Rangers Creditors Win £24m Settlement from Law Firm

[Zappa 0]

Structural change wont matter though - it is the same entity. The only way the SFA would avoid being sued in this instance would be if they created a new entity, and that would take them time, time which would allow BDO to get their claim in first.

 

By structural change I obviously just meant a few staff and/or job title changes. Basically, I think if they sense trouble in Hampden's corridors of power they'll simply throw Regan under the bus, bring in a new CEO, maybe make a few other changes and then try to wriggle out of any blame. That's how they work.

 

And Zappa, if BDO had been the original administrators we wouldn't be in a newco/oldco situation right now - they would have got it sorted professionally and efficiently. So, yeah, Green wouldn't have got the club.

 

Yep, that's basically what I was suggesting mate.

[craig 5,199]

Don't know how many times I've said as much. Coming from someone more qualified than I on these matters only angers me more.

 

Quite a few generation of bears might go to their grave very bitter.

 

I was firmly in the "give them a chance" camp regarding D&P. Proven wrong.

 

However, an institution the size of Rangers should NEVER be employing "street corner" consultants for anything of significance. Between BDO & KPMG they probably have the two best reputations for solvency work in the UK (I see BDO in insolvency new more than PwC, Deloitte & EY - though that may just be because I am so far removed from the UK these days).

 

We should always, for something as major, have been using reputable companies, companies such as BDO. They generally are worth the increased expense. But we know this was no "normal" administration.

[craig 5,199]

By structural change I obviously just meant a few staff and/or job title changes. Basically, I think if they sense trouble in Hampden's corridors of power they'll simply throw Regan under the bus, bring in a new CEO, maybe make a few other changes and then try to wriggle out of any blame. That's how they work.

 

If this were ever to take a legal route a structural change and the moving of chairs around the same room will stand no legal ground. They can try to wriggle out of any blame but the law will look at the entity, not the individuals. So them not creating a new entity could have been a catastrophe for them if this went legal. No different to newco could have said "we aren't paying you Dunfermline (add any creditors name) because that is on the old company" - we CAN use that excuse. the SFA, however, cant because they are still the same legal entity. The same actually goes for the SPL because, unless I am mistaken, they are the same entity albeit they have had a name change. A name change doesn't change the legal entity's standing.

 

Yep, that's basically what I was suggesting mate.

 

Yeah, I was just agreeing with you on this one.

[chilledbear 16]

Chris Graham on twitter.

 

 

We'll soon be getting official confirmation of Collyer Bristow settlement story that @Follow_Follow_ ran last week. Can. Worms. Open. #fraud

[26th of foot 6,114]

Something tells me a whole bunch of Whyte's chums will soon be hiding out in places with no extradition treaties if they aren't already.

 

I think I have posted before on this matter/

 

When Dearest Craigie first appeared, Toxic Jack put out a ridiculous CV that every paper/radio/TV stations, hungry for information, repeated/printed continually. One piece of info' was quite strange, he had a coastal 'holiday home' in Costa Rica. Alligators, snakes, lots of stinging insects, .....etc; why Costa Rica?

 

I discovered Costa Rica has no extradition treaty with the EU.

[Zappa 0]

I think I have posted before on this matter/

 

When Dearest Craigie first appeared, Toxic Jack put out a ridiculous CV that every paper/radio/TV stations, hungry for information, repeated/printed continually. One piece of info' was quite strange, he had a coastal 'holiday home' in Costa Rica. Alligators, snakes, lots of stinging insects, .....etc; why Costa Rica?

 

I discovered Costa Rica has no extradition treaty with the EU.

 

All of these dodgy sp!v types like Whyte & co will have a bolt hold somewhere like that 26th, it's just how they operate. Somewhere they can escape to when their crooked empires come tumbling down and the cops start looking for prison's next gimp.

[lenzEK 0]

There is absolutely no doubt that this £24m out of court settlement is true. Quantum agreed with Collyer Bristow's professional indemnity insurers.

[Little General 80]

Has there been official confirmation of this yet?

[RANGERRAB 3,731]

Other than HMRC(who are owed the PAYE and NI Whyte didn't pay plus the small tax case which Whyte was supposed to pay but didn't) who are these creditors?

There are no football debts as these were paid by newco as a condition of the licence being transferred.

Ticketus aren't a creditor as Lord Glennie only granted them personal contractual rights hence their pursuit of Whyte thro' the courts down south.

Don't forget too the RFFF paid off a number of small debts too.

As a rough guess I'd say HMRC are owed circa £16m. Are D&P and BDO getting the rest of this £24m?

[RANGERRAB 3,731]

Does anyone agree with me here - without the BTC the oldco was never insolvent