chilledbear 16 Posted January 6, 2012 Share Posted January 6, 2012 Assembly meeting with Chairman Craig Whyte MEETING WITH CRAIG WHYTE - No scope for negotiating a settlement with HMRC due to the criticism they have had from MPs and the Media about some high-profile "deals". That means the case could take even more time to resolve as any outcome is likely to be appealed by either party. - If the decision is adverse and the Club appeal, HMRC can still seek to enforce the decision - not clear if they would but they can start to pursue payment of the tax liability. - He hopes "Rangers Football Club Plc" could survive any administration event but feels it would not be the end of the world if it didn't - I think he said that at our last meeting. - There are no concerns about current cash flow and the day to day running of the Club although he acknowledges that the running costs must be reduced - again that was said at our last meeting. - There will be comings and goings in the January transfer window - however, players need to go to ensure any new arrivals don't increase the number of players and the salary costs and it is unlikely that all income will be used to buy new players. He emphasised we need creative players and strikers. There is a list of targets but no names were mentioned. - He is really pleased with the backing from the fans and will continue to robustly defend the fans when necessary. The AGM will probably take place in March 2012 - the accounts are as yet unaudited - the delay is due to awaiting legal opinion on the tax case! He hopes by then to be able to give shareholders more information and be better placed to answer the questions that will inevitably be asked. He will remain accessible to us and he offered an "open-door" to raise any key issues http://www.facebook.com/permalink.php?story_fbid=212245192197518&id=200509926704378 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted January 6, 2012 Author Share Posted January 6, 2012 Not looking good with the tax issue. The manager working with one hand tied behind his back in the transfer window. Not looking good for the future. My first thoughts. 0 Quote Link to post Share on other sites More sharing options...
ascender 352 Posted January 6, 2012 Share Posted January 6, 2012 There's always scope for negotiation with HMRC in terms of payment of anything due but he's not going to say that in public given the press they've had about that very subject. I guess the bottom is that we still don't know how much the club could potentially be held liable for. As to the rest, the club clearly needs to live within its means so that can only be a good thing long term. Problem is we can't be sure of Whyte's long term plans until after the tax case is resolved. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,679 Posted January 6, 2012 Share Posted January 6, 2012 How can there be no concerns over cashflow but the manager is not allowed to use all cash generated from player sales? It's crazy that HMRC are allowing their negotiation policy to be dictated by the media and a few statements by MPs. This could result in lower cash being collected and cost the tax-payer more. It's unhelpful to say that the accounts are unaudited. It gives the wrong impression. They have been audited. They have just not been signed off by the audit partner yet. How long does it take to get a legal opinion and why can get they one this month or next month that they couldn't get during the last couple of months? The accounts are now officially late. If they are going to be submitted next month as is implied then there is a fine of £1,500, which will increase if delayed further. Failure to file accounts is a criminal offence and can result in the directors being taken to court. 0 Quote Link to post Share on other sites More sharing options...
Tumshie RFC 0 Posted January 6, 2012 Share Posted January 6, 2012 Tax case really doesn't look good. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted January 6, 2012 Share Posted January 6, 2012 How can there be no concerns over cashflow but the manager is not allowed to use all cash generated from player sales? It's crazy that HMRC are allowing their negotiation policy to be dictated by the media and a few statements by MPs. This could result in lower cash being collected and cost the tax-payer more. It's unhelpful to say that the accounts are unaudited. It gives the wrong impression. They have been audited. They have just not been signed off by the audit partner yet. How long does it take to get a legal opinion and why can get they one this month or next month that they couldn't get during the last couple of months? The accounts are now officially late. If they are going to be submitted next month as is implied then there is a fine of £1,500, which will increase if delayed further. Failure to file accounts is a criminal offence and can result in the directors being taken to court. Of course if he pulls the plug and appoints a liquidator he doesn't need to publish audited accounts or have an AGM where he may face some very awkward questions. 0 Quote Link to post Share on other sites More sharing options...
Danny 0 Posted January 6, 2012 Share Posted January 6, 2012 Blog relating to this (not mine): http://t.co/CsDjpIZ9 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted January 6, 2012 Author Share Posted January 6, 2012 Craig Whyte writing Blogs. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted January 6, 2012 Share Posted January 6, 2012 Of course if he pulls the plug and appoints a liquidator he doesn't need to publish audited accounts or have an AGM where he may face some very awkward questions. I get the distinct impression that's what's being referred to here - He hopes "Rangers Football Club Plc" could survive any administration event but feels it would not be the end of the world if it didn't I fail to see how the company being liquidated wouldn't be a bad thing. The ramifications for the club would be horrific. If he used the phrase "not be the end of the world" instead of being forthright and honest about what NOT surviving an administration event would mean for the club, then he's yet again bullshitting his way out of a subject. We want to hear facts, not cheap catchphrases. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted January 6, 2012 Share Posted January 6, 2012 I get the distinct impression that's what's being referred to here - I fail to see how the company being liquidated wouldn't be a bad thing. The ramifications for the club would be horrific. If he used the phrase "not be the end of the world" instead of being forthright and honest about what NOT surviving an administration event would mean for the club, then he's yet again bullshitting his way out of a subject. We want to hear facts, not cheap catchphrases. Liquidation was inevitable the moment he handed over his £1, his business history consists entirely of liquidating companies they are all 'sum of the parts' deals, there isn't a single example of him successfully running a company then selling it on for a profit. 0 Quote Link to post Share on other sites More sharing options...
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