I wonder who else Craigy boy has Jeremy Beadled. Watch out, Whytie's about Murray's probably keeking them.
The league have contingency plans in place if a link between Duff and Phelps and Whyte is established (conflicting). They've not revealed what that plan is. I'd imagine not only the league will be interested to hear what Whyte's said. It's like a comedy unfolding over again.
I haven't seen any meltdown. Quite a few beelin' Sevcovians, but no meltdown. Link me to a meltdown please. I love them.
The asset sale too is only likely to be affected by BDO alleging that the sale was at an undervalue and that, in terms of the Act, there has been a “gratuitous alienation”. If they make that allegation, then it is for the purchaser to establish that “adequate consideration” was paid, and not for the liquidators to prove there was an under-valued sale.
aye we've been acting like this all day because of a news story that broke 2 hours ago I blame the schools
Don't tell me there weren't rumblings about it on the other sites. Even I seen stuff on Twitter hours ago. Nice try though.
[FONT=Arial,Helvetica,Monaco]Gratuitous Alienation - A transfer of property by a debtor to another person for no consideration or for an inadequate consideration. Such alienations in the period up to 5 years prior to the date of sequestration are open to a statutory challenge by the permanent trustee; alienations outwith that period can only be challenged at common law.[/FONT]
Duff and phelps were appointed to get the best deal for the creditors. If its shown that they were conflicted and only acted in the interests of certain creditors (ticketus and white) then the sale etc could be reversed. This could mean that the assets, ibrox, murray park etc being frozen while the courts try to sort out the mess. Its rare for the sale etc to be reversed. It usually only happens in the case of gross misconduct, which this is starting to look like. All speculation at the moment though.
