Walter Smith 100% Correct

[Danny 0]

A lot of people blame SDM for this, when the reality is Whyte's illegal activities with PAYE forced this. SDM isn't innocent, but administration was forced by Whyte. We didn't have to end up in this position.

[stewarty 2,093]

A lot of people blame SDM for this, when the reality is Whyte's illegal activities with PAYE forced this. SDM isn't innocent, but administration was forced by Whyte. We didn't have to end up in this position.

 

And it is clear that this was his gameplan from the beginning.

[Darthter 542]

Let's get this straight - we would be totally financially stable except for a potential £75m tax bill. I don't know what bit of that you don't get.

 

The bit that I don't get is the fact that the BTC is a POTENTIAL tax bill - as it stands, it ISN'T a bill - the club owe a grand total of £0 in relation to the BTC. The BTC has also been hovering around for years, when we were still paying all the bills and reducing bank debt etc.

 

Before CW took over, the club finances were reasonably stable all be it not particularly healthy - bills were being paid, as was PAYE & NI.

 

The problem is the financial mismanagement of Craig Whyte!!! He bought the club and seriously under valued the running costs. He also had zero money to input himself. In order to cover running costs CW CHOSE to delay paying the PAYE & NI, which in itself is not illegal. However when it looked like he had no intentions of paying that's when HMRC stepped in to force the Administration.

 

So, the current situation has ultimately come about due to CW's choice NOT to pay bills.

[Bears 0]

And I suspect, although I have no evidence to back it up, that this is why information was being regularly leaked to certain bhloggers.

 

I ignore them, but iâ??m very aware of who they are and their agenda, and there was awful leaks from with in. Hopefully, if this is the case. Thereâ??ll be a lot of singing done.

[Darthter 542]

Frankie, i’m no businessman but surely there was an accountant doing the books? I doubt CW was doing them himself? With the monies involved at Ibrox i’m sure there’s more than one at Ibrox. He must have instructed someone,”don’t pay the tax or NI on anything”????

 

I believe that delaying payment to HMRC is legal, as long as it has been fully accounted for through the books. I believe many companies across the UK do this when cash flow is tight. I also believe that HMRC are actively trying to reduce the number of companies doing this.

[Bears 0]

A lot of people blame SDM for this, when the reality is Whyte's illegal activities with PAYE forced this. SDM isn't innocent, but administration was forced by Whyte. We didn't have to end up in this position.

 

 

True to an extent. But the argument against that is DM was very careless, hapless(insert adjective) and he allowed CW to take us over. if he’d done a solid background check on the guy he wouldn;t have sold us to him. Then i think we all suspect DM let us go because he saw the BTC coming over the hill and knew he had to bail to protect other aspects of his business

[Bears 0]

I believe that delaying payment to HMRC is legal, as long as it has been fully accounted for through the books. I believe many companies across the UK do this when cash flow is tight. I also believe that HMRC are actively trying to reduce the number of companies doing this.

 

 

Ok thanks mate. It’s why i like this page. Guys like you have been good with doughnuts like me during this. Laymen's terms explanations and no sarcasm.

[Darthter 542]

Ok thanks mate. It’s why i like this page. Guys like you have been good with doughnuts like me during this. Laymen's terms explanations and no sarcasm.

 

Nothings guarantees....just going by what I've read elsewhere previously. I work in IT...not finance!!!

[Bears 0]

Nothings guarantees....just going by what I've read elsewhere previously. I work in IT...not finance!!!

 

Maybe it’s time to find out who was working at accounts during this time then? We might find out something???

 

The VB’s are good that that

[Crimson Dynamo 128]

I would say the blame lies 50/50 just now between Craig Whyte and David Murray:

 

Craig Whyte by the sounds of it paid hardly any bills or allowed any bills to be paid during his stewardship of Rangers if they were paid it was usually only on the steps of the court!!! CW spoke about a 10 million pound shortfall in the finances of Rangers. So what did he do he ran up more debts gave Davis, Whittaker and McGregor bumper new deals. He bought Wallace from Hearts. Made a crazy deal "IMO" with Ticketus which in truth at the moment is the thing that has really f***ed us I think. Never paid HMRC etc.. That shortfall was there before Whyte took over he must've known about it or his accountants must have known about it. But instead it was all 5 millions war chests for transfers and all the rest of it. If Whyte had been honest from the start and told the fans we don't have money we are going to have to cut back Paid HMRC what they were due etc.. I think fans would have understood and supported the team and Whyte throughout it all why we sorted ourselves out. But there is more chance of Elvis making a comeback than Craig Whyte being honest.

 

Which is why the rest of the fault lies with Murray and the previous board they should have done proper due dilligence on this man. Find out is he a “billionaire” or is he full of shit. It almost seems as if they couldn't wait to get rid of Rangers

 

I thought Walter Smith gave an excellent interview as ever and agree with everything he said

Edited April 26, 2012 by Crimson Dynamo