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?
Resolution 12 Merged Threads
- Thread starter James Forrest
- Start date
TET
Well-known member
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.
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.
BillericayBhoy
Member
BillericayBhoy
Member
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?
Seriously though that cannot be allowed, surely - anyone out there know the answer?
TET
Well-known member
I suspect this was all built into their long term planning.
Get the culprits of the hook using the "riding the scapegoat" Whyte who was potentially required to be their fall guy at their secret proceedings club.
Then get series of equallydodgy dudes to make a complete mess so everyone can point the finger at everyone else and the law can't untangle who exactly is to blame for what.
Then when the liquidation process has been fulfilled send the assets back to old co and claim its the same club for sure.
The Original Rangers fans have dipped in their expectations of their masters and then the real Rich dude who could have paid the original debts of original club steps out of the shadows as the long awaited saviour and just saved himself couple hundred million quid which he can now capitalise into the REAL RANGERS STRIPPED OF ALL ITS DEBTS.
Far fetched scenario
Probably bollocks
But possibly true
And tbh I wouldn't put it past them. Especially since they like to play alchemy in full view to show off their superior powers of skullduggery and hide behind the oh you paranoid people.
The fact that King even suggested that maybe he will rejoin the assets back to original lub fits nicely into this bizarre theory.
I think a liquidated Company/club is time barred for certain period of time.
But I'm no 100 percent sure
BillericayBhoy
Member
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!).
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!).
Speyside Lhad
Well-known member
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.?
BillericayBhoy
Member
BillericayBhoy
Member
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?
BILLCOWIE1958
Well-known member
BILLCOWIE1958
Well-known member
This whole scenario has taken way too long
If you or I were evading tax or even paying it late we would be perused mercilessly or sanctioned with a monetary fine in the same fiscal year
HH?
BillericayBhoy
Member
That’s what happens when you spend the season ticket money on lawyers....
Phewwww!!!
Thanks, mate. It's just that it is hard to gauge how many of our own support actually do feel as if we should move on. It's just such a travesty that I can't get my head around it at all.
It is something that I believe goes to the very psyche of our beginnings as a club. We are a club that is a family, unique in Scotland and the world over. The fact our board has allowed this farce to go on for so long is like a dagger through the heart.
History will judge our board without mercy. The stain on The Invincibles and double treble winners will be overshadowed by their cowardice, I have no doubt about that whatsoever.
BillericayBhoy
Member
Agreed - at the risk of quoting a much vaunted hun mantra “never forgive, never forget....We cannot move on without resolution of this whole issue.
TJ Hooper
Active member
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.
TJ Hooper
Active member
Its actually quite an interesting scenario. There's two things to remember....
1. As part of the 5 way agreement, Sevco assumed responsibility for all footballing debt - and most of those EBT guys are footballers owed by the old co; and
2. Many of the EBT recipients right now are looking to appoint a joint legal representative and bring legal action to meet the liabilities.
That they would win a judgement against Oldco is never in doubt - but its got no money to pay them more than pennies to the pound. Its still the first step though. Once the claim has legal standing there's a few options open to them as to who they can take action against. I won't list them all but the more likely ones are:
1. The SFA for being asleep on duty allowing Oldco to be fiscally irresponsible and potentially colluding with them to keep the scam going in the 2011/12 season when a disaster was on their hands;
2. Newco under the footballing debts provision described above; or
3. The Oldco board members personally for their fiscal irresponsibility leading to the devaluation of their guarantees if it can be shown they didn't act in the company (in liquidations) best interests.
It might therefore end up being the case that a lot of the murky undertakings that brought us to this position finally see the light of day when the players they could never have otherwise attracted pull the rug out from under them.
BillericayBhoy
Member
Cheers mate hoped that was the answer. I was under the impression that the company was liquidated only at the end of the liquidation process- my only worry was what if someone offered to buy what would then be a shell company for a couple of million, would that be allowed and then distributed pro rate to all creditors?
BillericayBhoy
Member
rata!
