pete 2,499 Posted July 24, 2017 Share Posted July 24, 2017 Rangers millions at risk after London firm targets cash from oldco AND newco Specialists Henderson & Jones take control of Wavetower and Sevco 5088 as the fallout from the Craig Whyte era takes another twist. Rangers could face multi-million- pound claims against their assets as the legal fall-out from the Craig Whyte era takes another twist. A specialist London-based firm have taken control of Wavetower, the company Whyte used to acquire Rangers, and Sevco 5088, who were due to be struck off the Register of Companies. It could signal bad news for both “oldco” and “newco” Rangers as Henderson & Jones specialise in buying legal claims and pursuing them through the courts. Wavetower and Sevco 5088 both believe they have strong claims on liquidated assets and for assets held by the so-called “newco”. Sevco 5088 are the firm ex-chief executive Charles Green used to acquire the club after Whyte’s disastrous ownership. Henderson & Jones say they have a “team of expert litigators and insolvency professionals”. Their website says: “Our combination of financial capital and in-house legal, insolvency and investigatory expertise mean we are well placed to robustly pursue litigation once a claim has been assigned to us. “Because our business is dedicated to running a portfolio of legal claims, we streamline the litigation process, helping insolvency practitioners recover their costs and enabling us to pass more money back to creditors.” H&J joined the board of Sevco 5088 in June. Days later, they were appointed directors of Wavetower, now re-named the Rangers FC Group – so both firms were secure on the Register of Companies. H&J also joined the board of Law Financial, who hold security over Sevco. All the companies are owned by the Worthington Group – who are in liquidation – and are therefore subsiduaries. H&J told the Sunday Herald they are working with Worthington’s liquidators Begbies Traynor to evaluate any claims the firms may have against “oldco” or “newco” Rangers. The firm said Whyte has no involvement with any of the companies who could claim against assets or cash. “Oldco” liquidators BDO are believed to hold around £30million in liquidated cash – making “oldco” a plumb target for creditors who lost out when Rangers went into liquidation. Wavetower’s claim is based on an argument that they should be first in the pecking order for assets – even ahead of HMRC – because they paid off the £18million debt to Lloyds Bank when Whyte took over Rangers in May 2011. The money was raised from London firm Ticketus, who bought up future Rangers season tickets. But rather than leave the club solvent, Whyte had the debt transferred to Wavetower – meaning Rangers had spent £18million for no return. The deal also gave Wavetower control of the floating charge against assets that Lloyds had previously had. BDO are now set to pursue around 80 named individuals who benefitted from the EBT tax-dodging scheme which brought Rangers to their knees. At the High Court in Glasgow last month, Whyte was cleared of taking over the club by fraud in May 2011. Rangers made no comment yesterday. 0 Quote Link to post Share on other sites More sharing options...
colinstein 294 Posted July 24, 2017 Share Posted July 24, 2017 the club was not acquired by sevco5088 but was bought by Sevco Scotland 0 Quote Link to post Share on other sites More sharing options...
Davie P 4 Posted July 24, 2017 Share Posted July 24, 2017 Would also have thought that any action would be brought against the administrators, Duff and Phelps, who disposed of the assets. No chance will anything be recoverable against the Newco. 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,273 Posted July 24, 2017 Share Posted July 24, 2017 How could Whyte(or any of his companies) possibly have any claim after the CVA got rejected and oldco got put in a liquidation process? 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,273 Posted July 24, 2017 Share Posted July 24, 2017 the club was not acquired by sevco5088 but was bought by Sevco Scotland More poor journalism 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted July 24, 2017 Share Posted July 24, 2017 More poor journalism That is not giving a shit sensationalism to sell newspapers. 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,273 Posted July 24, 2017 Share Posted July 24, 2017 is there a law on football or civil law that can link oldco debts to newco debts? The oldco has been liquidated so their is no chance in hell they will get any money? I assume BDO is insured to cover lost court case like the recent one. The oldco is in a liquidation process and will be so for years to come I'd suggest. Not liquidated yet. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted July 24, 2017 Share Posted July 24, 2017 The oldco is in a liquidation process and will be so for years to come I'd suggest. Not liquidated yet. Maybe now HMRC have won they would be willing to do a deal. Or has that shipped sailed with Whyte's aquittal. 0 Quote Link to post Share on other sites More sharing options...
colinstein 294 Posted July 24, 2017 Share Posted July 24, 2017 Would also have thought that any action would be brought against the administrators, Duff and Phelps, who disposed of the assets. No chance will anything be recoverable against the Newco. charges were made against the D&P guys but then dropped 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.