tag:blogger.com,1999:blog-58790013208266268222024-02-19T09:18:20.921-08:00MLM Solutions BlogMLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.comBlogger24125tag:blogger.com,1999:blog-5879001320826626822.post-20047014924640540142012-08-29T08:50:00.003-07:002012-08-29T09:03:39.935-07:00SOLVENCY ABUSE-Winding up, tax and MVL's - Guest Blogger and Tax expert Aidan McLaughlin wants your feedback....<br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Cambria Math","serif"; font-size: 12pt; mso-bidi-font-size: 11.0pt;">SOLVENCY
ABUSE? <o:p></o:p></span></b></div>
<br />
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<span style="font-family: "Cambria Math","serif";">For a Chancellor
committed to the abolition of red tape, one of the subtle changes George
Osborne introduced this year is likely to tie some SME owners up in the stuff.<span style="mso-spacerun: yes;"> </span>For those who may be seeking to wind up a solvent
business, the new measures have the potential to heap time, costs and
complexity into the process.<o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Cambria Math","serif";"><o:p> </o:p></span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Cambria Math","serif";">Winding Up A Solvent Company<o:p></o:p></span></b></div>
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<span style="font-family: "Cambria Math","serif";">Legally, the
default position for winding up a solvent company was, and still is:-<o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 36pt; mso-list: l1 level1 lfo1; text-indent: -18pt;">
<span style="font-family: "Cambria Math","serif"; mso-bidi-font-family: "Cambria Math"; mso-fareast-font-family: "Cambria Math";"><span style="mso-list: Ignore;">1.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span style="font-family: "Cambria Math","serif";">Wind up informally via a strike off<o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 0pt 36pt; mso-list: l1 level1 lfo1; text-indent: -18pt;">
<span style="font-family: "Cambria Math","serif"; mso-bidi-font-family: "Cambria Math"; mso-fareast-font-family: "Cambria Math";"><span style="mso-list: Ignore;">2.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span style="font-family: "Cambria Math","serif";">Liquidate through a members’
voluntary liquidation<o:p></o:p></span></div>
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<span style="font-family: "Cambria Math","serif";">Tax - the
tax treatment for the final distributions made to the shareholder(s) under both
of the above options is:-</span></div>
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<div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 36pt; mso-list: l2 level1 lfo3; text-indent: -18pt;">
<span style="font-family: "Cambria Math","serif"; mso-bidi-font-family: "Cambria Math"; mso-fareast-font-family: "Cambria Math";"><span style="mso-list: Ignore;">1.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span style="font-family: "Cambria Math","serif";">strike off - distributions are taxed
as dividends<o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 0pt 36pt; mso-list: l2 level1 lfo3; text-indent: -18pt;">
<span style="font-family: "Cambria Math","serif"; mso-bidi-font-family: "Cambria Math"; mso-fareast-font-family: "Cambria Math";"><span style="mso-list: Ignore;">2.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span style="font-family: "Cambria Math","serif";">members’ voluntary liquidation -distributions
are taxed as capital gains<o:p></o:p></span></div>
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<span style="font-family: "Cambria Math","serif";">Whilst
everyone’s tax position is different, for higher rate and top rate taxpayers
capital gains tax treatment will generally afford a much better outcome than dividend
treatment; even more so if entrepreneur’s relief is available.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
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<span style="font-family: "Cambria Math","serif";">Generally
therefore the preference would be to seek capital gains treatment.<o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Cambria Math","serif";"><u>Pre 1 March 2012</u> <o:p></o:p></span></b></div>
<br />
<span style="font-family: "Cambria Math","serif";">As
liquidations are generally much more costly than the £10 fee payable to Companies
House for a strike off, prior to March 2012 HMRC used to allow - via Extra Statutory
Concession C16 – that, providing certain criteria were met and undertakings
given, a solvent company could be struck off without the need for a liquidator
to be appointed, and any distributions treated as a capital gain. <o:p></o:p></span><br />
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<span style="font-family: "Cambria Math","serif";">That concession
therefore allowed the best of both worlds – the cheaper option for winding the
company up and the more efficient tax treatment on the distribution.<o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Cambria Math","serif";"><u>1 March 2012<o:p></o:p></u></span></b></div>
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<span style="font-family: "Cambria Math","serif";">From the
above date, however, Concession ESC C16 no longer exists but is now enshrined
in legislation – with a nasty twist. <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<span style="font-family: "Cambria Math","serif";"></span><br />
