Big Rangers Administration/Liquidation Thread - All chat here!

[Jacksgranda]

Indeed too many unanswered questions that still need answering, not expecting this any time soon, still waiting on any of the court cases involving Shyte to start, this latest bit of paper to be released onto the Bralt looks like it has no bearing on it.

Did you get along to the Match on Saturday? excellent result, but you are still up against it.

Quite so.

[Henrik's tongue]

But presumably no advantage was gained on the field of play, that's the main thing.

[lodmoorhill]

Indeed too many unanswered questions that still need answering, not expecting this any time soon, still waiting on any of the court cases involving Shyte to start, this latest bit of paper to be released onto the Bralt looks like it has no bearing on it.

Did you get along to the Match on Saturday? excellent result, but you are still up against it.

If it was absolutely clear cut that Whyte has no claim on the assets via his involvement in Sevco 5088, or indeed, Whyte had no involvement with Sevco 5088 whatsoever, then I think that this would have been brushed aside long ago. That it is still ongoing seems to give mileage to Whyte's claims.

I would assume that talks between both sides are probably taking place at the moment, with a view to "paying off" Whyte to drop his claim on the assets. I doubt the full truth of this farce will ever come out, especially with reference to the murky role played by D & P.

The most shameful thing about the whole episode has been the silence and lack of action of any kind by the SFA. Can't say I'm particularly shocked by the lack of any leadership from that bunch of tossers, but surely Scottish football deserves better.

[stonedsailor]

There seems to be one or two wee paperwork mishaps emerging just now. I hope the new regime are not dyslexic too.

[AberdeenBud]

Sevco .

That is all.

[DoonTheSlope]

So Green denied Sevco 5088 was involved in the deidco asset purchase - despite Duff and Phelps putting it in the prospectus the exclusive deal was with Sevco 5088. Now they're claiming 5088 as a subsidiary of T'Rangers International Plc with Craig Whyte listed as a director. This surely has to be revoke the license time by the SFA. Orcs should have listened to Bomber and not that fool McCoist who is as guilty as Green for greed. The license has to be removed or it's another disgrace.

Edited April 22, 2013 by DoonTheSlope

[AberdeenBud]

News
Rangers claim control of firm in legal dispute with Craig Whyte
By Mike Farrell 22 April 2013 11:15 BST
Rangers: The club described Sevco 5088 as a ‘subsidiary’ of the parent company.© SNS Group

Rangers have claimed control of a company at the heart of a legal dispute with Craig Whyte.

In an announcement to the stock exchange on Monday, Sevco 5088 Limited is described as a “subsidiary” of Rangers International Football Club plc.

Mr Whyte claims the firm was established on his behalf last year and gives him a legal hold over Rangers’ assets, including Ibrox and Murray Park. He claims Charles Green was enlisted as a director of Sevco 5088 to act as a “front” for him in an attempt to regain control of Rangers, which Mr Green denies.

According to the AIM notification, Mr Green held a directorship in Sevco 5088 on December 7 last year, the day the AIM admission document was published.

Mr Green previously stated in an interview with STV that he had “handed back” the firm to Mr Whyte after the company was no longer needed once a company voluntary arrangement (CVA) was destined to fail. No documentation confirming Mr Green’s resignation from Sevco 5088 has been filed with Companies House.

According to the share issue prospectus published last December, Sevco 5088 was a “related party” to Rangers International, of which Mr Green was the “sole shareholder”. Mr Green said in a statement earlier this month that he “was the sole director of Sevco 5088 until he resigned and became the founder director of Sevco Scotland” which was incorporated on May 29 last year.

The retrospective directorate declaration to the exchange comes after Mr Green announced his intention to step down as Rangers chief executive with immediate effect on Friday, citing “negative publicity” surrounding his links to Mr Whyte.

It also emerged after former Rangers owner Mr Whyte instructed lawyers to contest the lodging of termination notices with Companies House for director appointments of himself and associate Aidan Earley with Sevco 5088.

