Why the Beast of Armageddon Failed to Show?

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Posted on Friday, 23rd November 2012 by Joe McHugh Charles Green …

Comment on Why the Beast of Armageddon Failed to Show? by torrejohnbhoy.

Posted on Friday, 23rd November 2012 by Joe McHugh

Charles Green newsBDO have issued a statement which could delay Charles Green’s proposed £20 Sevco share issue.

With the First Tier Tribunal in the big tax case finally delivered BDO are ready to begin their task of identifying how the club crashed out of business- and recovering the best possible deal for creditors.

BDO have issued a statement promising to recover all possible monies for creditors.

While there are a number of areas that they will have to forensically investigate the £5.5m sale of the club assets to Green’s consortium is likely to come under scrutiny particularly with Green going on record claiming that the new club have assets rated at £80m.

In a statement for the Daily Record, Malcolm Cohen, the company’s business restructuring partner and Joint Interim Liquidator, said: “As Joint Interim Liquidators, our main objective is to maximise returns to creditors.

“By investigating the reasons for the company’s failure, we will better understand the avenues available to enable the recovery of all possible monies for the creditors.

“Only after we evaluate all the options available to us will the Joint Interim Liquidators be able to comment on what approaches we may pursue.

“This is a complex case with many potential areas for us to investigate.

“Throughout the liquidation, and once our appointment is ratified, we will be working closely with the Liquidation Committee and the appropriate bodies to assist us with our investigation.”

Green announced his intention to raise £20m from a share issue on October 12 but has so far failed to publish a prospectus.

It’s likely that any question mark or investigation into the ownership of the assets would need to be stated in the share prospectus.

torrejohnbhoy Also Commented

Why the Beast of Armageddon Failed to Show?
WRT the EBTs,would it be correct to say that as these were “Third Party” payments to the players then every player who had one should be declared ineligible by the LNS tribunal.Not just the players either found liable or agreed by both parties?.


Why the Beast of Armageddon Failed to Show?
easyJambo says:
Friday, November 23, 2012 at 11:37
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Sorry,
Never noticed.Link posted on Twitter a few minutes ago and I went with the date at the top.
Naughty Step for me!


Why the Beast of Armageddon Failed to Show?
Latest from tom English:

http://www.scotsman.com/scotland-on-sunday/sport/tom-english-we-need-to-know-what-happened-when-and-how-it-happened-and-whether-it-was-dodgy-1-2542656


Recent Comments by torrejohnbhoy

THAT Debate, and the Beauty of Hindsight
easyJamboMay 3, 2017 at 10:11 
torrejohnbhoy(@johnbhoy1958) May 3, 2017 at 10:00  Good morning all. not been as active on the site lately as I would like.Grandparent duties seem to be more time consuming than I thought . Trying to keep up to date though. Thought it may be of interest to some that it appears someone has successfully petitioned the court to have MIH(IL) re-instated at Companies House,9 months after being put into liquidation. ============================== I have an hour or two off grandparenting duties just now before a nursery pickup, so I’m catching up too.
That is an odd one re MIH.  There is no indication on the document of who has requested that the company be reactivated, or why.  Perhaps it’s been in Bill Miller’s incubator for the last few months, and is ready to emerge as a healthy new company having been cleansed of its tarnished past, not to mention £700m of debt.
===================================
Sorry for taking a while to get back,EJ.If I’ve mastered this link pasting thing you may find some more info here:

https://t.co/ZZUECmsdur


THAT Debate, and the Beauty of Hindsight
Good morning all.
not been as active on the site lately as I would like.Grandparent duties seem to be more time consuming than I thought19.
Trying to keep up to date though.
Thought it may be of interest to some that it appears someone has successfully petitioned the court to have MIH(IL) re-instated at Companies House,9 months after being put into liquidation.


Small Price to Pay?
SmugasFebruary 7, 2017 at 16:35       Rate This 
Cant do linkey things but BBC reporting BDO are going after D&P.
Interesting development. 
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Here you go:
The liquidators of Rangers Football Club plc have launched a multi-million pound legal action against the company’s former administrators.
The claim has been lodged by BDO against Paul Clark and David Whitehouse of accountancy firm Duff & Phelps at Edinburgh’s Court of Session.
BDO are seeking up to £28.9m following Clark and Whitehouse’s handling of the administration process.
Rangers entered administration in February 2012.
Four months later, the company’s business and assets were sold to a consortium led by Charles Green for £5.5m.
BDO were then appointed as liquidators, and have since conducted a review of the events leading up to administration through to the sale of the assets.
‘No other option’In November 2014, BDO agreed a settlement for £24m in a claim against Collyer Bristow, the legal firm that acted for Craig Whyte in his purchase of Rangers Football Club plc from Sir David Murray in May 2011.
Those funds were added to the creditors’ pot, as will any monies raised from the legal action against Clark and Whitehouse.
In a statement, BDO said: “The joint liquidators, following extensive deliberations with their professional advisors and the liquidation committee, have taken the decision to issue a claim against the former Rangers’ administrators Paul Clark and David Whitehouse, of Duff & Phelps.
“During the course of the liquidation, questions have arisen regarding the strategy previously adopted by the former administrators, which have not, to date, been adequately answered.
“In seeking clarity, the joint liquidators have been left with no other option but to pursue the matter via the Scottish Court. The joint liquidators look forward to the resolution of this matter.”
Criminal charges against Clark and Whitehouse relating to their involvement with Rangers Football Club plc were dropped in June 2016.
Duff & Phelps have been approached for comment.

http://www.bbc.co.uk/news/uk-scotland-glasgow-west-38896812?utm_source=dlvr.it&utm_medium=twitter


Peace – Not War
Afternoon all.
It seems this mornings RIFC AGM can be summed up as follows:
1. It’s Ashleys Fault.
2.We’re skint.
3.We’ll need to borrow more for the forseeable future.
No word on Res 11 with result of the vote to be announced next week.I’d have thought by now the RIFC board would have an idea of how things stand.They did say that the Ashley/Easdale alliance would not be supporting the resolution.Same old stuff about “getting back where we belong”,challenging CFC & competing in Europe.No one explained how admitting that borrowing will need to continue for seasons to come sits with UEFA & their FFP regulations.I’m sure the SFA are on this as we speak.
No real sign of drum beating,though.FWIW.the directors looked broken when boarding the bus when leaving the Armadillo.They couldn’t look anyone in the eye.No statements,smiles etc.Mark Warburton even had a “minder” when being interviewed.
Normally,reading between the lines I’d have said they’ve lost Res 11 but with most things RIFC/TRFC,you just don’t know.


Peace – Not War
Evening all.
Interesting wee twitter debate earlier wrt a hypothetical insolvency event at TRFC and what the penalty would be.
If a new club,then 15 points but if the same club then 25.
The problem for the SFA(maybe why Regan’s a target) is that if they don’t administer a 25 point penalty then how do they explain 15 without admitting TRFC are new,something they have refused to do for over 4 years.If they did go for 25,they would then face the wrath of the TRFC fans who believe that,although they’re the same club,it should be 15 points because the club wasn’t liquidated last time,just the company!
Their refusal to apply the rules last time and then be a willing accomplice in a plot to lie to every football fan in Scotland has left them between a rock & a hard place.There’s no way out.


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