<span style="font-family: "Cambria Math","serif";">Under the
new legislation for company strike offs, <o:p></o:p></span><br />
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<div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 37.5pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -18pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="font-family: "Cambria Math","serif";">If
the assets to be distributed are less than £25,000, then the shareholder
automatically gets capital gains tax treatment (and an application to HMRC is
no longer required), but<o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 0pt 37.5pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -18pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="font-family: "Cambria Math","serif";">If
the assets are above £25,000, any distribution will be treated as a dividend. <o:p></o:p></span></div>
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<span style="font-family: "Cambria Math","serif";">So for
companies where the assets are above £25,000, the better option is likely to be
winding the company up formally via a members’ voluntary liquidation. The
subsequent distribution of assets will be taxed on the shareholder(s) as a
capital gain.<o:p></o:p></span></div>
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<span style="font-family: "Cambria Math","serif";">However,
winding up need not be an expensive service.<span style="mso-spacerun: yes;">
</span>As Maureen Leslie, MLM Director of Corporate Solutions explains:<o:p></o:p></span></div>
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<span style="font-family: "Cambria Math","serif";"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>“MLM has a risk based approach to members’
voluntary liquidations.<o:p></o:p></span></div>
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<span style="font-family: "Cambria Math","serif";"><span style="mso-spacerun: yes;"> </span>Working alongside the
Company’s tax adviser, we can provide a cost <o:p></o:p></span></div>
<br />
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<span style="font-family: "Cambria Math","serif";"><span style="mso-spacerun: yes;"> </span>effective solution to
the difficulties Aiden has highlighted, which <o:p></o:p></span></div>
<br />
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<span style="font-family: "Cambria Math","serif";"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>removes any risk to the business
owner.”<o:p></o:p></span></div>
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<span style="font-family: "Cambria Math","serif";">The message
is clear – anyone intending to get rid of a solvent company should always
obtain good advice, ideally from a chartered tax adviser. <span style="mso-spacerun: yes;"> </span>As tax on the transaction can range from 10%
to over 40%, some time and money invested up front could provide significant
savings later.<o:p></o:p></span></div>
<br />
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<b style="mso-bidi-font-weight: normal;"><u><span style="color: black; font-size: 12pt; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="font-family: Calibri;">A note about the Guest Blogger<o:p></o:p></span></span></u></b></div>
<br />
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<span style="color: black; font-size: 12pt; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="font-family: Calibri;">Aidan McLaughlin
is a partner at McLaughlin Crolla LLP. He has more than 25 years experience in
tax, advising sole practitioners and large corporations alike. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span style="color: black; font-size: 12pt; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="font-family: Calibri;">Aidan
specialises in reconstructions, acquisitions, mergers and corporate finance. <o:p></o:p></span></span></div>
<span style="color: black; font-size: 12pt; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="font-family: Calibri;">For more
information, please see www.mclaughlincrolla.com <span style="mso-spacerun: yes;"> </span></span></span><a href="http://draft.blogger.com/null" name="webProfileURL"></a><a href="http://uk.linkedin.com/in/aidankmclaughlin" title="View public profile"><span style="font-family: Calibri;"><span style="mso-bookmark: webProfileURL;"><span lang="EN" style="border: 1pt windowtext; color: blue; font-size: 9pt; mso-ansi-language: EN; mso-border-alt: none windowtext 0cm; padding: 0cm;">uk.linkedin.com/in/aidankmclaughlin</span></span><span style="mso-bookmark: webProfileURL;"></span></span></a><span style="mso-bookmark: webProfileURL;"></span><span style="color: black; font-size: 12pt; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><o:p></o:p></span><br />
<br />
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<span style="font-family: "Cambria Math","serif";"><o:p> </o:p></span></div>
MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com4tag:blogger.com,1999:blog-5879001320826626822.post-6301168726525402482012-07-06T08:50:00.001-07:002012-07-06T08:53:43.059-07:00Company in difficulty? We can help!<span style="background-color: white;">When a company is in financial difficulties it’s essential that you get competent and professional advice.</span><br />