The online documents were filed last week, after Mr Whyte confirmed he was seeking to use the company to seize control of the club’s assets. Mr Whyte is adamant the termination move was not made by himself or Mr Earley, while he has also stated that it does not alter his ownership or role as a director of Sevco 5088. The businessman’s lawyers have contacted Companies House over the lodging of the termination forms.

Documents

STV revealed documents were filed with Companies House which appeared to show Ibrox chief executive Mr Green’s signature on the Sevco 5088 directorships of Mr Whyte and Mr Earley on May 9, 2012. Days later, Sevco 5088 signed an exclusive agreement for the club’s assets with administrators Duff and Phelps, although they were eventually transferred to an unrelated entity, Sevco Scotland Limited.

The electronic forms filed last Tuesday stated that the directorships of the pair had been terminated on the same day they were appointed last year.

However, a spokesman for the former Rangers owner said: “Mr Whyte has noted the attempt to remove himself and Mr Earley as directors of Sevco 5088.

“Mr Green has publicly acknowledged that he resigned as a director and transferred the company some time ago. The Companies House record is not the legal determinant of who owns the company and who are directors. This issue will form part of the forthcoming legal case.”

Companies House said that only people with access to the online authorisation code for the company could have terminated the appointment, while it was unable to clarify who had lodged them. The e-forms relating to the moves do not name the individual behind them, while no signatures are present on the forms as they were submitted via the registrar’s website.

Sevco 5088

STV contacted Rangers and Mr Green for comment on the development, but they did not provide a response for publication. Mr Green is still listed as a Sevco 5088 director on the Companies House website and signed off on a proposal to dissolve the firm on December 27 last year, weeks after Mr Whyte sent him a letter warning of legal action. London legal firm Field Fisher Waterhouse, which established Sevco 5088 as an off-the-shelf company in March last year, declined to comment on the move.

The registered address of the firm was recently changed from Field Fisher Waterhouse’s Vine Street office to one in London’s Skyline Village, which is associated with Mr Whyte’s businesses. However, last Wednesday an e-filing with Companies House reverted it to lawyer’s office.

STV recently revealed that Mr Green admitted asking Mr Whyte for £25,000 to pay the legal fees of Field Fisher Waterhouse. The outgoing Rangers chief executive claimed the cheque bounced, however STV obtained proof to suggest that it cleared and the money was paid out of a business account associated with Mr Earley.

Rangers announced that they had instructed lawyers to respond to the claims of Mr Whyte and Mr Earley, while they also said they would be preparing a file to submit to Police Scotland in relation to the dispute. The club also informed the stock exchange in London that an independent inquiry into the conduct of Mr Green and Imran Ahmad was being carried out, days before the chief executive announced he was stepping down.

Last week Worthington Group plc, which has close links to Mr Whyte and Mr Earley, announced to the stock exchange that it would be funding the legal action against Rangers after receiving advice that it had a “prima facie case”. Mr Whyte has sold a 26% stake in his firm Law Financial Limited, which he claims owns Sevco 5088 as well as several other companies, under the £250,000 deal.

[bennett]

I must have missed some of this weeks back and you seem to be the "font of all knowledge".

Can you shed any light on what the final outcome of this little episode was, and what happened about the money demanded by the "whiter than white" far eastern loan sharks.

Obviously not or I wouldn't have been asking.

[wunfellaff]

Terminate them now SFA, stop the circus .

If they can sort out the mess, let them reapply in a few years time, if there is a vacancy.

[bennett]

Gimme green dots.

Edited April 22, 2013 by bennett

[WhiteRoseKillie]

Terminate them now SFA, stop the circus .

If they can sort out the mess, let them reapply in a few years time, if there is a vacancy.

For all yer green tinted goggles, wunf, you've got a point here. One of the punishments the original SFA tribunal could have hit them with was suspension of membership. Not only would that (probably) have satisfied a majority of fans, but it would have allowed them to get on with the clean slate they so clearly needed, without the unseemly and disorganised scramble to get the Tribute Act on the road soonest. Their club would still have died - they were a good way past saving by that point - but the new club could have got on with rebuilding at a sensible pace.

It would still have been possible to attract investment - they're not likely to stumble around in the lower leagues for long. The difference would have been the attraction of investors who were not just interested in a quick "in and out" as is so obviously the case with Charlie and Co.

