A summary

HMRC would be an unsecured creditor.

If Rangers go into Admin HMRC lodge a bill for the £49m.

The Administrator has to **** all the creditors and their claim.

They rank thus:

Secured Creditors

(Ticketus will have a secured creditor status but I'm not sure where they will rank. An MG05 was filled which gives them secured creditor status)

1. Close Brothers. They were given a fixed security charge which Whyte gave higher priority than the Floating Charge assigned to Whyte by Lloyds/BoS for paying the £18m debt. We do not know how much Close Brothers loaned Rangers or what asset they were given priority over.

1b. Ticketus?

2. The Rangers Football Group Ltd (formerly Wavetower) owned by Liberty Capital of which Whyte is the sole owner (there is also a Jordan Nominees in there somewhere but forget that for now). TRFGLTD has security via the Floating Charge.

3. Football Creditors rule (if they owe other clubs money), although I think this only applies in England. Basically the Football Association says if you don't pay your debts to other clubs then you will be kicked out the league or face severe sanctions.

Unsecured Creditors

HMRC, the players, staff, suppliers, season ticket holders, debenture holders (funded the Club Deck construction) - everyone else.

First and foremost the Administrator would look at ways to make the company profitable or at least live within it's means. Assets (Ibrox, MP, Players, everything) can be sold off to bring money in. Player's contracts can be summarily dismissed.

It's not worth going too deep into this kind of Administration because there is just not enough assets to satisfy all the creditors or make the company profitable.

The Administrator will then look to do a CVA (Company Voluntary Arrangement) which will see Secured creditors satisfied first then the remainder get a percentage of what they are owed (pennies in the pound).

However

If any of the unsecured creditors are owed more than 25% of the total debt they can block a CVA.

A pre-pack adminstration is possible (a new company gets all the assets) but the buying company will have to pay the market rates. The Administrator has to get value-for-money on the assets. The money received would be paid in the same order as a CVA.

A pre-pack will require the new company to start fresh, albeit with Ibrox and Murray Park as assets. No players or staff. No league registration.

joe159..you are wrong pal..the refs dont have that kinda dough.

Ask any rangers fan what they will do if the taxman puts their club out the game,

Lower echelons of the English League beckon for Ibrox outfit under  different guise.
Have we heard the last of Sir Minty Moonbeam?

hey Mac, the c unt should get the jail. if your off to ingerlund can we come?

longchamps     01 Feb 12 22:39 
rangers have as much chance of going bust as celtic have of getting to a champions league final.
so im quite happy with those odds

care to give me odds on rangers liquidation in the next 6 months

like celtic winning the champions league its a hypothetical
situation it just aint going to happen no matter how much
you dream about it.

i said the champions league not the defunct european cup where you beat such footballing giants as vojvodina and dukla fekkin prague . oh i forgot you beat inter reserves as well.

longchamps     01 Feb 12 23:07 
like celtic winning the champions league its a hypothetical
situation it just aint going to happen no matter how much
you dream about it.


i will take 10/1 on something that just aint going to happen

rangers were the most recent team in glasgow to get to a
european final and also the most recent team in glasgow to win a european trophy .
dont think that will change either but hey bendover dont give up trying.

^^^^^^^^^^^

foydc

Whyte is most probably right as Celtic had their old board of penny pinching gits who took most of the doe that came through the turnstiles too and ran the club into the ground b4 Fergus came in .The thing is Fergus had the money and brains to do something about, but whyte doesn't

There truly is only 1 team in Scotland, there are only Rangers fans and those who consume themselves with Rangers.

There truly is only 1 team in Scotland that are truly fooked, there are only Rangers fans and those who consume themselves with laughter at Rangers.

I edited that for ya Scott-RFC

orzabal
02 Feb 12 17:40
Joined:
09 Feb 06
| Topic/replies: 20 | Blogger: orzabal's blog
Exactly what bets are we talking about here, yep none please move this mindless drivel elsewhere, many thanks

Celtic to win league 1.24
Rangers 4.9

there ya go Kn0b! and your welcome

yet someone with such high intellect felt the need to post in here to question others intellect. have a nice day

it actually has quiet a bearing in terms of gambling, but off ya go on your moral highhorse and question all the other threads on here, good luck with that.

Johnny can I suggest some spelling lessons rather than your childish posts on here, enjoy.

Only to annoy you, which I clearly am, enjoy your ranting.

My friend was at his local Rangers Football Association meeting last night and the members have been told they have to pay their season ticket money for the season 2018 - 2019 before the end of next week. Surely this cannot be correct.