If there is a prospect of the company failing and you being asked to fulfil obligations under personal guarantees, <span style="background-color: white;">it can become more difficult to make rational judgments about the business you are running. Deciding if a </span><span style="background-color: white;">company should cease trading (and if so, when?) is the most difficult decision a director will make. Creditors can </span><span style="background-color: white;">play an important role in this process.</span>
<span style="background-color: white;"><br /></span><br />
<span style="background-color: white;">Indeed in certain cases they can be the key to companies trading through </span><span style="background-color: white;">their difficulties. That is why a pro-active dialogue among all parties is vital.</span>
<span style="background-color: white;"><br /></span><br />
First of all though, you need to be aware of the full picture.<br />
<br />
Your insolvency practitioner will help you work <span style="background-color: white;">through your situation. Here are some answers to some of the questions that you may have.</span><br />
<span style="background-color: white;"><br /></span>
<span style="background-color: white;"><a href="http://www.mlmsolutions.co.uk/uploads/mlm%20Directors%20Personal%20Liability.pdf" target="_blank">Click here</a> to read more.</span>MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com0tag:blogger.com,1999:blog-5879001320826626822.post-74898038018483657712012-06-20T07:06:00.000-07:002012-06-21T05:14:51.498-07:00Using the Debt Arrangement Scheme ("DAS") to assist sole traders and partnerships<span style="background-color: white;">The Debt Arrangement Scheme (‘DAS’) is a Scottish Government scheme that was introduced in 2004 to aid and assist those struggling to pay their debts.</span><br />
<br />
<span style="background-color: white;">T</span><span style="background-color: white;">he regulations have been updated a couple of times since the introduction and awareness of the scheme is slowly growing with numbers increasing year on year. Once approved creditors have to agree to freeze interest and charges and cannot take further action to enforce payment of the debt as long as monthly payments are maintained. </span><span style="background-color: white;">It also protects assets.</span><br />
<br />
While it’s mostly been used to help individuals repay debts, at <b>MLM Solutions we have the expertise in successfully utilising the Debt Arrangement Scheme</b> (‘DAS’) for the benefit of sole traders AND partnerships. As such, VAT and PAYE arrears and other debts can be transferred to the DAS whilst maintaining their on-going creditors to keep their business running.<br />
<br />
The process, while fairly straight forward, is not without its challenges. After the available disposable income and length of time for the DAS is established, proposals are submitted to all disclosed creditors. <i>The creditors then have 21 days to respond and can either consent, object, or if they don’t respond in 21 days, it’s taken as deemed consent. </i><span style="background-color: white;">If all creditors <i>agree </i>to the proposal the DAS will be approved and the monthly payment from the debtor distributed to all creditors. </span><br />
<br />
If one or more of the creditors object to the proposal and the DAS is set to run for less than ten years, the case can be submitted to the Accountant in Bankruptcy as DAS Administrator for a ‘Fair and Reasonable’ test. Under the ‘Fair and Reasonable’ test the Accountant in Bankruptcy use set criteria, as follows:-<br />
<br />
<ul>
<li><span style="background-color: white;">the total amount of debt; the period over which a DAS will operate; </span></li>
</ul>
<ul>
<li><span style="background-color: white;">the amount (if any) by which it appears to the DAS Administrator, on the basis of such information as the creditors and the debtor have provided, that the value of any land owned by the debtor exceeds so much of the total amount of debt, as is secured by way of a standard security over any interest in that land; </span></li>
</ul>
<ul>
<li><span style="background-color: white;">the method and frequency of payments under a DAS; </span></li>
</ul>
<ul>
<li><span style="background-color: white;">any other factors considered relevant.</span></li>
</ul>
<br />
Once the DAS is <i>approved</i>, as long as the debtor <i>maintains the monthly payments</i>, the debt will be cleared in the set time period. If the DAS is <b><i>NOT </i></b>approved then creditors may continue to enforce further action against any debtor failing to meet their obligations to that creditor.<br />
<br />
If an existing debt is accidentally omitted from the DAS at the outset, or if the client’s circumstances change significantly, a <b><i>variation on the DAS</i></b> can be applied for. This allows the DAS to be extended or reduced in order to incorporate the further debt. If a client has a drop in income of 50% or more, they may apply for a payment holiday, for up to six months, which will then be added on to the term of the DAS.<br />
<br />
<h2>
So, all in all, is a DAS a good vehicle to help small businesses?</h2>
In my opinion and from my own professional experience... YES! As a qualified expert, we have a team to manage all the processes and procedural requirements on your behalf and this vehicle can help sole traders or partnerships to maintain their business and repay their debts. Each individual DAS is reviewed on an annual basis to allow for any changes to your own circumstances or to account for any legislative updates.<br />