[wunfellaff]

My fear is that it will be so entangled , they will get away with it again....

Bdo will never get a blow in because the assets will appear to be changing ownership every few months,so stop them functioning as sort it out.

Lol, a form of carousel fraud if you will, a complicated paper trail whilst avoiding the authorities .

[stonedsailor]

My fear is that it will be so entangled , they will get away with it again....

Bdo will never get a blow in because the assets will appear to be changing ownership every few months,so stop them functioning as sort it out.

Lol, a form of carousel fraud if you will, a complicated paper trail whilst avoiding the authorities .

We have Rangers for life, whichever version, I do not see why you fear anything. Rangers are up and running now. What would be the best thing that could happen for all parties is that the SFA come out with their first official announcement on contination and declare that the two clubs are seperate. That would allow Rangers to continue as a new entity with the legacy of old Rangers attached, in the same way that ICT have the legacies of Caley and Thistle attached to their legacy but seperate from the new club's achievements, everyone is a winner.

[WhiteRoseKillie]

We have Rangers for life, whichever version, I do not see why you fear anything. Rangers are up and running now. What would be the best thing that could happen for all parties is that the SFA come out with their first official announcement on contination and declare that the two clubs are seperate. That would allow Rangers to continue as a new entity with the legacy of old Rangers attached, in the same way that ICT have the legacies of Caley and Thistle attached to their legacy but seperate from the new club's achievements, everyone is a winner.

Do you have relatives running a glazier's business down Hampden way?

[No8.]

My fear is that it will be so entangled , they will get away with it again....

Bdo will never get a blow in because the assets will appear to be changing ownership every few months,so stop them functioning as sort it out.

Lol, a form of carousel fraud if you will, a complicated paper trail whilst avoiding the authorities .

Get away with what ya fucking looney tune? Rangers won the FTTT for using the LEGAL loophole.

Rangers have forced out a loud mouth over the top media whore CEO and have absolutely no case to answer. They can do what they want to Green and Whyte.

[wunfellaff]

Get away with what ya fucking looney tune? Rangers won the FTTT for using the LEGAL loophole.

Rangers have forced out a loud mouth over the top media whore CEO and have absolutely no case to answer. They can do what they want to Green and Whyte.

Trading whilst insolvent during an administration period for starters....plenty more.

And don't be too hasty re green and whyte, one of them still controls the assets, and thereby the club.

Muwahahahahaha.....

[NotfromFifehonest]

Indeed too many unanswered questions that still need answering, not expecting this any time soon, still waiting on any of the court cases involving Shyte to start, this latest bit of paper to be released onto the Bralt looks like it has no bearing on it.

Did you get along to the Match on Saturday? excellent result, but you are still up against it.

Ta for that and asking Tedster - me old ma ain't too well at the moment so had to go visit her in hospital instead............not sure if there's much difference between a hospital visit and seeing the car crash A&E patient that is the Fife at the mo!

[kildog]

Get away with what ya fucking looney tune? Rangers won the FTTT for using the LEGAL loophole.

Rangers have forced out a loud mouth over the top media whore CEO and have absolutely no case to answer. They can do what they want to Green and Whyte.

Nothing to see here people. Close the thread. No8. Has spoken...

[WhiteRoseKillie]

Get away with what ya fucking looney tune? Rangers won the FTTT for using the LEGAL loophole.

Rangers have forced out a loud mouth over the top media whore CEO and have absolutely no case to answer. They can do what they want to Green and Whyte.

FTTT result - under appeal. You do realise what the "F" stands for?

Charles Green - Heads a consortium which holds around 40% of shares (i.e. power) in the Holding Company. You know, where the IPO money is "resting"? (What's left of it, anyroad).

Craig Whyte - claims to have involvement with the takeover. A claim not yet convincingly denied by either Charles (quite the opposite, in fact) or rangers/rangers international/club/clumpany/Jabba.

Oh, and Ally's still manager.

[NotfromFifehonest]

Oh, and Ally's still manager.

Put the boot in while they're down again whydontcha