Duff & Phelps Issuing Revised Statement Soon

[North Rd 0]

RT @BBCAlLamont: Duff & Phelps issue revised and approved proposals to Rangers' creditors. Awaiting analysis of said proposals.

[North Rd 0]

Seems D & P's results of proposals to creditors document is pretty humdrum stuff.

[North Rd 0]

Wonder if this has anything to do with the part about being in all competitions and they are willing to accept a Scottish Cup ban?

[Craigy1881 79]

So what does this mean, the first proposal was a sack of dog turd?

[North Rd 0]

maybe moving the deadline again

[North Rd 0]

ok are you ready to make sense of this..............................

 

 

Our ref:PJC/PXH/SMS/LXNIRGF039/1 406841/03

'

7 June 2012

 

Dear Sirs

 

The Rangers Football Club Pc (In Administration) ("the Company")

 

refer to my report and statement of proposals to creditors dated 5 April 2012.

 

As you will be aware, a meeting of creditors was held by correspondence for the purposes of

considering the Joint Administrators’ Proposals. Those proposals were approved with

modifications as set out on Form 2.188 (Scot), a copy of which is attached, in accordance with

Rule 2.35 of the Insolvency (Scotland) Rules 1986.

 

Should you require any further information, please email ranqersduffandphelps.com .

 

Yours faithfully

For and on behalf of

The. Rangers Football Club Plc

 

Paul Clark

 

Joint Administrator

Enc.

 

T he affairs, business and property of the Company are being managed by the Joint Administrators, Paul Clark and David Whitehouse. who

act as agents of the Company and without personal liability. They are both licensed by the Insolvency Practitioners Association.

 

1

 

Duff & Phelps Ltd. +44 (0)20 7487 7240Duff & Phelps Ltd. Registered in Licensed Insolvency Practitioners acting as

 

43-45 Portman Squaree +44 (0)20 7487 72.99England. Company registration numberoffice holders act without personal liabili ty and

London Wi H SLY wwmduffandpheIps.co.uk 05568550. Registered office: 32 unless otherwise stated are authorised by the

United Kingdom Threadneedle Street. London EC2R 8AYInsolvency Practitioners Association

 

 

Rule 2.35 The Insolvency Act 1986Form 2.18B(Scot)

 

Notice of result of meeting of creditors

 

Pursuant to Rule 2.35 of the Insolvency (Scotland) Rules 1986

 

 

 

Name of Company Company number

 

 

 

The Rangers Football Club plc SC004276

 

(a) Insert full name(s)We (a) Paul John Clark and David John Whitehouse

and address(es) of the Duff & Phelps Ltd.

administrator(s)

43-45 Portman Square

London W1 6LY

 

(b) Insert relevant date Hereby report that a meeting of creditors was conducted by correspondence

*De lete as applicable

 

(pursuant to paragraph 58 of Schedule B1 to the Insolvency Act 1986 and

Rule 2.28 (Scot) of the Insolvency Rules 1986) on 20 April 2012, at which:

 

(d) Give details of the *1. Proposals I revised proposals were approved.

modifications (if any)

*2. Proposals I revised proposals were modified and approved.

 

A copy of the modified proposals is attached: (d)

 

A creditors’ committee *was was not formed.

 

Signed

Joint Administrator

 

Dated 7 yUk/E. 201L

 

*De lete as applicable

A copy of the *original proposals / modified proposals I modified proposals is

 

attached for those who did not receive such documents prior to the meeting.

 

You do not have to give any contact information

in the box opposite but if you do, it will help

Companies House to contact you if there is a

query on the form. The contact information that I Tel

you give will be visible to searchers of the public

record DX Number DX Exchange

 

When you have completed and signed this form please send it to the Registrar of Companies at:

Companies House receipt date barcode

 

Companies House, 4th Floor, Edinburgh Quay 2,139 Fountainbridge, Edinburgh, EH3 9FF

DX 235 Edinburgh I LP 4 Edinburgh-2

 

 

17.Joint Administrators’ Proposals

171The Joint Administrators propose the following:

 

RESOLUTION (1)

 

171.1 That the Joint Administrators continue the Administration to deal with such outstanding

matters in relation to the Company as the Joint Administrators consider necessary until

such time as the Administration ceases to have effect-

17,1,2 That the Joint Administrators do all such other things and generally exercise all of their

powers as contained in Schedule 1 of the Act, as they, in their sole and absolute discretion

consider desirable or expedient in order to achieve the purpose of the Administration.

