Jinty62

I am so bored waiting for the inevitable liquidation announcement - that I have noticed that this Big Rangers Administration Thread - is B.R.A.T. - which I think is fitting. Also if you google HMRC and Tax Avoidance there is some interesting reading regarding EBT's in Spotlight 5 Spotlight 5: Using trusts and similar entities to reward employees - PAYE and NICs, Corporation Tax and Inheritance Tax HMRC are aware that companies have been seeking to reward employees without operating PAYE (Pay As You Earn)/NICs (National Insurance contributions) by making payments through trusts and other intermediaries that favour the employees or their families. The arrangements usually seek to secure a Corporation Tax deduction, as if the amounts were earnings at the time they are allocated, and also defer PAYE/NICs or avoid them altogether.HMRC's view is that at the time the funds are allocated to the employee or his/her beneficiaries, those funds become earnings on which PAYE and NICs are due and should be accounted for by the employer.

I was told by an accountant of two EBT cases he knew of being "settled" - The issue was that the Companies had also claimed Corporation Tax Relief on the monies paid into the EBT - and HMRC said it's "one or the other" - so the Companies repaid the Corporation Tax and the cases were closed.

I can't believe I have just seen on Facebook...(Friend of a Friend I might add) "If we wurnae in Admin they need to gie's oor 10 points back" Jeez

Should have read this before posting stupid questions - apologies... In a moratorium no one can "knock the company over" without the leave of the Court. When the Court has effectively ratified the administrator's appointment this is unlikely! The Court will want to have as much information as possible to ensure that the application for Administration is correct and appropriate. Administration sale The company can enter administration to be sold. A typical scenario would be Company isunder severe pressure, creditors circling, possibility of legal action. Directors decided to take advice from KSA or a similar firm. A decision is taken to protect the business and to stop legal actions. The company is insolvent but there is a viable business. The company meets with KSA advisors, they draw up a report on the options available looking at CVA, Administrative Receivership, Administration, trade sale etc. The board believes that a sale could be achieved but the company needs to be protected. An administrator is appointed and he / she will then run the business for a period of say 1-2 weeks. In that time he markets the business under insolvency guidelines called Statement of Insolvency Practice 13, he must be seen to market the business for sale. He will obtain valuations from a professional valuer for all of the assets, goodwill and so on. In an agreed period the directors of "oldco" can buy the business provided the valuations are met and the administrator gets the best deal for the creditors. "Newco" has no debt, no creditor pressure, it can take on leases for example. General guidiline is that TUPE applies and therefore all employees rights move across to Newco. The oldco is then liquidated Och nooooo....

True but...if they did add the redundancy payments to players and staff to the list of debts - Then they may be immediately make themselves "trading while insolvent" (If they are not already) which is illegal?

I can't help wondering if the reason the Administrators are NOT making people and players redundant is that they would have to pay them redundancy and holiday pay and they don't have any money? I do apologise for keeping popping up on this fine and informative forum - I must declare my interest in the demise of Rangers is trying to find out the "Money trail" and work out "How the eff did they get away with it for so long?" I also have to admit I am one of the "Prawn Sandwich" football supporters and have no particular affiliation to any club - I just like football - however after a particularly vile "Corporate" experience at Ibrox - I am delighted at their torturous demise. I know (now) I was completely naive but really - Why, oh why would you put "suits" in the Copland Road Stand FFS? - Mr Sandy Jardine was not in the least bit apologetic when I complained

http://sport.stv.tv/football/scottish-premier/rangers/299894-qa-how-a-newco-can-enter-scottish-football/

Although nothing in this debacle seems to be going to the normal form - I am assuming that Dunfermline have been able to prove some sort of "Retention of Title" to the administrators - Most companies have this as a clause when supplying "goods" - It means that the ownership of the "goods" does not pass until the invoice is paid in full. Please correct me if I am wrong in my assumption.

My prediction is this after a lot of fafffing about and the loss of innocent jobs: The Liquidation of RFC and RFC are no longer liable for any debt to HMRC or anyone except the secured creditor (s). Mr Whyte is "owed" 18 million as the secured creditor Ibrox Stadium and Murray Park are valued at less than 18 million - Mr Whyte now owns Rangers "History" A "Blue Knight" then come along and rescues (buys) Rangers 'History" from Craig Whyte - I reckon about 30 million he's off to Monaco and Bobs your auntie...

Thank - You for asking but I am neither Thank EFF I help run a teeny weeny extremely small business - and I am just awestruck at the audacity of Mr Whyte and SDM

Is there anyone on here that runs their own business?