I had a case of premature zombaculation....... TODAY IS THE DAY!! Liquidators are to be appointed to oversee the winding up of Rangers oldco as a "matter of urgency". Administrators Duff and Phelps confirmed creditors had approved the end of their term at RFC 2012 plc, which was formerly The Rangers Football Club plc. On Wednesday, the insolvency firm said it would now put forward a winding up application to the Court of Session to make way for the appointment of neutral practitioners BDO, which will be put in place at the insisitence of Rangers’ biggest creditor, HM Revenue and Customs. Duff and Phelps, formerly MCR, was initially involved with former oldco Rangers owner Craig Whyte on his attempt to takeover the club, which he completed in May last year. The firm was called in as administrators at Ibrox in February this year after the club had run up debts of up to £134m, including a tax bill of £94.4m, according to Duff and Phelps’ final report to the hundreds owed money by Rangers. Joint administrator Paul Clark said: "Creditors have today given their approval for the Administrators to bring the administration process to an end and to place the company into liquidation. As a result, we as administrators have instructed our legal team to prepare the necessary application for lodging in the Court of Session as a matter of urgency. "Should the application be approved, then Malcolm Cohen and James Bernard Stephen of BDO will be appointed liquidators of RFC 2012 plc, and will undertake the process of liquidation of the 'oldco' company and the continued recovery of funds for creditors. This will not affect the current operations of The Rangers Football Club in any way as it is a completely separate entity."
Does it mean that when the bastards are really liquidated that the players are owned by the SFA. If we apply for a prospectus can we go on the pitch at Ibrox and dig up a sod. Like we are on our way to own the thing.
Douglas Fraser ‏@BBCDouglsFraser On my way to the Court of Session in Edinburgh, expecting to witness oldco #Rangers liquidated Retweeted by Mark Daly Expand Reply Retweet Favorite
31 October 2012 Last updated at 04:08 Share this pageEmail Print Share this page 29ShareFacebookTwitter.Duff and Phelps seek end to 'old Rangers' administration Rangers was forced into administration over unpaid tax bills Continue reading the main story Related Stories Duff and Phelps in 'lying' claims Gers deal talks 'were recorded' Whyte makes Ticketus deal claims A court will be asked later to approve moves for the former Rangers Football Club to be handed to liquidators. Duff and Phelps took over running of the club when it entered administration on 14 February over unpaid tax bills. Earlier this month, the administrators said the club's creditors had approved an end to the administration. Duff and Phelps is seeking formal approval at the Court of Session in Edinburgh, paving the way for the appointment of BDO as liquidators. The petition is due to be heard before Lord Hodge on Wednesday morning. The old club, which was formed in 1872, was forced into administration by HM Revenue and Customs (HMRC) in February, over non-payment of tax totalling about £14m. 'Potential investigation' HMRC subsequently blocked a proposal for a CVA (creditors agreement), which would have allowed the old club to continue by paying creditors a fraction of what was owed. Rejecting the CVA in June, HMRC said: "A liquidation provides the best opportunity to protect taxpayers, by allowing the potential investigation and pursuit of possible claims against those responsible for the company's financial affairs in recent years." Following this decision, Duff and Phelps oversaw a sale of assets for £5.5m to the Charles Green-led Sevco consortium. Shareholders in the old Rangers then gave their approval for Sevco to change its name to The Rangers Football Club Limited. The former club, which remained in administration, has since been known as RFC 2012. The Scottish Football Association later approved the transfer of the licence held by the old club to the new club started by Mr Green's consortium. It has since started life in the Scottish Third Division.
