Time for Scots Government to Take Bull by the Horns

Avatar By

I apologise if someone else has already stated this, having …

Comment on Time for Scots Government to Take Bull by the Horns by redlichtie.

I apologise if someone else has already stated this, having been out of the loop for some time, but am I correct in now understanding that what I had assumed were five stars on the TRFC’s logo are in fact five asterisks?

A continuing and highly visible reminder of their cheating?

Scottish Football needs a strong Arbroath.

redlichtie Also Commented

Time for Scots Government to Take Bull by the Horns
“Dame Jessica Ennis-Hill to get 2011 world gold in London after Chernova decision
Dame Jessica Ennis-Hill will receive her record-equalling third world heptathlon gold medal in a ceremony at the World Championships in London – six years after the event in Daegu.
The 2011 result was confirmed on Tuesday after the Court of Arbitration for Sport (Cas) dismissed Tatyana Chernova’s blood doping ban appeal.
Chernova beat the Briton to gold in Daegu but her results are now annulled.
The Russian also won bronze medals at the 2008 and 2012 Olympics.
The 29-year-old has been told she must give up all three medals after twice testing positive when her anti-doping samples were later re-analysed. Her biological passport has also revealed years of blood doping.
World governing body the IAAF first stripped Chernova of her Daegu gold in November 2016 but the medal could not be reallocated until the appeal to Cas had been heard.
Several ceremonies to reallocate medals are expected to be held at the London World Championships, which runs from August 4-13.
Ennis-Hill, 31, announced her retirement from athletics in October but will now be able to celebrate her third world heptathlon title in front of a home crowd.”
http://www.bbc.co.uk/sport/athletics/40650500
                                 *                         *                       *
Other sports do the right thing – why not Scottish Football?
Scottish Football needs a strong Arbroath.


Time for Scots Government to Take Bull by the Horns
“In a statement issued to the Press Association, Sir David said: “I am hugely disappointed that the Supreme Court has upheld the decision of the Court of Session, reversing the decisions of the specialist tax First Tier Tribunal and the Upper Tribunal in this matter.
“The decision runs counter to the legal advice which was consistently provided to Rangers Football Club, that on the basis of the law and legal precedent at the time, the contributions made to the trust were not earnings and should not be taxed as such.
 “It should be emphasised that there have been no allegations made by HMRC or any of the courts that the club was involved in tax evasion, which is a criminal offence.
“The decision will be greeted with dismay by the ordinary creditors of the club, many of which are small businesses, who will now receive a much lower distribution in the liquidation of the club, which occurred during the ownership of Craig Whyte, than may otherwise have been the case.
“I have not had the opportunity to discuss the decision in detail with Tax Counsel, but will do so, particularly in light of proposed legislation, which will alter the tax position applying to loans made by trusts to employees. Once the impact has been assessed, a further statement will be issued.”
————————————————————————————-
Just to emphasise, apart from ‘it wisnae me’, SDM says that there was a “liquidation of the club”.
Scottish Football needs a strong Arbroath.


Recent Comments by redlichtie

Look Back to Look Forward
I’ve seen this phrase used by RTC and The Clumpany……””Rangers died because they lied”.

I’ve often thought that we should find some short soundbite to use whenever discussion with third parties turned to the Oldco/Newco situation. Especially those hard of thinking types…

I know that it does not cover all that went on but if we could start getting this soundbite into such discussions, including with the media, maybe that would help get the truth over.

Scottish Football needs a strong Arbroath.


Look Back to Look Forward
Slim et al….

I wonder which company/club issued these side letters? To my mind they may still have legal standing in terms of the indemnity contained therein.

If the issuing party is still in existence the player(s) may well have a claim on whatever assets or funds that are still lying aound.

Is that one of the reasons BDO sought leave to appeal? I puzzled over their apparent intention to spend dwindling money from the creditors pot.

Will the proposed tightening of legislation now force them to actually make such an appeal? Were they aware of upcoming changes to legislation?

Does that make an appeal now less likely?

This is potentially complicated stuff indeed.

Imagine the outcry if, after the upcoming court cases, BDO somehow finds itself the owner of Ibrox and MP with the assets then frozen as dozens of ex-players jointly try to force a sale so that they can cash in the RFC (IL) indemnity!

Scottish Football needs a strong Leicester (as an example of what can be done against the game’s big shots).


Look Back to Look Forward
I don’t know if it could happen but let’s just say that the tax, NI and penalties on an EBT ‘loan’ are greater than paying back the loan and taking a smaller hit on the ‘benefit’.

I assume that the ‘loan’ is then repaid to the trustees in the Isle of Man or wherever.

So what would happen next? Does the money sit orphaned in the IoM? Is there some kind of ‘repatriation’ clause (never intended to be used of course) in the documentation between RFC(IL) and the trustees?

If so does the money then go into the BDO creditors’ pot?

And just who did indemnify players in these side letters? Does the claim trail lead back to BDO’s pot of money as being what’s left of RFC(IL)?

Or is the ethereal ‘club’ somehow on the hook? I suspect not but, hey, you never know in this soap opera.

Scottish Football needs a strong Arbroath.


Look Back to Look Forward
Big Pink 2nd March 2016 at 5:20 pm # 
On the Perth front……
We are still NINE tickets short of the break even position
==================================
Have you thought of inviting John James? He appears to be a reader of our site. 🙂

Scottish Football needs a strong Arbroath.


Look Back to Look Forward
neepheid 1st March 2016 at 10:07 am #
redlichtie 1st March 2016 at 9:07 am #I found the AR01 for Sevco 5088 Ltd lodged at Companies House on 21 February 2016 to be quite interesting. This is the Annual return made up to 17 February 2016 with full list of directors and shareholders. =================== Thanks for that, Redlichtie, it is very interesting. The share capital, fully pad up, mind, is now £10,000,001, with Green holding one share. This would imply that Law Financial put in £10m, some time between 17/2/14, when issued share capital was £1, and 17/2/15. So on the face of it, this company has had £10m either in the bank, or on loan (presumably to Law Financial) for at least a year now. No accounts ever submitted for either company, of course. I would imagine that there would be a nice chunk of stamp duty to pay on a £10m share issue, but then I’m no expert on stamp duty.  But how did Law Financial (apparently Whyte’s company) manage to push through a £10m share issue without Green’s input, since he (allegedly) held the only share at 17/2/14? Maybe the answer to that question takes us too close to current criminal proceedings?  I’m sure this has been discussed on here before, but I can’t trace the discussion.
=====================================
I thought that I’d better steer away from making much comment on this. I’m sure everything is well above board and all relevant tax paid.

The Green situation however is more and more intriguing. That’s a heck of a drop from 100% to tiny ownership of the company and one does wonder what the consideration (or other lever) may have been to prompt that.

And is Sevco 5088 Ltd now a cash-rich entity well able to enforce its’ legal rights whatever they may be?

Scottish Football needs a strong Arbroath.


About the author

Avatar