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Big Rangers Administration/Liquidation Thread - All chat here!


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What is the craic regarding the accounts? Is Friday some sort of deadline for them with regards an AGM?

Debatable as to 21 days before agm, or 20 working days etc etc.

With the agm GOTTA be held by the end of the year, the holidays etc, Friday looks like cutting it fine.

After that? Tattie.

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The £300,000 Durrant and Kenny Clipboard are on is there basic salary. They also have the 100% promotion bonus which takes their earnings to around £600,000. £1.2 million pa for McCoists assts.!!

Granted that is outrageous money for "assisting" outside of top flight football in Scotland. However I still would be utterly astonished if Durrant took home more than Pardew in the last financial year.

Why did Chuckie give these guys such amazing contracts??

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Granted that is outrageous money for "assisting" outside of top flight football in Scotland. However I still would be utterly astonished if Durrant took home more than Pardew in the last financial year.

Why did Chuckie give these guys such amazing contracts??

Why did Mick give Pardew such a great contract?

*gambling debt....pals..,,,*

Ffs the kitman at ibrox almost gets as much as Pardew.

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Typical non-story from that shite rag. No evidence whatsoever to support that story.

Granted that is outrageous money for "assisting" outside of top flight football in Scotland. However I still would be utterly astonished if Durrant took home more than Pardew in the last financial year.

Why did Chuckie give these guys such amazing contracts??

Just because a company is losing money hand over fist, doesn't mean you can't personally make money out of it. So long as you don't care about the long term profitability of it. That is of course assuming the company is capable of generating a lot of revenue. Especially with some short term maneuvers . The likelihood is Chuckie didn't care, and was just trying to front load it. After all, he did draft out obscene contracts during his time at Sheffield Utd. To the point where their top player Dean Saunders tried to help them out, by suggesting he should only be on a one year deal. Due to the fact it may put the club under financial hardship if they failed to get promoted.

Edited by Fotbawmad
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Is it just me or is all this speculation about Burnley, AV, Everton, Newcastle and most likely Barcelona (next up :lol: ) just PR spin as Sevco try to offload their "starlet" for a ridiculous fee .... What's he done ... his mysterious and sudden 'inclusion' in the Scotland squad :lol: is the most blatant attempt to bolster his CV ever witnessed ...

All we are awaiting for, is the ridiculous assessment of his worth/value by Sevco ...

He looked wasted on the left wing on Saturday. I think he's got talent but similar to our youngsters last season I wonder if the teams style of play & role he's being asked to perform will damage his developement.

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He's looked good on the ball any time I have seen him play .. reminds me of Barry Ferguson a little bit to be honest. Hard to assess what he is really capable of in that team given the opposition and level ... hence I can't see anyone playing a large fee and taking a gamble.

Edit: There's no doubt they are trying to inflate the asking price though and make it appear he is in demand. Four premiership clubs chasing his signature?

I was thinking more Durrant (pre injury) myself.

Is a bit suss that but then again it's been fairly common for the SMSM to do the OF's bidding.

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Possible, but I doubt it will benefit their team going forward as the cash is being pished away on mediocre stars and a manager (edit: plus his flunkeys). Most of their fans recognise Macleod as someone to build their future team around given his correct role in midfield.

Does anyone (bar the fans) really care about the club going forward? As long as he's getting money out of the fans I'm not sure Ashley will be all that bothered about the actual team and whilst the owners/directors can still get cash out of the club I doubt they care much either.

They all know it won't go on forever so they are probably thinking in the short term.

