Asset stripping What is asset stripping? Asset stripping is taking company funds or assets of value while leaving behind the debts. Company directors transfer only the assets of one company to another and not the liabilities. The result is a dormant company with large liabilities that cannot be met and it has to be put into liquidation. Stripping of company assets is normally done for two main reasons: The fraudsters deliberately target a company or companies to take ownership, move the assets and then put the stripped entity into liquidation "Phoenixing" - directors move assets from one limited company to another to 'secure' the benefits of their business and avoid the liabilities. Most or all the directors will usually be the same in both companies. This usually arises as a way of 'rescuing' the assets of a failing business rather than targeting a company Where can I get more information? Suspected phoenix firms and asset stripping are investigated: by the Financial Services Authority Companies Investigation Branch, (part of the regulatory arm of the Department for Business, Innovation and Skills). Should I report to the SFO? We only conduct investigations into asset stripping where the seriousness and complexity meets our acceptance criteria. If you have information, then please submit as much information as possible at: https://report.sfo.gov.uk/sfo-confidential---provide-information-in-confidence.aspx or contact us directly through our SFO Confidential information hotline on 0207 239 7388.
The Act which became active on 6thApril this year, allows HMRC to follow the assets and apply repayment of due tax retrospectively. I suspect this is why we are not hearing about BTC. If HMRC were to agree to a CVA for the £15m PAYE VAT scam, I think they can still pursue the BTC as it is for a separate debt owed for the EBTs. This means that the Newco could find themselves in court for repayment of the BTC of the Oldco or face liquidation and HMRC auction off the assets.
Unless I am mistaken Barclays have fallen foul of this new legislation and have been billed for £500m, which they dispute in amount, but not as a payment of some kind due. Barlcays claim only £200m due. I am almost certain that this legislation came into force 6th April 2012.
because they have been given a worst case scenario. If it turns out to be less then they hand back there money and the pot is redistributed as it should have been.
I meant that it is unfortunate that the SFO powers do not extend to Scotland. The 1987 CJA is a powerful piece of legislation.
Oh it does. Stinks to high heaven, but their investigative tools are not a patch on what the SFO have. The SFO have a metaphorical hammer. The witnesses are obliged to answer questions and obliged to provide documents. No such thing as following the principles of PACE. The only thing that comes close is, weirdly, in investigating charities.
This sounds like a fable but a guy I know has friends who run businesses, he asked them about this "incubator" idea. They said it is a practice which is known but when the company is split in 2 there is a danger that the black hole created in the Oldco can suck the newco back in and eventually ruin both companies. It is very very high risk, that's the reason why most people have never heard of it, because it is so risky hardly anyone ever tries it.
Rumour has it he plans to fund this scheme by selling of ibrox and renting it back (selling to ellis apparently due to millers link to club 9 sports and ultimately ellis). They seem to be going from one mess to another and the sfa/spl do **** all as usual. Mr doncaster get tae ****.
I get the idea. I had never heard of it but it would seem impossible to sever everything and reattach it cleanly. Especially with so many eyes watching. It is like putting smoke back in a bottle. I suspect the idea is doomed to failure. I suspect the idea is to be seen to be trying it. thee new club will be well established by the time the idea fails and the Huns will be used to cheering on the new club by the time they realise that reintegration is just not possible. Miller would own the history of "toxic" Rangers and place it alongside that of the new club. He'll get a free ride in doing it as well. EDIT: and that is just a guess. I think anyone who gets to pick the bones of the dead Huns will try and do the same. It will be easy to convince those that want to be convinced.
As has been asked already, who exactly tipped Miller off to Rangers plight and what's in it for him? Ellis seems to be a prime candidate for puppetmaster. He was linked with Miller before and he has also previously tried to get hold of Rangers without success.
I am still convinced that this newco will get hammered by HMRC with the BTC and this is why it is in abeyance. Newco fight in court to gain assets which CW currently has and when they are transferred over HMRC move in with the new legislation. Some of the ideas above sound feasible but CW still owns the saleable assets of Ibrox Stadium and MP and the car parks. He can make enough money to satisfy Ticketus and probably the wee TC, but the big un is the killer.
