Danny 0 Posted May 4, 2012 Share Posted May 4, 2012 My understanding is it was originally transferred over to Wavetower, who became Rangers PLC. Where is it now and does the new owner, whoever that ends up being, take it on? 0 Quote Link to post Share on other sites More sharing options...
Juancornetto 1 Posted May 4, 2012 Share Posted May 4, 2012 My understanding is it was originally transferred over to Wavetower, who became Rangers PLC. Where is it now and does the new owner, whoever that ends up being, take it on? The debt lies with Rangers PLC where it is now. Miller's incubator newco will have (in legal terms) nothing to dow with Rangers PLC but will own all it's assets. A new owner (Miller for example) will have no obligation to and no power to force Rangers PLC to sort out the debt but the creditors (HMRC Ticketus et al) will obviously be pushing for it. Rangers PLC will have to pay the Admin's and legal costs and what is left will be offered up in a CVA pot. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,684 Posted May 4, 2012 Share Posted May 4, 2012 WT/RFC Group paid off the original bank debt using the Ticketus money. Any remaining/new debt (i.e. HMRC, Ticketus, etc) will be left with the old co and creditors will have to agree a CVA. If not, the old co will be liquidated and the debt written off. It remains to be seen if HMRC can recover anything from the newco. Ticketus would likely pursue Whyte in the courts. Other creditors will sing. 0 Quote Link to post Share on other sites More sharing options...
Juancornetto 1 Posted May 4, 2012 Share Posted May 4, 2012 There is no new HMRC rule that allows them to go after the Newco for the Oldco's tax debt, that is an invention by those bastions of sporting integrity - Celtic fans. There is however a ruling going through courts and Westminster that allows HMRC to ask for a bond of the predicted tax burden of the Newco up front. If you think that Whyte racked up £15m+ in 9 months then it's safe to say this could be £20m per year. That would be a massive deterrent a prospective new owner but thankfully we should have our Newco done and dusted before it becomes law. 0 Quote Link to post Share on other sites More sharing options...
Tannochsidebear 2,435 Posted May 4, 2012 Share Posted May 4, 2012 I cant see any reason why HMRC would do that to RFC in this case. RFC has a 140 year history of paying full taxes on time every time, until the CW era came along. With CW gone, there is no way HMRC would go down that road in this case, not matter how much they were pressed by the tims to do so. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,884 Posted May 4, 2012 Share Posted May 4, 2012 The debt lies with Rangers PLC where it is now. Miller's incubator newco will have (in legal terms) nothing to dow with Rangers PLC but will own all it's assets. A new owner (Miller for example) will have no obligation to and no power to force Rangers PLC to sort out the debt but the creditors (HMRC Ticketus et al) will obviously be pushing for it. Rangers PLC will have to pay the Admin's and legal costs and what is left will be offered up in a CVA pot. Just to clear this up ... Whyte bought Rangers, i.e. Rangers FC from SDM for 1 pound. Wavetower and later on The Rangers FC Group Limited (wholly owned by Liberty Capital, owned in turn by Whyte) bought 93m shares of/in Rangers FC plc.. The shares in Rangers FC plc are thus officially with The Rangers FC Group Ltd.. With all this business mumbo jumbo, you start to understand why it is quite difficult to unravel who did what to whom and who owns what to whom. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted May 4, 2012 Share Posted May 4, 2012 Just to clear this up ... Whyte bought Rangers, i.e. Rangers FC from SDM for 1 pound. Wavetower and later on The Rangers FC Group Limited (wholly owned by Liberty Capital, owned in turn by Whyte) bought 93m shares of/in Rangers FC plc.. The shares in Rangers FC plc are thus officially with The Rangers FC Group Ltd.. With all this business mumbo jumbo, you start to understand why it is quite difficult to unravel who did what to whom and who owns what to whom. That is the way Whyte works. He embroils everything in a maze of companies so that anything becomes untraceable. He did say one day Rangers fans will see what I did for them and they will thank me.(or something like that) Who knows maybe we will be grateful to him one day and selling his shares for 2 pound would be a start. I suppose it may be worth a couple of million for doing the dirty work as he did. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted May 4, 2012 Share Posted May 4, 2012 Just to add even if Ticketus take him to court it will be a company they are suing and Whyte will just pull the plug on it and owe them nothing. I can't believe the Police are not taking action against him for fraud to be honest. 0 Quote Link to post Share on other sites More sharing options...
rbr 1,270 Posted May 4, 2012 Share Posted May 4, 2012 All football related debts , ie to Hearts etc will have to be paid , UEFA wont put up with transfer fees being left unpaid or even partly paid , the only good thing is that the major ones are not due yet 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted May 4, 2012 Share Posted May 4, 2012 All football related debts , ie to Hearts etc will have to be paid , UEFA wont put up with transfer fees being left unpaid or even partly paid , the only good thing is that the major ones are not due yet The coppers-in-the-pound creditors may have something to say about that. 0 Quote Link to post Share on other sites More sharing options...
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