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4hthh.png

]The disqualification of Craig Whyte, former director and indirect owner of Glasgow Rangers football club, for the maximum period of 15 years has recently hit the headlines. Although the circumstances of this case are rather extreme, there are lessons here for all directors in relation to fiduciary duties…
The proceedings to disqualify Mr Whyte were based on his conduct as director of The Rangers Football Club plc ("Rangers") and Tixway Limited ("Tixway"). In particular, with regard to Rangers, Mr Whyte:
•caused Rangers, for the purposes of facilitating his acquisition of the club, to enter into a ticketing agreement, securitising season tickets for three years in return for £24m, such sum then being used to repay debt which had funded Mr Whyte's own acquisition of Rangers. The ticketing agreement was for Mr Whyte's benefit, not Rangers', and therefore constituted a deliberate breach of his fiduciary duty as a director. There was a strongly arguable case that this amounted to unlawful financial assistance prohibited under the Companies Act 2006.
•deliberately and dishonestly concealed the ticketing agreement from other Rangers directors and held no board meetings, so making it impossible for the other directors to fulfil their own duties.
•When Rangers sold shares in Arsenal football club and the proceeds were held by a company of stockbrokers connected to Mr Whyte, he did not instruct the stockbrokers to transfer the sale proceeds to Rangers. The stockbrokers subsequently went into administration, resulting in a loss to Rangers of 50% of the sale proceeds.
•He failed to exercise certain rights which Rangers had against another company connected with him.
•Acting to the exclusion of the other Rangers directors, he caused Rangers to stop making payments to HMRC in respect of PAYE, national insurance contributions and VAT.
In relation to Tixway, which had gone into liquidation with a deficiency of liabilities over assets of around £3m, Mr Whyte:
•Failed to ensure that Tixway maintained adequate accounting records: information was so sparse the liquidator was unable to discover what business, if any, the company carried on. Bank statements suggested that some of the company's funds had been applied to meet Mr Whyte's personal expenditure.
•failed to fulfil his duty co-operate with the liquidator, making no substantive reply to requests for information.
In summary, the court concluded that Mr Whyte's conduct made him unfit to be concerned in the management of a company as Mr Whyte demonstrated "a reckless disregard for the company to which he owed fiduciary duties". Mr Whyte's conduct was characterised by a combination of dishonesty, wilful disregard for his duties to the companies to which he owed duties. Mr Whyte placed his own interests before those of the company and knowingly permitted the company to trade using money owed to HMRC. Mr Whyte failed to fulfil his duties as a director to maintain adequate records which then had a direct effect on the ability of creditors to establish claims. The effect of all of which was considered by the court to be quite out of the ordinary and serious matters.
In the light of that assessment, and the fact that Mr Whyte had previously been disqualified from acting as a director for a seven year period which "seemingly resulted in no improvement in his attitude to conduct as a company director", the court imposed the maximum period of disqualification of 15 years.
The court allowed the court documents to be amended to state that the present whereabouts of Mr Whyte were unknown in order to facilitate an application for the court order to be served, if necessary, on Mr Whyte by alternative means, such as by publication in the press. The case highlights that a director should not utilise funds that should be used to pay creditors of the company, that directors who deliberately or wilfully disregard their duties face the most severe penalties and that any such director can not avoid an order being served upon them by deliberately avoiding details of their whereabouts becoming known.
Hopefully few directors will demonstrate Mr Whyte's reckless disregard for the interests of the company to whom they owe fiduciary duties. However, directors should be aware that they are responsible for ensuring that adequate internal controls and systems are in place for monitoring compliance with any financial instruments entered into by a company. These cases provide a useful reminder to directors that they have responsibilities for ensuring that adequate accounting records are maintained, that the accounts function is properly supervised and that they are properly informed and have a full understanding of their company's financial position. The cases also show the importance of regular board meetings to enable directors to fulfil their duties.



http://www.mondaq.com/article.asp?articleid=355584&email_access=on

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I hope they do sell him as it will be a step backwards in terms of development ... I doubt they'll raise enough cash to replace him. It's not a forward thinking move ... it will be a knee jerk reaction to raise a little cash (extremely short sighted).

Lee Wallace is the only player in their squad of any worth, Lewis McLeod is untested at the highest level of Scottish football and there are many more promising youngsters at other clubs in the SPFL Premiership who are playing at a better level.

All this mince about McLeod being the best young talent in Scotland is just pure hype, yes at times he does show potential and at other times he is just non existent and only appears to shine when the opposition are of part timers in smaller clubs IMO.

Quite frankly Rangers will be very lucky to get a good price for any of their players as every club in Europe know they are desperate for cash and will only give well under valued offers to possibly buy a bargain. The results on the park from Rangers do not scream this is a quality side and their players are at the top of their game demanding inflated prices for their players.

Hearts could ask for more cash for their players than Rangers because their youngsters are performing well above peoples expectations since admin.

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Whats the 411 club

Read the Rangers v Hibernian thread in the Championship forum. :)

You will reach a point in the second half where Kincardine posted a pic showing there was 411 online in the match thread and posted "It's all about the Rangers" and not that it was all about Hibs pumping Sevco on their own patch.

I'm on the list in the pic and a certified member by name. :lol:

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