<br />
Examples of 2 small businesses that I have recently assisted and where a DAS has been effectively applied, to ensure minimum disruption and continuity of trading, are illustrated in the case studies below:<br />
<div style="padding-left: 60px;">
<br />
<blockquote class="tr_bq">
<b><u>Case Study 1</u></b></blockquote>
<blockquote class="tr_bq">
<strong>Partnership</strong> - 4 Family members</blockquote>
<blockquote class="tr_bq">
1. Multiple Debts Including Large HMRC debt of <span style="color: red;">£80,000</span></blockquote>
<blockquote class="tr_bq">
2. Commercial Property - value approximately £750,000 with mortgage of £500,000<br />
3. House - Value approximately £220,000 with mortgage of £200,000</blockquote>
<blockquote class="tr_bq">
<span style="background-color: white; color: red;">Total debts of £160,000</span></blockquote>
<blockquote class="tr_bq">
Following a meeting with the clients to conduct a thorough fact find, a DAS was decided upon as a suitable option to allow them to:</blockquote>
<blockquote class="tr_bq">
1. repay their debts,</blockquote>
<blockquote class="tr_bq">
2. keep their business running and</blockquote>
<blockquote class="tr_bq">
3. protect their assets.</blockquote>
<blockquote class="tr_bq">
The case was proposed to all creditors, but rejected by HMRC.</blockquote>
<blockquote class="tr_bq">
The case was then submitted to the Accountant in Bankruptcy for the ‘Fair and Reasonable' test, along with a comparison to show that if the clients were sequestrated, as opposed to being allowed to proceed with the DAS, then all creditors would receive a very low dividend. In the DAS they would receive approximately 90% of the debt due.</blockquote>
<blockquote class="tr_bq">
<strong>Outcome: Based on the information submitted the AiB ruled that the DAS should be approved and the clients are now continuing to trade their business whilst paying monthly to their DAS. This also saved 10 jobs.</strong></blockquote>
</div>
<div style="padding-left: 60px;">
<blockquote class="tr_bq">
<br />
<b><u>Case Study 2</u></b><br />
<b></b></blockquote>
<blockquote class="tr_bq">
<b>Sole Trader running a company established in 1950</b></blockquote>
<blockquote class="tr_bq">
Employs 60 staff</blockquote>
<blockquote class="tr_bq">
1. Assets in Land and vehicles of approximately £300,000</blockquote>
<blockquote class="tr_bq">
2. Multiple debts including larger HMRC debt <span style="color: red;">£350,000</span></blockquote>
<blockquote class="tr_bq">
Following a thorough fact find after meeting with the client, a DAS was deemed as the most suitable option to allow the client to:</blockquote>
<blockquote class="tr_bq">
1. repay the debts,</blockquote>
<blockquote class="tr_bq">
2. keep the business running and</blockquote>
<blockquote class="tr_bq">
<span style="background-color: white;">3. protect the assets.</span></blockquote>
<blockquote class="tr_bq">
<span style="background-color: white;">The case was proposed to all creditors, but rejected by HMRC.</span></blockquote>
<blockquote class="tr_bq">
<span style="background-color: white;">Similarly, the case was then submitted to the Accountant in Bankruptcy for the </span><span style="background-color: white;">‘Fair and Reasonable' test along with a comparison of sequestration against a DAS</span><span style="background-color: white;"> and other relevant information in support of the application.</span></blockquote>
<blockquote class="tr_bq">
<strong>Based on the information submitted, the AiB ruled that the DAS should be approved and the client is now continuing to run the company and paying monthly to the DAS. This also saved 60 jobs and avoided any impact on the local economy through job losses and the demise of a local service.</strong></blockquote>
<blockquote class="tr_bq">
<em>For confidentiality reasons, the identity of the Companies are </em><em style="background-color: white;">protected </em><em style="background-color: white;">and </em><em style="background-color: white;">remain anonymous.</em><br />
<div style="text-align: left;">
<span style="background-color: white;"></span></div>
</blockquote>
<blockquote class="tr_bq">
<div style="text-align: left;">
<span style="background-color: white;">Applications must reside in Scotland and can only apply through an approved money adviser.</span></div>
</blockquote>
</div>
<br />
<i>Ian Brown is an approved money adviser and DAS Manager at MLM Solutions, who has extensive training and experience in financial services and compliance. </i><br />
<br />
He is available to discuss any questions you may have on 0845 051 1616, if you are considering using a DAS to help find a solution for your business.<br />
<br />
<span style="background-color: white;">Follow us on <a href="https://www.facebook.com/mlmsolutionsuk" target="_blank">Facebook</a> and <a href="http://www.twitter.com/mlmsolutionsuk" target="_blank">Twitter</a>.</span><br />
