Stimpy 0 Posted January 6, 2012 Share Posted January 6, 2012 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. Your knowledge of company law/accountancy seemingly outweighs mine (mines is basic), so can you explain all the pros and cons of what could happen by the time March comes along, please? 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted January 7, 2012 Share Posted January 7, 2012 Your knowledge of company law/accountancy seemingly outweighs mine (mines is basic), so can you explain all the pros and cons of what could happen by the time March comes along, please? Well Whyte could just settle any bills as they fall due, what odds would a bookie offer for that outcome ? He could attempt a CVA but the odds of HMRC agreeing to take one up the arse in the current climate are between pretty slim and non existent. He could appoint a Liquidator and form a newco, that would be where the fun really starts! 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted January 7, 2012 Share Posted January 7, 2012 (edited) 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. I know where you're coming from, but I don't know if liquidation has always been inevitable since Whyte took over. It IS worth noting though, that this isn't the first time he's hinted at it. He did the same in that STV interview IIRC and of course there's the wording of certain things in the shareholder circular.... Edited January 7, 2012 by Zappa 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted January 7, 2012 Share Posted January 7, 2012 I know where you're coming from, but I don't know if liquidation has always been inevitable since Whyte took over. It IS worth noting though, that this isn't the first time he's hinted at it. He did the same in that STV interview IIRC and of course there's the wording of certain things in shareholder circular.... I think we could assume the wording of the shareholder circular to be not worth either the paper or the pixels it's written on..... (e) The Rangers FC Group is to contribute to the Club the amount required to meet a liability owed by the Club to HM Revenue & Customs in relation to a discounted option scheme tax; .....being a prime example. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted January 7, 2012 Share Posted January 7, 2012 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. If liquidation is his "end game" then I hope he has some serious security at his castle, because he will need it with the reaction from supporters. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted January 7, 2012 Share Posted January 7, 2012 I know where you're coming from, but I don't know if liquidation has always been inevitable since Whyte took over. It IS worth noting though, that this isn't the first time he's hinted at it. He did the same in that STV interview IIRC and of course there's the wording of certain things in the shareholder circular.... I dont believe he DID mention it in that interview. An administration event is far different from a liquidation event. Liquidation would mean that Rangers would not exist as we know it. Basically the club would die, and then re-form (as far as I am aware), which essentially would freeze all of the club's history - that would NOT go down well.... 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted January 7, 2012 Share Posted January 7, 2012 If liquidation is his "end game" then I hope he has some serious security at his castle, because he will need it with the reaction from supporters. It's our old friends the Bank of Scotland (now LBG) who hold the security over his castle! ( I know!, I know!....:wub:) 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted January 7, 2012 Share Posted January 7, 2012 I dont believe he DID mention it in that interview. An administration event is far different from a liquidation event. Liquidation would mean that Rangers would not exist as we know it. Basically the club would die, and then re-form (as far as I am aware), which essentially would freeze all of the club's history - that would NOT go down well.... But what is good for Whyte will prevail the rest of shareholders, bondholders et al will be told to go f*&k ourselves. Whyte will need to convince the fans that all's well and we're still the Rangers while simultaneously convincing all other creditors including HMRC that the 'newco' is absolutely nothing to do with Rangers, could make for some very interesting discussions in the not to distant future. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted January 7, 2012 Share Posted January 7, 2012 But what is good for Whyte will prevail the rest of shareholders, bondholders et al will be told to go f*&k ourselves. Whyte will need to convince the fans that all's well and we're still the Rangers while simultaneously convincing all other creditors including HMRC that the 'newco' is absolutely nothing to do with Rangers, could make for some very interesting discussions in the not to distant future. What an abomination we have become. And whilst Whyte doesnt seem to be the knight in shining armour we hoped for.... it shouldnt be forgotten that much of the malaise and mess has come from SDM. 0 Quote Link to post Share on other sites More sharing options...
Stimpy 0 Posted January 7, 2012 Share Posted January 7, 2012 I think we could assume the wording of the shareholder circular to be not worth either the paper or the pixels it's written on..... (e) The Rangers FC Group is to contribute to the Club the amount required to meet a liability owed by the Club to HM Revenue & Customs in relation to a discounted option scheme tax; .....being a prime example. I appreciate your general cynicism over Whyte, we do have to observe everything that's going on, but that sentence alone is worth trotting out and using it as the rod for Whyte's back. 0 Quote Link to post Share on other sites More sharing options...
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