Adding in text are you? http://www.yorkshireeveningpost.co....out-of-leeds-united-court-challenge-1-2113182 Today, though, the Revenue confirmed it had formally withdrawn its challenge. However, it said it would continue to take all possible steps to secure a "fair return" on the 7.7m in tax and VAT it was owed when Leeds went into administration.
But not until they had ALREADY set up a newco you ignoramus. NB Newco = New Company - not Dev's wiki description
Agreed. BUT because the cva was eventually accepted the newco absorbed the oldco and the new co took on the past liabilities. It wasn't liquidated. Exactly as bill miller said he wanted to do with rangers to try and retain the history
Remember that dick head who came on the Celtic board and started this same Leeds United bollocks. The same **** is still at it elsewhere. Leeds United were able to agree a CVA with their creditors. Some creditors were unhappy, but the CVA was agreed and Leeds were afforded the opportunity to be sold as a going concern. And so it came to pass that Leeds United were sold as a going concern to new owners. The new owners undertook to meet the responsibilities as agreed by the previous owners. Tomorrow it will be confirmed that 75%+ of creditors believe that they will get the best return should Rangers cease to exist. They will then die.
Honest to ****, I just had a look over there. He is pretending to be delighted. He thought he was so clever and now his club is dead
Bacon and Ice Cream when the Rangers die http://www.dailymail.co.uk/news/art...month-promotion-fast-food-chain.html?ITO=1490
The newco bought all the oldco. As in a new owner, same as any change of owner. The old co were not liquidated and were absorbed in the new co. they are one and the same Rangers are selling part only and are liquidating the toxic part. The creditors are not being satisfied as thy were in leeds
The Leeds newco are also responsible to pay 30p in the pound more to the creditors should they make the epl within 10 years of the cva. So the newco have taken on the old cos debt responsibility, again taking the bad with the good, unlike rangers
Sometimes you just have to shake your head and wonder if it's really worth the effort explaining simple concepts to idiots. Medro will not listen and TC is too dense to know he's talking cack.
The drip drip of Newco has really done a number on most Bears I'll grant that. These people honestly think a club can just ditch upwards of a hundred million pound and nothing changes bar a slap on the wrist.
If I was that dense I'd need to use wiki to find out what "Newco" means, post it to prove a point, only to find out to my own embarrasment that it was a load of bollox Then I may use another wiki quote to quote that the Leeds case left "no loose ends" even though it has been the subject of several court cases and investigations since. Then I might persist in the futile argument that Leeds never started a newco prior to agreeing the CVA even though everyone else knows they did .
