTT issues identified above, the UTT dismissed HMRC’s appeal. However, HMRC had one month from the date of the decision to seek leave for appeal. HMRC subsequently sought leave to appeal the UTT decision. Following representations by all parties, the UTT provided consent on one of HMRC’s grounds of appeal. The UTT further agreed that HMRC could appeal to the Court of Session in Scotland, despite Counsel’s arguments that the appeal should be heard in the English Court of Appeal. Following receipt of Counsel’s updated opinion following the UTT proceedings, the Joint Liquidators remain of the view that the Company’s position in respect of the EBT claim is robust, and intend to be represented at both the FTT and the Court of Session hearings. To date, the cost to the Liquidation of participating in the EBT proceedings has been minimal, with the costs being funded by a third party. Going forward, the third party has asked for the Liquidation estate to make a contribution to the future costs of the process. Having liaised with the Committee, we are now seeking to agree an apportionment of costs acceptable to both parties. Based on current information, the Joint Liquidators anticipate that both hearings will likely be heard in the early part of 2015. To those of us with a better insight in these matters, what is up next and what sort of outcome is still possible. I take it that the next port of call ist the/a Court of Session (Scotland), but what sort of decision might they still come up with? 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,240 Posted November 18, 2014 Share Posted November 18, 2014 Rangers liquidators claw back £24m from lawyers who acted for Craig Whyte during his 2011 takeover at Ibrox Nov 18, 2014 09:03- By Stephen Stewart BDO, the liquidators of the oldco Rangers had launched a claim against Collyer Bristow for more than £50million but came to a settlement out of court. RANGERS ’ liquidators last night confirmed they have clawed back a £24million payment from lawyers who acted for Craig Whyte when he bought the club in 2011. BDO, the liquidators of the oldco Rangers , launched a claim against Collyer Bristow for more than £50million. But the law firm agreed to settle the matter out of court for £24million. The Record’s Keith Jackson revealed in July that the final sum of £24million had already been agreed. BDO also asked administrators Duff & Phelps for “detailed explanations regarding certain aspects of the strategy implemented by them”. In their statement, BDO said: “The joint liquidators are now able to advise that, following protracted negotiations subsequent to a mediation in June of this year, a settlement of the Part 7 claim has been concluded with Collyer Bristow. “The joint liquidators consider that the settlement represents an excellent outcome for the creditors of the liquidation estate.” In July, Jackson wrote: “BDO launched a claim against Collyer Bristow believed to be in excess of £50million. “It is understood insurers for Collyer Bristow have chosen to negotiate a settlement. “There are claims that a final sum of £24million has already been agreed.” BDO liquidators are investigating the books to determine whether further repayment can be made to creditors and to pursue outstanding debts. ... it would be interesting to see the current debt figure with all clawed-back money deducted. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,148 Posted November 18, 2014 Author Share Posted November 18, 2014 Interesting post from user enigma on FF worth sharing: 've just phoned and asked them (BDO) mate,Absolutely no chance it's being reversed as it's too late now,But the chap did say at the time if someone came in and cleared the debt we wouldn't have went into liquidation. Also said D&P made an absolute arse of going after Collyer Bristow and the reason the BDO had to pursue them. Dave King also isn't a creditor as he's not a trade creditor. Didn't also realise that Ticketus are still pursuing Rangers oldco for their money,Something to do with Whyte had the charge over the money but the money still went to Rangers.... Still don't understand this part. All very confusing. 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,255 Posted November 18, 2014 Share Posted November 18, 2014 Interesting post from user enigma on FF worth sharing: So just what is the £20m directors debt then? Clearing what debt would have prevented liquidation? the bogus HMRC EBT debt? 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted November 18, 2014 Share Posted November 18, 2014 we would have had to repay the 24 million to hmrc and the 27 to ticketus plus maybe 5-10 million other debts. but we would have in a proper administration have had players worth decent money to put towards that. what we should have done is remained in admin while realising assets raising cash and paying off debts. but that was not what whyte/green wanted. 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted November 18, 2014 Share Posted November 18, 2014 How bloody ironic there's more money belonging to the oldco with the liquidators , than there is money with the newco now. You couldn't make that up. 0 Quote Link to post Share on other sites More sharing options...
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