Rangers Sued For £9.5m By Hummel

[RANGERRAB 3,678]

2 hours ago, BEARGER said:

Hummel/Elite are having financial troubles at present. 

Elite Sports Group collapsed apparently. Getting desperate for funding to stay afloat

[the gunslinger 3,366]

9.5 million in lost sales would be what 1.8 in lost profit perhaps at best

[compo 7,052]

Might be about time their was a full investigation into the going ons at Rangers we seem to be forever paying someone compensation 

[Frankie 8,570]

It's perhaps noteworthy that there were no going concerns reported in the most recent accounts....

[Scott7 6,016]

42 minutes ago, Frankie said:

It's perhaps noteworthy that there were no going concerns reported in the most recent accounts....

Nasty shock. I’d hoped the accounts would show Rangers as a going concern.

 

I have only a fleeting acquaintance with the Black Art of Accountancy but I think the practitioners’ magic words for the  lHummel claim are Contingent Liabilities.

[the gunslinger 3,366]

1 hour ago, Frankie said:

It's perhaps noteworthy that there were no going concerns reported in the most recent accounts....

A very good point. 

[craig 5,199]

3 hours ago, Frankie said:

It's perhaps noteworthy that there were no going concerns reported in the most recent accounts....

Not that relevant to the potential outcome of this suit though.

 

Going Concern considers the subsequent 12 months and, at the time of audit sign off, in the next 12 months the auditors know we have CL money plus Aribo and Bassey money coming in - so even if we were to lose that suit and 9.5 mill we would still likely have been considered a going concern.

 

Bears little relevance to the outcome of that suit though

[the gunslinger 3,366]

2 hours ago, craig said:

Not that relevant to the potential outcome of this suit though.

 

Going Concern considers the subsequent 12 months and, at the time of audit sign off, in the next 12 months the auditors know we have CL money plus Aribo and Bassey money coming in - so even if we were to lose that suit and 9.5 mill we would still likely have been considered a going concern.

 

Bears little relevance to the outcome of that suit though

what about potential liabilities?

 

is that a thing?

[craig 5,199]

20 hours ago, the gunslinger said:

what about potential liabilities?

 

is that a thing?

I havent read the annual report in all honesty mate but the suit would normally be considered a contingent liability - however, this lawsuit looks like it is fairly fresh - in which case it is more likely to be referenced in the notes to the financials rather than actually accounted for.  Too unknown at such an early stage to include as a liability. 

[compo 7,052]

I don't know who signs these contracts but in my day contracts were binding.