der Berliner 3,245 Posted June 12, 2015 Share Posted June 12, 2015 Three years ago the DR headline read ... Today, BDO (OldCo's liquidators) published their interim report. RFC 2012 P.L.C. (formerly The Rangers Football Club P.L.C., “the Company”) – In Liquidation Company Number: SC004276 http://www.bdo.co.uk/__data/assets/pdf_file/0008/1347695/RFC-progress-report-12-06-15-WEBSITE.pdf (Opens PDF file) It makes me far too sick reading and commenting on this today, so I snatched a few things from FF: Collyer Bristow Litigation We advised in our report of 13 November 2014 that the litigation commenced by the former Joint Administrators against Collyer Bristow (“CB”) (“the Part 7 Claim”) had been settled. The settlement sum has been received in full and is included on the attached summary of receipts and payments. Dividend Prospects The Joint Liquidators have virtually completed their adjudication process on creditors’ claims. This process has involved the review of thousands of claims, some of which are complex requiring further investigation and, in respect of certain claims, legal advice. The Joint Liquidators intend to make a distribution totalling in the region of £10 million to unsecured creditors by the end of July 2015. Sums equating to the dividend payment in respect of contingent claims, for example HMRC’s claim in respect of the Big Tax case, will require to be retained until the relevant claim can be made or is withdrawn. BDO LLP 12 June 2015 Our current estimate is that, once the relevant provisions are made, this will equate to an interim dividend of circa 6/7p in the £. • HMRC were granted leave to appeal in the Court of Session in Scotland in respect of the UTT decision and this matter will be heard over a four day period commencing on 7 July 2015. No date has yet been set for matters referred back to the FTT. So, basically, it looks like the oldco was solvent when Shyte deliberately trainwrecked it in collusion with Llambias, Cashley, Green at the other rats. Or am I misreading this?? + Stephenson Harwood - fees £6m - are they a legal firm? I can see now - We got £24m for Collyer Bristow and had to pay 25% of that to Stephenson Harwood. Jesus. + Since liquidation proceedings started we have collected £29m but paid out £11m - a net gain of £18m. Not quite sure what the figure owing excluding the big tax case was. I also suspect that subject to the alleged fraudsters awaiting trial that there may be more litigation and some more cash to come in. + Ignoring the big tax case we owed £55m according to Duff & Phelps. £25.3m to ticketus £7.7m debenture holders. Only leaves £22m owed elsewhere - well more than that has come in since and that's before you start looking at the money diverted from PAYE/VAT that Whyte used to finance his lifestyle and pay various parties. It's clear that had anyone other than Whyte came in (or any other shyster) we would never have been liquidated. + Pretty much could have cleared that by selling 4-5 players - if there was any need to clear it.. 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,258 Posted June 12, 2015 Share Posted June 12, 2015 What is now very apparent is that without the BTC the oldco was never insolvent. 0 Quote Link to post Share on other sites More sharing options...
trublusince1982 243 Posted June 12, 2015 Share Posted June 12, 2015 Could be some party on the 12th July! 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,258 Posted June 12, 2015 Share Posted June 12, 2015 (edited) Could be some party on the 12th July! Regards HMRC losing at the Court of Session ? Is the next stage not then the Court of Appeal? Assuming they go that far with this nonsense. They've lost. Just can't accept it in case the whole story then comes out Edited June 12, 2015 by RANGERRAB 0 Quote Link to post Share on other sites More sharing options...
trublusince1982 243 Posted June 12, 2015 Share Posted June 12, 2015 If they can appeal again that's two parties! At what stage if any can damages be sought by the oldco? 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,258 Posted June 12, 2015 Share Posted June 12, 2015 If they can appeal again that's two parties! At what stage if any can damages be sought by the oldco? Very interesting question indeed. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 12, 2015 Share Posted June 12, 2015 While thing was a con perpetrated by Whyte green and duff and Phelps. 0 Quote Link to post Share on other sites More sharing options...
Rangersitis 0 Posted June 12, 2015 Share Posted June 12, 2015 While thing was a con perpetrated by Whyte green and duff and Phelps. Exactly. The BTC wasn't even relevant in the club entering administration. That was down to a further £9m which had been deliberately withheld from HMRC. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted June 12, 2015 Share Posted June 12, 2015 Whole thing was a con perpetrated by Whyte green and duff and Phelps. I wouldn't rule Cashley out of the equation. 0 Quote Link to post Share on other sites More sharing options...
barca72 440 Posted June 12, 2015 Share Posted June 12, 2015 Exactly. The BTC wasn't even relevant in the club entering administration. That was down to a further £9m which had been deliberately withheld from HMRC. HMRC never really wanted Rangers. They were purely after Whyte. They looked upon Rangers as just another club who would survive and come back debt-free. They were always after Whyte. Read the Telegraph first, then read the trail in the Record. They wanted to nail Whyte and we were just so much colateral damage. http://www.telegraph.co.uk/sport/football/teams/rangers/9326562/Rangers-consigned-to-liquidation-with-HMRC-to-vote-against-Company-Voluntary-Arrangement.html "The tax authority forced Rangers into administration in February over millions of pounds of unpaid tax under Craig Whyte and could also pursue former owner Sir David Murray over a tax case, which could result in a £75million bill. A statement from the tax authority read: "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." http://www.dailyrecord.co.uk/sport/football/football-news/ex-rangers-owner-craig-whyte-being-3992415 0 Quote Link to post Share on other sites More sharing options...
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