<span style="background-color: white;"><br />For comprehensive updates on DAS visit </span><span style="background-color: white;"><a href="http://www.dasscotland.gov.uk/">http://www.dasscotland.gov.uk/</a>.</span>MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com4tag:blogger.com,1999:blog-5879001320826626822.post-88820852871125529982012-06-15T09:37:00.001-07:002012-06-15T09:38:53.474-07:00Live Blog Event Transcript<span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 18px;">Thank you to everyone who took part in today's live blog. We had a great response and although we were unable to answer all questions, we have saved all the unanswered questions and will be creating a blog pots for these very soon. </span><a href="http://www.twitter.com/mlmsolutionsuk" style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 18px;" target="_blank">Follow us on twitter</a><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 18px;"> so we can let you know when this blog will be published.</span><br />
<div class="chatmsg readercomment " id="row673035034" style="background-color: white; border-bottom-color: rgb(207, 206, 206); border-bottom-style: dotted; border-bottom-width: 1px; line-height: 18px; margin: 0px; padding: 0px; text-align: left; vertical-align: top; width: 451px;">
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10:26</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Phil </span> </div>
<span id="txt673035034">What time will the Q&A start today?</span></td></tr>
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10:27</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673036152">Hi Phil, the live Q&A will start at 12noon. Hopefully you can join us.</span></td></tr>
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10:27</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Arlene </span> </div>
<span id="txt673036546">Looking forward to the debate!</span></td></tr>
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12:00</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Mick McCahill </span> </div>
<span id="txt673135884">Why did D&P, HMRC ticketus and other creditors allow rfc assets to be sold for just £5.3m, surely they would have got a lot more in the open market?</span></td></tr>
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12:00</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Scotty</span> </div>
<span id="txt673136734">Why is murray park and ibrox not being sold off to raise money for creditors, its worth more than the 5.5m Green paid for it</span></td></tr>
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12:02</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Gordon</span> </div>
<span id="txt673139042">What are Walter Smith's options? Is it a done deal with Charles Green or does Walter have a chance to step in and clinch the deal?</span></td></tr>
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12:04</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673141306">Hi Gordon. Green is suggesting the deal is done. It seems to have been completed yesterday. He incorporated Sevco Scotland Ltd at the end of May. Looks like Smith would have to buy the company from Green rather than administrators</span></td></tr>
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12:04</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Ken</span> </div>
<span id="txt673141472">Would you expect the Liquidators to investigate the actions of Duff and Phelps,' especially as regards possible conflicts of interest re David Grier? Are they acting under instructions from the HMRC? Would their investigations normally only entail the period prior to Administration?</span></td></tr>
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12:04</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673141506">Hi Mick & Scotty, many thanks for engaging. Similar questions, so I will answer them together.<br /><br />This is answered in the CVA proposal released on 29 May. In the Estimated Outcome Statement, it shows the breakup value as £4,590,214. Note 4 to that Statement confirms that this amount is the independent valuation of these assets. Administrators always engage independent valuers for this purpose.</span></td></tr>
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12:04</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Mick McCahill</span> </div>
<span id="txt673141664">When can wee see the breakdown of the valuation of rfc assets as it looks as if someone has mis-calculated?</span></td></tr>
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12:05</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673142944">Hi Ken. Part of a liquidator's remit is to review the actions of an administrator, so it looks likely that this will happen here</span></td></tr>
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12:06</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Stu</span> </div>
<span id="txt673143374">What about the 54 titles that oldco still have can they bring it back to other clubs, for example Falkirk final against rangers in 2009?</span></td></tr>
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12:07</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673144658">Hi Mick, in response to your 12.04 question -<br /><br />The Administrators are not obliged to put the valuations into the public domain. In fact, it is normal for the values not to be disclosed at all, on the grounds of "commercial sensitivity" - which means if you tell someone what they are worth, they are likely to bid lower!</span></td></tr>
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12:07</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Mick McCahill</span> </div>
<span id="txt673144760">Smith (walter) walked away from rfc like a captain deserting a sinking ship, he must have known about EBT's and he benifted probably more than others, should the SFA not ban Smith from Scottish football altogether?</span></td></tr>
