Ken Fitlike Posted March 16, 2016 Share Posted March 16, 2016 If he's as good at gardening as he is at managing football teams/clubs/companies, the mind boggles. 0 Quote Link to comment Share on other sites More sharing options...
xj2011 Posted March 16, 2016 Share Posted March 16, 2016 Liquidation news..... New blow for Rangers creditors as legal claim on £18m oldco liquidation pot is put on hold7:56pm Tuesday 15th March 2016 By Martin Williams A COMPANY previously linked to Craig Whyte has had its legal claim for the whole of the £18 million creditors payout pot of the liquidated Rangers plc put on hold because of the on-going club fraud case. The development will further delay payouts to creditors of the liquidated Rangers oldco. Rangers FC Group has previously lodged a defence at the Court of Session over its claim, rejected by oldco liquidators BDO, that it is owed up to £25 million. Rangers FC Group says it holds a security over the assets of Rangers oldco RFC 2012 plc. Rangers FC Group was formerly known as Wavetower, the company Mr Whyte used to buy Sir David Murray’s 85.3% stake in Rangers for a nominal £1 last May. The Court of Session claim, if successful, would make Rangers FC Group the only secured creditor and first in line ahead of HMRC, even if successful in the Rangers Big Tax Case. It could also earn Mr Whyte £6 million. The ongoing criminal case surrounds the 2010 acquisition of Rangers and the 2012 Sevco purchase of the club’s business and assets. A Scottish Courts spokesman said: "The case has been sisted until the end of the criminal proceedings." The Rangers FC Group, has taken over the claim from Law Financial Ltd, the company also previously linked to Mr Whyte. The Herald revealed last month that new documents show that LFL had now taken control of Rangers FC Group which claims to hold the security. Rangers FC Group says it holds the security over the assets reassigned to the company after an £18m bank debt was paid off as a condition of Mr Whyte's purchase of the club from Sir David Murray in May 2011. He raised funds by organising a deal to sell off three years of future season ticket rights to Ticketus activated when he became owner. The security over Rangers income and assets was originally set up in 1999 in favour of the Bank of Scotland in response to the club's ballooning debt figure. Mr Whyte, who presided over the Rangers oldco's plunge into administration in February, 2012, always insisted that the company he used to buy the club had inherited that security over the Ibrox outfit's assets. Documents showed that ultimate controllers of LFL and the action are the Worthington Group, an investment firm also once connected to Mr Whyte and who in October, 2014, said would continue to stake a legal claim over Rangers’ business and assets. Worthington Group plc, confirmed in filings two years ago, that when it had the option of purchasing a 100 per cent stake in LFL, it was obliged to pay Mr Whyte £1 million in unsecured convertible loan notes and one third of the proceeds of any assets, claims or rights owned by his companies. An interim £10 million payout to unsecured creditors of the in-liquidation oldco was due to have been made at the end of July to the tune of around seven pence, but has been held up because of the case. BDO has previously asked the court to dispense with any potentially time consuming and potentially expensive future hearings. The liquidators has also previously indicated to creditors that if the claim was pursued, as it has been, it could hold up payouts for some time. LFL is now owned by the Worthington Group, an investment firm also once connected to Mr Whyte and who in October last year said would continue to stake a legal claim over Rangers’ business and assets. Filings show that Craig Whyte is no longer a director of Rangers FC Group, and the four directors are Worthington Group executives Doug Ware and Richard Spurway, LFL and Liberty Corporate. Mr Whyte was a founding director of LFL, which claimed to have former Rangers newco Sevco 5088 as a subsidiary, but he stood down from the board in August, 2014. Worthington Group were approached for comment. Back © Copyright 2001-2016 Newsquest Media Group I don't know about you, but I find all the jargon and legal entity names very confusing Can someone translate this into plain English? Thanks in advance -1 Quote Link to comment Share on other sites More sharing options...
THE KING Posted March 16, 2016 Share Posted March 16, 2016 I don't know about you, but I find all the jargon and legal entity names very confusing Can someone translate this into plain English? Thanks in advance Don't know? It says Rangers were liquidated..must be all lies. 0 Quote Link to comment Share on other sites More sharing options...
williemillersmoustache Posted March 16, 2016 Share Posted March 16, 2016 I don't know about you, but I find all the jargon and legal entity names very confusing Can someone translate this into plain English? Thanks in advance Thanks to moonbeams knowingly selling Rangers(RIP) for quid to a crook, no creditor has received a penny and won't do until the criminal proceedings against Whyte, Green and the others is concluded. Apart from all the small creditors that fans have apparently forked out for and the football debt which Green / King eventually sorted out. What would be really helpful is if we could have a list of the 'small creditors' that were paid. That way we could judge if this is significant or not. Don't get me wrong the 20 quid bunged to the face painter and squaring the couple of hundred max spent on Weirs paperweight is commendable, but was that it? Clarification would be useful eh? 0 Quote Link to comment Share on other sites More sharing options...
xj2011 Posted March 16, 2016 Share Posted March 16, 2016 Thanks to moonbeams knowingly selling Rangers(RIP) for quid to a crook, no creditor has received a penny and won't do until the criminal proceedings against Whyte, Green and the others is concluded. Apart from all the small creditors that fans have apparently forked out for and the football debt which Green / King eventually sorted out. What would be really helpful is if we could have a list of the 'small creditors' that were paid. That way we could judge if this is significant or not. Don't get me wrong the 20 quid bunged to the face painter and squaring the couple of hundred max spent on Weirs paperweight is commendable, but was that it? Clarification would be useful eh? One must wonder how such a sale could of been allowed, given said crook's well documented past? For Rangers fans to dismiss DM in all of this as some innocent angel who knew nothing about the consequences is naive at best, neglectful at worst. And they wonder why we say they let their club die? 0 Quote Link to comment Share on other sites More sharing options...
