Then Rangers have nothing to worry about. Fair enough, if only those 50,000 fans had not held up those red cards yesterday in protest against liquidation as an option, the poor saps, no one told them that's their BEST option because they can retain their history. No one knows apart from Mitre and Club 9. Sounds reasonable.
"Creditors argue that disclosure means they get a better deal. But Elizabeth Taylor, a partner in the insolvency team at Darbys Solicitors, says: ‘There is this presumption on the part of creditors that there is some stitch-up and that, by giving notice, somehow there is going to be a higher price paid for the assets. Nine times out 10, a pre-pack is all about preserving the goodwill. If you suddenly start advertising to the world that the business is bust, that there is going to be a pre-pack, potentially it’s likely to result in there being no offers for the business and the goodwill being lost.’ " See. http://www.lawgazette.co.uk/features/pre-pack-administrations-rule-changes-face-trouble
[video=youtube;9l7QDP60_xw]http://www.youtube.com/watch?feature=player_embedded&v=9l7QDP60_xw#![/video]
WTF is a pre-pack CVA? That makes no sense at all. A pre-pack is a way of moving a business out of a failing company, liquidating the old company and maintaining the continuity of the company WITHOUT the use of a CVA.
What I meant to ask was: you're not talking about a pre-pack are you? I'll be ****ed if I'm reading through 7 pages.
No worries mate, I wont be pedantic, im sure you have a killer hangover after your party! (See im not all bad) I am talking about a pre-pack, you can pre-pack out of a liquidation scenario. When a winding up order is served, the company assets are put up for sale, once they are sold then the company is declaired 'Liquidated'. The assets (the club) can be bought prior to the company being declared liquidated and pre-packed to a NewCo. As soon as the business (note: this is different fromt he company) is sold, the club is then safe.
Well, remember you dont get off scott free. You get banned for europe for 3 years, potentially costing up to £45m in revenue. You get docked domestic league points. The company directors will probably be struck off.
I think Mitre is stretching a wee bit if he is going to quote Liz Taylor, sure she would be better known with divorce settlements and how to get the best out of her man. I think mitre should explain where is this good will that he talks about. I thought Rangers and good will had separated long ago without any chance of reconciliation.
If you wont listen to us (even though we have pointed you towards the goverenments websites on the law etc) then surely you can listen to ally mccoist and the bidders when they say they want to go down the cva route and avoid liquidation.
I can point to websites about law as well. The problem is the ones you have pointed to have no relevence in this case! Yes the CVA is the best way out of it I agree, but like both the bidders and the administrators have said, there are otherways of retaining the history.
Well that confirms it you aint got a clue, if you think the insolvency act 1986 has got **** all to do with administration and liquidation.
Why do you care so much about your history? Regardless of what happens, if you go into liquidation and start as a newco the Rangers fans will claim that it's a continuation of your club from 1872-2012 whether it's true or not. To everyone else, especially the Celtic fans, you will be a new company and will take every opportunity to remind you of that fact.
My turn to rephrase! The act you pointed to does not contradict my argument! Oh and for the record, was that link you posted for Scottish Law or English Law? Or did it happen to be applicable over both systems?
Why is this madness still going on? When Rangers are Liquidated will a new entity have to apply for a position in the SPL or SFL that Rangers would otherwise have had?