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12:08</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673145546">Hi Stu. Good question but not one within my field of knowledge. I think that is one for the football authorities. In insolvency terms, those titles stay with oldco and can't be transferred</span></td></tr>
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12:08</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From andy odonnell</span> </div>
<span id="txt673145796">why will there not be criminal charges brought against rfc* directors past and present and most importantly craig whyte for keeping the paye and ni of employees</span></td></tr>
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12:10</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673147674">Hi Mick, impossible to comment on what the former manager did or didn't know about the finances of the club. Often in football, the playing side of the business is kept apart from the financial side. With seperate individuals (infact teams of people) responsible for different areas. What do you think yourself?</span></td></tr>
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12:11</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Denny</span> </div>
<span id="txt673148942">1. Have D&P followed standard procedures for administrators of football clubs in your opinion? I would refer specifically to the timing</span></td></tr>
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12:11</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673149948">Hi Andy. A liquidator has the power (and an obligation) to report suspected criminal offences to the Lord Advocate under s 218 of the Insolvency Act. It would then be up to the PF to decide whether to prosecute. At this time, it's too early to say what proceedings, if any, may be brought. Withholding tax is not however a criminal offence. It will be taken into account when reporting on the conduct of the directors of the club and may lead to their being banned from acting as company directors for a period of time</span></td></tr>
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12:12</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Scotty</span> </div>
<span id="txt673150424">Can creditors oppose the valuation if they feel its suspect</span></td></tr>
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12:16</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673154922">This has been an exceptional Administration, taking into account the mistruths from Mr Whyte and the public profile of the Company in Administrations, amongst other matters.<br /><br />In summary, they have dealt with a high number of complex issues (TicketUs, Whyte's security, ingather funds via legal actions, complexities of employment law etc).<br /><br />However, there are questions to answer. The are questions surrounding D&Ps perceived conflict of interest in acting as Administrators in the first instance, and also perhaps the routes they have gone down and the lack of cost cutting measures.</span></td></tr>
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12:16</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Callum</span> </div>
<span id="txt673155734">what's the most severe punishment David Murray and Craig Whyte could face if they are pursued by HMRC/BDO and how can some of the money be re-couped for the creditors?</span></td></tr>
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12:17</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673156532">Hi Scotty. This is quite a difficult question. The main thing to note is the importance of the proposals published by the administrators on 5 April forr which they sought (and obtained) creditor approval. These govern the conduct of the administration. The proposals as approved allow D&P to sell the business and assets on such terms as they see fit and that's what they've done. The valuations on which the sale was based would have been done by an independent, specialist valuer and supplied to the administrators. The duty of care relationship is therefore between D&P and the valuer. Howver, creditors can challenge the conduct of the administration if they feel they have been unfairly harmed by it.</span></td></tr>
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12:17</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Chris</span> </div>
<span id="txt673156636">I noticed you have mentioned that oldco titles and honours cannot be transferred. Duff and Phelps, who are out their depth, have stated that newco will be able to add to oldco honours. Can you elaborate as this is what most Rangers fans fear?</span></td></tr>
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12:20</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673159640">Hi Chris. I think D&P mean that newco can build on the tradition and heritage of oldco rather than anything else. A bit like Leeds United - although it's a newco, there is a clear link to the past.</span></td></tr>
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12:20</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Denny</span> </div>
<span id="txt673159814">Do D&P have a conflict of interest as administrators given that they were a party to Craig Whyte's initial takeover bid. Should the administrators not have been 'independent' so as to protect the creditors.</span></td></tr>