Ned Nederlander Posted March 16, 2016 Share Posted March 16, 2016 Tedanory will be along shortly. He's currently trawling forums to find out what his opinion is. 0 Quote Link to comment Share on other sites More sharing options...
williemillersmoustache Posted March 16, 2016 Share Posted March 16, 2016 One must wonder how such a sale could of been allowed, given said crook's well documented past? For Rangers fans to dismiss DM in all of this as some innocent angel who knew nothing about the consequences is naive at best, neglectful at worst. And they wonder why we say they let their club die? Tbf a lot of them don't. They criticise him for putting the club into the hands of a total shyster. They are considerably less critical of him cheating the game though or for literally stealing the food out of the mouths of babes. What has been a glaring omission in all of this is that c**t being held to account. Make no mistake, the whole sorry saga rests squarely on his shoulders. 0 Quote Link to comment Share on other sites More sharing options...
xj2011 Posted March 16, 2016 Share Posted March 16, 2016 Tbf a lot of them don't. They criticise him for putting the club into the hands of a total shyster. They are considerably less critical of him cheating the game though or for literally stealing the food out of the mouths of babes. What has been a glaring omission in all of this is that c**t being held to account. Make no mistake, the whole sorry saga rests squarely on his shoulders. I guess proving that will be a lengthly and complicated process, which ultimately may never reveal the extent of things. What a mess which could probably have been avoided altogether had Rangers supporters took an interest in their old club, and asked valid questions throughout those years. Did any one of them do their homework into CW before he bought for £1? Or did they all just believe what the Daily Record fed them? Genuine question. 0 Quote Link to comment Share on other sites More sharing options...
strichener Posted March 16, 2016 Share Posted March 16, 2016 Ally McCoist lets the cat out of the bag "Our own club went into administration then liquidation. You get players turning up and they don't know if they're going to get paid. Link 0 Quote Link to comment Share on other sites More sharing options...
bennett Posted March 16, 2016 Share Posted March 16, 2016 That would be stupid. With the sports direct involvement it probably wouldn't sell well tbf. 0 Quote Link to comment Share on other sites More sharing options...
THE KING Posted March 16, 2016 Share Posted March 16, 2016 He's currently trawling forums to find out what his opinion is.or collecting awards.. -1 Quote Link to comment Share on other sites More sharing options...
THE KING Posted March 16, 2016 Share Posted March 16, 2016 Can someone nip round to TEDIs and see if he is still alive? He's not posted for 48hrs...he must be banned or dead. 0 Quote Link to comment Share on other sites More sharing options...
Ned Nederlander Posted March 16, 2016 Share Posted March 16, 2016 Can someone nip round to TEDIs and see if he is still alive? He's not posted for 48hrs...he must be banned or dead. I found him ... he's living rent free in your head. 0 Quote Link to comment Share on other sites More sharing options...
xj2011 Posted March 16, 2016 Share Posted March 16, 2016 Quite interesting to note how this thread practically died after this morning's post -1 Quote Link to comment Share on other sites More sharing options...
Romeo Posted March 17, 2016 Share Posted March 17, 2016 So Ally has confirmed what everyone else was telling the berz. Not nice of him considering the million of £'s he fucked off with. 0 Quote Link to comment Share on other sites More sharing options...
stonedsailor Posted March 17, 2016 Share Posted March 17, 2016 (edited) So Ally has confirmed what everyone else was telling the berz. Not nice of him considering the million of £'s he fucked off with. Have I missed a story?Never mind. Found it. Edited March 17, 2016 by stonedsailor 0 Quote Link to comment Share on other sites More sharing options...
Guest Flash Posted March 17, 2016 Share Posted March 17, 2016 I see the proposal in the budget that any EBT type loans which haven't been repaid by April 2019 will be taxed. And if the company liable for the tax can't pay it, the individual employees will have to stump up. https://www.gov.uk/government/publications/tackling-disguised-remuneration-avoidance-schemes-overview-of-changes-and-technical-note/technical-note Example 5 in chapter 5 and chapter 6 for the second bit. 0 Quote Link to comment Share on other sites More sharing options...
killingfloorman Posted March 17, 2016 Share Posted March 17, 2016 Because they bought the club How can you 'buy' something that has no legal form or shape (according to the bears)? 0 Quote Link to comment Share on other sites More sharing options...
The DA Posted March 17, 2016 Share Posted March 17, 2016 How can you 'buy' something that has no legal form or shape (according to the bears)? That's worth repeating. 0 Quote Link to comment Share on other sites More sharing options...
stonedsailor Posted March 17, 2016 Share Posted March 17, 2016 How can you 'buy' something that has no legal form or shape (according to the bears)? That's worth repeating. I think you are correct. 0 Quote Link to comment Share on other sites More sharing options...
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