Time for Scots Government to Take Bull by the Horns

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PAT BYRNE JULY 7, 2017 at 23:16    Homunculus This might be something you are …

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

PAT BYRNE
JULY 7, 2017 at 23:16   
Homunculus
This might be something you are clued up on as you seem to have a fairly wide range of knowledge when it comes to company law.
When a company is being liquidated is it not the Liquidators duty to achieve the best financial return for the creditors, it is my understanding that that being the case, would it then be a requirement of the Liquidators to sell the assets in part or in whole to achieve that goal, if so the ‘basket of assets’ that Charles Green aquired should have been sold to the highest bidder.
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Far from it, I know bits and pieces about bits and pieces. I would say that whilst I agree with you it is pretty pointless trying to compare what happened at Rangers to what should or would have happened anywhere else in similar circumstances. You are of course correct in what you say but given my opinion this was a con from start to finish the normal rules didn’t apply. 

There is a long line of things which should have happened but didn’t. Or shouldn’t have happened but did.

This is just from memory, people will remember other events which were part of the con.

1, When the administrators took over they should have immediately started cutting costs. They didn’t, the only players who left were a couple who chose to if I recall correctly. Look at what happened at Hearts, with a proper administrator. It must have been painful but it saved the club (along with the hard work and support of the Hearts support). 

2, They actually tried to bring a striker in. An IP I was speaking to at the time, who had done work in football, could not understand that at all. They were a club in administration spending money and increasing the wage bill. Or at least trying to. 

3, They made a firm agreement to sell the assets to someone (Sevco 5088) should the CVA fail. That was totally wrong. If the CVA failed the only consideration should be to maximise the fund for the creditors. It was the liquidator’s job to do that, not the administrators to do it in advance. Saving the business to help it continue trading should not have been a concern, it was clearly the only one.

4, They then actually sold the assets to a totally different company (Sevco Scotland)  and no-one has ever been able to say how or why that happened. Hence all the talk of a deed of novation. The reality is Green didn’t need Whyte any more so conned him. 

5, Sevco Scotland revalued all of the assets in their accounts and on paper made a massive profit. I know these are to an extent nonsense figures but I also struggle to believe that the administrators acted in the best interests of the creditors in relation to a CVA. The assets were in my opinion seriously undervalued. Especially when you remember that Green expected to pick up prize money from the previous season, paying off a chunk of the price straight away. 

6, I think it is telling that after the CVA failed Charles Green said something along the lines of “HMRC should have told us that back in February if that was their intention”.  He also said that “I knew on February 20 we would buy the club. That’s why I’ve been working for four months.” Which was strange as he had came to the party quite late on.

I think the whole thing was a con from start to finish, that the desired outcome was that Rangers would get a CVA, would walk away from massive debts, would still be in the top division, and would be competitive immediately.

I think that failed because the Scottish support did not allow the first bit to happen and HMRC blocked the latter. Green (part of the plan) ultimately conned the people who he was supposed to be working for. The CVA failure meant the shares Whyte held became irrelevant as the company was getting liquidated. He then worked with D&P to move the assets into his own company and created the continuation myth. 

Everything subsequent has been bordering on the farcical, on and off the pitch. 

Sorry that doesn’t really answer your question but I really don’t think any sort of normal rules applied. 

Homunculus Also Commented

Time for Scots Government to Take Bull by the Horns
Congratulations to Aberdeen, I watched the game and it was a well deserved win.

It’s good to see Scotland still represented in both European competitions, long may it continue. 


Time for Scots Government to Take Bull by the Horns
Can I just say, good luck to Aberdeen tonight. 

The game is on Premier Sports if anyone is interested.


Time for Scots Government to Take Bull by the Horns
I have joined the SFSA and completed their survey.

At the very least it will hopefully give some indication of the strength of feeling people have.


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