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12:22</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673163008">Hi Callum, great question. There is loads to say on this matter, so I will try and be succint.<br /><br />The liquidators have powers to investigate the conduct of those who have been officers of the Company (which covers directors and the Administrators) in the last three years from the date of Administration (14 Feb). If any officer is found guilty, they can face disqualification of acting as a director for a period between 2 and 15 years.<br /><br />There are also specific actions the liquidators can raise to recover monies including -<br /><br />1. Gratuitous Alienations<br />2. Unfair preferences<br />3. Misfeasance<br /><br />These actions are available to a liquidator where an individual has benefited personally from the Company, and by doing so, the have prejudiced the position of the Company's creditors.</span></td></tr>
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12:24</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673164326">Hi Denny. We blogged on th Conflict of interest point a week or so ago. I set out the things insolvency practitioners have to take into account when accepting an appointment. The issue at stake, in technical terms, is how significant the relationship between Grier and Whyte actually was. The depth of that relationship if you like. And there's only a limited amount of information on this subject in the public domain. However, there is also an issue of perception - even if D&P thought there was no conflict, they ought to have taken account of how it would be seen by others (Article 48 of the Ethical Code)</span></td></tr>
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12:24</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From William</span> </div>
<span id="txt673164904">What similarities are there between Rangers newco and Fiorentina's newco in 2002? Fiorentina still hold their historical honours from Oldco.</span></td></tr>
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12:24</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From andy odonnell</span> </div>
<span id="txt673165008">that doesnt seem to stop the likes of craig whyte does it as he was banned for 7 years. as they say a padlock is only there to keep honest people out</span></td></tr>
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12:27</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673168268">Hi William,<br /><br />I think there are similarities to be drawn, and if the Newco does not gain entry into the SPL, it will be very similar. All I can do her is suggest you look at other case studies that have some similarities. Look at Leeds, Luton, Rotherham, Airdrie, and as you say, Fiorentina. One thing is for sure, it will be debated in the terraces and pubs for years to come.</span></td></tr>
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12:27</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Ken</span> </div>
<span id="txt673168474">Why do you think Duff and Phelps tried the CVA route with a negligible offer after their own expenses? Do you think it had even a remote chance of being accepted by the HMRC?</span></td></tr>
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12:28</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673169222">aThanks for this Andy. Your point is well made. Any insovency regime has to include meaningful penalties for those who misuse the protection of limited liability. Those who know their way round the system are undeterred by it. Maybe it's time for government to review of revise legislation in this area. However, there are also a number of civil actions which can be raised against directors to recover cash - these can be more meaningful</span></td></tr>
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12:28</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From mick</span> </div>
<span id="txt673169658">Why did HMRC allow the paye non payment to go on so lond considering they were already investigating rangers with the big tax case ? but when hearts missed payments they were ready to wind them up for a lesser amount ?</span></td></tr>
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12:31</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673172850">Hi Mick. Good question. The D&P report published in April states they were in dialogue with HMRC throughout the period. They seem to suggest they were in negotiation about some form of settlement of the wee tax case and some form of payment plan. But you're right. For most businesses, HMRC are quick to chase any form of non payment</span></td></tr>
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12:31</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From david mcgill</span> </div>
<span id="txt673172952">Are my shares that I bought not worth the paper their are printed on</span></td></tr>
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12:31</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673173060">Hi Ken, our analysis is here - <a href="http://mlm-solutions.blogspot.co.uk/2012/05/rangers-fc-hmrc-and-cvas.html" style="border: none; color: #e85d00;" target="_blank">http://mlm-solutions.blogspot.co.uk/2012/05/rangers-fc-hmrc-and-cvas.html </a><br /><br />In summary, it was never likely that the Company would meet HMRCs conditions for a CVA, but the purchaser made it a condition of his offer, therefore they were obliged to try. As I said in my blog, they were clearly significant benefits (sanctions) in attempting a CVA.</span></td></tr>