 

17.1.3 That the Joint Administrators can investigate and, if appropriate, pursue any claims the

Company may have.

17.1.4 That the Joint Administrators can explore any and all options available to realise the assets

of the Company without recourse to creditors. The Joint Administrators be authorised to

conclude a sale of the whole, or part of the business, property and assets of the Company

without having to obtain the sanction of the Company’s creditors at further creditors

meetings, upon such terms as the Joint Administrators deem fit and they be authorised to

liaise with all relevant parties, bodies or organisations which they deem relevant for

achieving that purpose.

17.1.5 That the Joint Administrators seek to establish a creditors committee, and they be

authorised to so establish a committee in such terms and on such basis as they deem fit

without having to obtain any further sanction from the Company’s creditors at a further

creditors meeting.

RESOLUTION (2)

 

17.1.6 That the Joint Administrators may propose such CVA(s) or Scheme(s) of Arrangement as

they deem appropriate and see fit, subject to the outcome of offers.

17.1.7 Upon approval of a CVA or Scheme of Arrangement to exit the Administration at such time

as the Joint Administrators deem appropriate by making an application to the Court

pursuant to paragraph 79 of Schedule 131 of the Act.

17.1 .8 That the Joint Administrators are authorised, subject to implementation of a CVA, to

conclude a sale of the whole, or part of the business, property and assets of the Company,

without having to obtain the sanction of the Company’s creditors at further creditors’

meetings, upon such terms as the Joint Administrators deem fit and they be authorised to

liaise with all relevant parties, bodies or organisations which they deem relevant for

achieving that purpose.

17.1.9 Any proposed Voluntary Arrangement or Scheme of Arrangement will be considered on its

merits by HMRC Voluntary Arrangements Service. Acceptance of the Joint Administrator’s

proposals by HMRC does not therefore imply acceptance of any Voluntary Arrangement

proposals that may be put forward as a consequence.

17.1.10 That The Joint Administrators shall report to creditors no later than 3 months from the date

of the meeting of creditors on the feasibility of a CVA or Scheme of Arrangement.

UKMATTERS 21928413.1

 

 

RESOLUTION (3)

 

17.1 11 That the Joint Administrators, when it is anticipated that no better realisations will be made

in the Administration than would be available in a winding up, take the necessary steps to

Put the Company into either CVL or other compulsory liquidation as deemed appropriate by

the Joint Administrators. In accordance with paragraph 83(7) of Schedule Bi to the Act

and Rule 247 of the Rules, HMRC nominate Malcolm Cohen and James Bernard Stephen

of BDO as joint liquidators of the Company and pursuant to Section 231 of the Act any act

required or authorised under any enactment to done by the joint liquidators may be done by

all or any one or more persons holding office as joint liquidators

RESOLUTION (4)

 

17.1.12 That, without prejudice to or effect upon creditors rights to bring any challenge to the level

of that remuneration shall they consider it appropriate to do so, the Joint Administrators’

remuneration be fixed by reference to the time properly incurred by them and their staff in

attending matters during the Administration.

17.1.13 That the Joint Administrators statement of pre-Administration costs under Rule 2.25 of the

Rules, where no Creditors’ Committee is established, be approved for payment in

accordance with Rule 2.39C of the Rules.

171.14 That the Joint Administrators be authorised to draw their reasonably and properly incurred

Category 2 Disbursements.

UKMATTERS2192841 3.1

Edited June 7, 2012 by North Rd

[North Rd 0]

It says in the original email the proposal was "approved", does anyone know if this has any significance?

[Craigy1881 79]

HMRC arrange for liquidators at Rangers if administrators Duff and Phelps fail to save club

 

Read into that what you will

[der Berliner 3,877]

I would assume that this is all the normal legal technicality babble, but someone will sure read something dreadful into this and tell the world ...

 

Question is ... should the CVA fail, can someone jump in with a better CVA bid for "the company" before it is either being liquidated or turned into a newco?

Edited June 7, 2012 by der Berliner

[North Rd 0]

HMRC have decided that in the event of the CVA not being accepted, they will be instructing BDO to carry out the liquidation - not Duff & Phelps.

 

How that leaves Green's £5.5M deal for all assets is the unknown at the moment.