I read yesterday of the confident noises being made by Duff and Phelps and I wondered how the Aministrators could be so confident about reaching a settlement despite having only just walked in the door. How have they managed in 24 hours to rattle through the vast amount of paperwork that surely must exist? And then there was the baffling statement from them which Said: -‘Our first priority is to ensure Rangers continue to function’. Now i'm no legal expert but this guy is and he seems to have a point: “Subject to sub-paragraph (4), the administrator of a company must perform his functions in the interests of the company’s creditors as a whole.” Sub-paragraph 4 relates to acting in the interests of a secured creditor where certain other conditions are fulfilled. Nowhere in the rules is it stated that “the interests of the company” are paramount. Indeed, an undue focus on the company’s welfare might lead to the administrators acting to the prejudice of the creditors. http://scotslawthoughts.wordpress.c...trators-talking-rubbishwheres-the-money-from/ Then there was this report saying much the same thing: One of the administrators appointed by Rangers claims the process can clear the financial uncertainty that has dogged the club in recent years. Paul Clark of Duff and Phelps, who was appointed joint administrator with David Whitehouse, promised to keep fans updated after holding a meeting with Rangers staff. The firm revealed Rangers were forced into administration over an unpaid tax bill of £9 million - accrued since Craig Whyte's takeover in May last year. He told Rangers' official website: "We had a staff meeting here at Ibrox a short time ago and that was very well attended, I think we had the vast majority of the staff able to attend. "We will be conducting regular meetings with the staff and, wherever we can, will keep giving messages to the fans who we know have an interest in the work that we are doing. "I can't give any firm commitment but certainly over the next day or two we hope to get control of the finances of the club and to better understand what we need to do in the coming days and weeks. "The club had been in such a period of uncertainty that the administration will actually relieve that uncertainty and start to build the future.'' Whyte admitted the club had been running at a loss for some time, resulting in the "regrettable'' outcome of administration, which has left Rangers 14 points behind SPL leaders Celtic. http://www.espn.co.uk/football/sport/story/136299.html Also, no one seems to have mentioned that the Administrators have no remit to deal with HMRC over the "Big" tax case, only Sir David Murray can do that it seems. One problem: Mr. Whyte is expressly prohibited from negotiating the Big Tax Case directly with HMRC. This privilege is reserved for Rangers’ former owner, Murray Holdings Limited- who have their own less serious problems with EBTs and who presumably see a tactical benefit for themselves in keeping the cases together. Who says Whyte cannot negotiate with HMRC? Well, Craig Whyte and Michael Scott McGill (representing Murray Holdings Limited) agreed this when they signed the Share Purchase Agreement that delivered Rangers into the hands of Whyte. From Rangerstaxcase.com If Craig Whyte cannot negotiate with HMRC then how exactly can the administrators do it, especially since the big bill has not even landed on Rangers yet and why are the Adminstrators making statements which have no basis in law?
Whyte has his own people acting as administrators. It will not be too painful for Rangers and even less for Whyte.
TBF Dev the administrators do have to come in and try make out its all ok to try & ensure the club can continue to trade so they have chance to see what can be done. The talk is just that - talk. They admitted they haven't really looked at the finances yet - how can you be confident of doing a CVA then????
Really interesting stuff there. There has to be something going on that the tax man agreed to Whyte's own men. I was clear all along. Now they are saying they are going to be clear, I haven't a notion.
Well Whyte's men have been instructed to do what is best for Whyte. That is clear because everybody knows Whyte tells white lies only and when when he moves his lips. Whyte has said he instructed his firm, the administrators, to do what is best for Rangers not him. That is one of Whyte's white lies. The administrators reckon there is no problem, even though £24m is lost. I remember when someone lost £24m for a firm I worked for and the boss was very angry for a whole half hour. I think the administrators would need to stop bullshitting and find the £24m and the £9m that has been stolen before making any predictions. Rangers will be safe as long as the Whyte man is safe.