Looks like we might get a few more days out of this debacle yet. Oldco #Rangers Liquidation Petition Heading for Extra Time? Some info regarding the progress of the Rangers liquidation hearing before Lord Hodge today. As with everything in this saga, it is not straightforward. Three of the issues so far – Collyer Bristow, lawyers for oldco under Craig Whyte and also defendants in court actions raised for millions of pounds by Duff & Phelps as administrators, have opposed the ending of administration. Tactically this may be designed to help them with the court actions, but the grounds for objecting are not yet clear. Lord Hodge has asked for a transcript of the Craig Whyte tape, as heard on the BBC recently. It appears that it might be necessary for a court order to be granted before the transcript would be handed over. There is a challenge to Duff & Phelps’ claimed remuneration of in excess of £3 million. If Lord Hodge needs the transcript to finalise administration, then there will be a delay. Whether or not his Lordship was satisfied by the earlier report given to the court by D&P, the alleged conversation between Mr Grier and Mr Whyte clearly has raised concerns in the judge’s mind, as is understandable. D&P, as their response to the BBC, said they did not comment on matters taken out of context. The whole transcript would put matters very much into context. Hopefully that would not show up any inconsistencies with the report already lodged with the court! The matter is adjourned for lunch. Posted by Paul McConville
The wee STV news bird said on Twitter that there's two petitions being handed in. It won't go through today, I reckon. It'll drag on.
The funny part is it it was all straightforward and above board it would have only taken a day, the fact that it looks like being another epic is not good news for The Rangers.
Not a Live Blog of the Oldco #Rangers Liquidation Hearing Some additional thoughts arising from the reports so far from this morning’s case at the Court of Session before Lord Hodge. As long as no one wonders about the sound of the laptop coming from the cupboard in the courtroom, I hope to keep the updates going this afternoon. I would ask any of the counsel appearing in the case to ensure they speak up, as the cupboard door makes it difficult sometimes to hear. Counsel for Duff + Phelps told the court that there were £1.7 million of cash and “other assets” to be handed over by the administrators to the liquidators. Bearing in mind that Sevco paid £5.5 million for all of the assets, how is the balance so reduced? One reason – Duff & Phelps fees are in excess of £1 million and the costs incurred by them for various matters, but especially legal expenses regarding the English court actions against Collyer Bristow are over £1 million. And of course, should the there liquidators not recover any more money, they will be paid out of the £1.7 million. The creditors will do well to see a penny, it appears. However the costs sought by Duff & Phelps are being challenged in this hearing, and they are required to justify their position regarding them to the court. What “other assets” are there? This would seem to comprise the various claims ongoing, such as the cases against Collyer Bristow, Prichard Stockbrokers re the Arsenal Shares and potentially Mr Betts, although the last one seems to have dropped off D&P’s radar, at least from the reports they have produced. In addition, D&P were looking at one stage at pursuing return of the £250,000 paid, supposedly, to Banstead Athletic, the English non-league team with whom Aidan Earley is alleged to be connected, Mr Earley being a long time associate of Mr Whyte’s. Other than that, it is hard to see what other assets there might be, as Sevco bought “the whole assets” of Rangers. Collyer Bristow are objecting to the end of administration. I wondered what locus they had to argue this but, on checking the creditors list in the April proposal by D+P, Collyer Bristow is listed as a creditor to the sum of just over £40,000. As a creditor it can participate in the court proceedings regarding the administration process. However, as counsel for Collyer Bristow has not yet addressed the court, the precise terms of their objection are not clear. It was indicated that, whilst Lord Hodge wanted to see the transcript of the BBC tape of Mr Whyte’s conversation with Mr Grier, this was not “relevant” to the issue before the court today. This could well be recognition that, as the assets have been sold, there is no reason for the liquidators not to be in place now, but that would not preclude action against Duff & Phelps should the courts or regulatory authorities determine that rules have been broken. It strikes me that lengthy hearings of evidence might be needed to determine if D&P have erred or not, and it would be prejudicial to the creditors to tie the issue up together. I suspect that Duff & Phelps, even if administration ends today, will not have seen the last of Lord Hodge’s courtroom! Posted by Paul McConville (desperate to sneak out of the cupboard to stretch his legs)
There's a clip on Clyde 1 today from last night's super scoreboard thingy. Graham Spiers admitting to one caller that rangers are indeed gone and sevco are a brand new club. <bulletsinthepost>
please log in to view this image please log in to view this image The Sevconians should stay watching STV. BBC are reporting the facts. STV are giving it the whole 'company' line. ****ing tragic.
The end of a chapter they said on STV news - and the start of a new one. ****ing comedy gold Great article, RB
