BillericayBhoy
Member
I totally agree - I also understand that following liquidation, a newco cannot be set up with a name closely related to the original liquidated company. So what the hell is all this TRFC all about?
Now heres a stupid scenario, well at least I hope its unfeasible.
Whats to stop King killing Sevco then selling the assets to the original company once it has been fully through the liquidation process and then say well same assets same original club, lets get the real rangers back capitalised and forget all about the debts we couldn't be bothered paying at original club, interim club and the secret agreement with SFA allows us to do this. Everybody hates us but we don't care.
Yes but someone would have to fund the purchase of liqidco (have l just made up a new word?!?!) as well as the assets of sevco. I’m sure this wouldn’t be allowed as he would have to assume the liabilities of Oldco otherwise that would just be immoral..........Oh wait.......
Seriously though that cannot be allowed, surely - anyone out there know the answer?
Maybe just maybe this is where the same club myth falls apart if enough ebters pursue Sevco with their side letters as under the 5 way agreement they’d be liable for footballing debts of oldco.You are now painting the Armageddon scenario......I predict social unrest from the paranoid tims!!!
I don’t think HMRC would allow this unless they got paid in full.
For the moment let’s just sit back and enjoy the “EBTeers”squirm as Hector pursues them. We should have a sweep on who will be first to break cover with a side letter (which didnae exist before!).
Maybe just maybe this is where the same club myth falls apart if enough ebters pursue Sevco with their side letters as under the 5 way agreement they’d be liable for footballing debts of oldco.
Would King pony up or declare we’re a new club so feck all to do with us.?
I totally agree - I also understand that following liquidation, a newco cannot be set up with a name closely related to the original liquidated company. So what the hell is all this TRFC all about?
You are now painting the Armageddon scenario......I predict social unrest from the paranoid tims!!!
I don’t think HMRC would allow this unless they got paid in full.
For the moment let’s just sit back and enjoy the “EBTeers”squirm as Hector pursues them. We should have a sweep on who will be first to break cover with a side letter (which didnae exist before!).
Sorry Anton.
I meant that's what they want us to do. I can't accept it, of course.
Once a company is liquidated it ceases to exist entirely. Oldco still exists in the form of a file, with the liquidators pending final distribution to the creditors of what's left in the pot. Added to all the existing identified creditors there's a couple more potential ones - Craig Whyte's Wavetower and their claim over the assets that were sold and the EBT recipients who have just received demands that they were indemnified for. Once all that and any other ongoing legal matters are considered resolved a final distribution can be made and the company disappears. To take it out the liquidation process someone would need to pay in enough to settle all the creditors and noone is stupid enough to take on that kind of liability.Yes but someone would have to fund the purchase of liqidco (have l just made up a new word?!?!) as well as the assets of sevco. I’m sure this wouldn’t be allowed as he would have to assume the liabilities of Oldco otherwise that would just be immoral..........Oh wait.......
Seriously though that cannot be allowed, surely - anyone out there know the answer?
Its actually quite an interesting scenario. There's two things to remember....I totally agree - this could be defining. If HMRC pursue all of them individually and they produce side letters what does King do? Leave them to it and say they were employed by the holding company? I believe he will as he doesn’t have the cash to pony up. So who now employs Hunnygees 13 signings?