sairdy 0 Posted June 12, 2012 Share Posted June 12, 2012 Her Majesty's Revenue and Customs will reject the company voluntary arrangement proposal made by Rangers' prospective owner Charles Green. Green's consortium hopes to have its CVA approved by creditors when they meet at Ibrox on Thursday so that the club can exit administration. But the club needs dominant creditors HMRC and Ticketus to vote in favour to avoid the assets being sold off. The CVA terms suggest a maximum payout of nine pence for every pound owed. BBC Scotland has learned that administrators Duff & Phelps held a meeting with HMRC on Monday and were told of their decision. The CVA requires the approval of 75% or more in value of the creditors, and more than 50% in value of the members, voting on the resolution. Rangers entered administration on 14 February and await the outcome of a First Tier Tax tribunal at the Court of Session in Edinburgh over unpaid taxes - the so-called "Big Tax Case". Under the terms of the deal struck by Green's consortium to buy Rangers, it will now proceed to purchase the business and assets of Rangers for £5.5m. More to follow... 0 Quote Link to post Share on other sites More sharing options...
sairdy 0 Posted June 12, 2012 Author Share Posted June 12, 2012 http://www.bbc.co.uk/sport/0/football/18407309 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 12, 2012 Share Posted June 12, 2012 least surprising news ever. 0 Quote Link to post Share on other sites More sharing options...
North Rd 0 Posted June 12, 2012 Share Posted June 12, 2012 Will D&P now open it to other bidders? 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 12, 2012 Share Posted June 12, 2012 Will D&P now open it to other bidders? no its a newco under green. 0 Quote Link to post Share on other sites More sharing options...
amms 0 Posted June 12, 2012 Share Posted June 12, 2012 Bloody hell. 0 Quote Link to post Share on other sites More sharing options...
North Rd 0 Posted June 12, 2012 Share Posted June 12, 2012 no its a newco under green. can't HMRC not stop that also? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,665 Posted June 12, 2012 Share Posted June 12, 2012 Will D&P now open it to other bidders? Other bidders feel they till have a chance despite 'binding' agreement. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,665 Posted June 12, 2012 Share Posted June 12, 2012 can't HMRC not stop that also? Apparently not until after the asset sale but not sure about that. 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted June 12, 2012 Share Posted June 12, 2012 This must be HMRC's plan all along. We're being made an extreme example that will stop clubs from stepping out of line for a long time to come. It's impossible to believe they were EVER interested in maximising the taxpayers' purse. Liquidation means that they will received virtually nothing when doing a deal a year ago could have raised them well over £30m more than they will get. I wouldn't be so angry about it if I could see it as justified but it is entrapment at best and shows that the UK has a very unjust tax system. Proud to be British? I'm pretty ashamed of it right now. 0 Quote Link to post Share on other sites More sharing options...
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