Uefa are making it clear that they will sacrifice rfc and if necessary Scottish football so that they can keep European football in order. If Gers are voted back into the SPL other clubs in Europe can simply do the same and go to the European Court claiming precedence.
Uefa and Platini want European clubs with as low debt as possible and I beleive that their announcement today is a shot over the bows of the SPL, SFA and RFC to let them know that big brother is watching you...............
Very Closely.
HMRC also want to make an example of RFC so that they can use this as a lever against big clubs in England and other business reputed to owe £19Billion in misuse of EBTs.
Both of the above are far bigger fish than either Rangers or Scottish Football.
RFC will be forced by Uefa to drop to the bottom of Scottish football as a clear an unmistakable warning to other clubs in Europe that any such repetition and misuse will be severely punished.
RST etc, SPL, SFA and Scottish media notwithstanding, Uefa and HMRC do not care overly much about us.
We are about to be taught that we are introspective and parochial and that Scotland is the backwoods and the sticks of Europe and the World.
Much bigger fish to fry I am afraid.
Fat Lady observed clearing her voice outside a large sandstone building in West end of Glasgow....................and that is not to mention all the court cases involving Ticketus, Craig Whyte, Ellis etc etc etc.
I suspect that we are at the cemetery gates.
Uefa sign Gers Death Warrant
posted on 14/4/12
Subs - no. Something you saw once on CQN, or Phil Mcwhathisname, or the guru RTC site said what you posted.
Me, I'm taking it straight from BDO a rather well respected firm of accountants, and one of their partners, a Mr John Cairns (he was all over the TV when gers went into admin).
posted on 14/4/12
Comment Deleted by Site Moderator
posted on 14/4/12
"We are also likely to reject a voluntary arrangement"
"Likely".
We'll see what happens.
posted on 14/4/12
Comment Deleted by Site Moderator
posted on 14/4/12
Subs - you were making a sort of valid argument.
Right up to the point that you relied on and promoted the RTC blog.
Oh dear.
As I said, I'll trust the Act of Parliament which established the HMRC from its 2 previous constituent bodies, and the regulations by which they are governed, ahead of "guidelines"
BTW, those self same guidelines - you missed out quoting page 1:
Conditions for supporting a proposal
We consider voluntary arrangements on an individual basis, and will vote to support proposals where:
•debtors are honest in their financial disclosure
•an optimised and achievable offer is made to creditors
•provision is made for payment of all future debts on time
•they treat all creditors within the same class equally
•there are no exceptional reasons for rejection.
However, we will not support debtors (individual or corporate) who do not allay our concerns about their proposals.
We aim to respond to all voluntary arrangement proposals received in good time.
Working with you
We depend on you to deliver the most appropriate solution and confirm to creditors:
•the debtor’s true position with regard to assets and liabilities
•that the open market value of assets is not materially different from the proposal
•that values being placed upon liabilities are not materially different from the proposal
•that the proposal has a real prospect of working.
Where these points are not clear we may seek explanations from you. We will also:
•compare our knowledge of the financial position with that stated in the proposal
•look critically at projected income and expenditure
•require that provision is made for payment of all future post voluntary
arrangement statutory liabilities as they fall due. We may discuss with you as the nominee or with the debtor such issues as:
•historical information already disclosed in the proposal
•financial information that may have been excluded
•any other confidential information that influences our decision.
Modifying a voluntary arrangement
If the debtor’s proposal is inadequate we will propose modifications.
We may also request technical amendments to the proposal that will not affect
the debtor’s obligations.
Not quite as open & shut now is it?
Hence why it has been at the FTT for so long.
posted on 14/4/12
"Debtors are honest in their financial disclosure"
That's the 1st point Davie, and yir oot.
posted on 14/4/12
Sorry, I thought Duff & Phelps had been pretty detailed, myself.
You know, the guys currently running Rangers.
The guys who would have to work on a CVA.
The guys HMRC would be dealing with.
The "debtors"
oh dear
posted on 14/4/12
Davie, yes they seem to be a professional outfit.
What was the date Rangers went into administration?
posted on 14/4/12
The mess Rangers were in, I am surprised we are as far on as we are now already!
posted on 16/4/12
Comment Deleted by Site Moderator