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12:32</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Mick McCahill</span> </div>
<span id="txt673173724">I really don't believe for one minute that smith never knew about EBT's. and GUILTY by association at least. It all looks like a huge big tax dodge with Green being used as the Liquidator as that was a title nobody else wanted?</span></td></tr>
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12:33</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673174892">Hi Mick, there are certainly questions to answer and it is appropriate that independent liquidators are to be appointed to conduct a full and detailed investigation.</span></td></tr>
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12:33</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673174926">Hi David. I'm afraid you're shares are worth nothing now. The old company has no value any more - gone to newco. Any funds in the old company will go to pay creditors</span></td></tr>
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12:33</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Scotty</span> </div>
<span id="txt673175272">Thanks, but are we just told they are an independant valuer tho or is another body monitoring d&p ?</span></td></tr>
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12:34</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Guest</span> </div>
<span id="txt673176594">Does anyone know the situation with the floating charge? Thank you.</span></td></tr>
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12:36</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673178572">Hi Scotty. I think the original proposals (the 5 April ones) disclose the identity of the valuers. Lambert Smith Hampton valued Ibrox Stadium and Murray Park and Sweeney Kincaid valued the fixtures and fittings - all the assets except land and property. D&P are regulated by the Insolvency Practitioners Association</span></td></tr>
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12:36</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Chris</span> </div>
<span id="txt673178658">Thanks for the reply. Will Rangers next title be number 55 or number 1? Neutral supporters will be outraged if they are allowed to add to oldco honours.</span></td></tr>
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12:37</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673180324">Hi Chris - I think it will have to be No 1 for newco. It's an entirely separate corporate entity.</span></td></tr>
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12:38</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From andy odonnell</span> </div>
<span id="txt673180588">this should answer williams question. fiorentina newco paid the debt of the oldco to buy the name which under Italian law was not liquidated but put aside. so if newco want they could pay oldcos debt off</span></td></tr>
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12:38</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673180928">Thanks for this Andy</span></td></tr>
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12:39</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Mick McCahill</span> </div>
<span id="txt673181874">Could it have been the case that Green went to D&P and said I have 8 amount of money now can you put a value against each of the main assets so that it fit with my budget? That's what it looks like to me</span></td></tr>
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12:39</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673181968">Hi Guest,<br /><br />In the CVA proposal dated 29 May, it confirms under point 4.29 that there is a valid floating charge in respect of Whytes companies. However, there is a nugget of information at the bottom of Schedule 7, which states "Group has confirmed that no debt is secured".<br /><br />This all suggests that there is a valid floating charge and that Whyte has confirmed there is no funds attached to that security. This appears to be definitive.</span></td></tr>
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12:39</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From andy odonnell</span> </div>
<span id="txt673182286">Charles green might have been better popping into see you Maureen as iirc you spelt out exactly what hmrc's policy was regarding cva's and the deliberate withholding of hm's revenue on newsnight about 5 weeks ago</span></td></tr>
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12:40</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673183386">Thanks Andy. Our door is always open to anyone in need of advice. Oh, and our initial consultations are free (yes, that is a plug!).</span></td></tr>
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12:40</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Guest</span> </div>
<span id="txt673183640">How will @hmrc get money back, since assets moved to newco. I can't see Whyte or SDM giving any.</span></td></tr>
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12:41</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673183996">Hi Mick. The valuations were obtained by D&P before 5 April as they are mentioned in their report. When did Green come into the picture?</span></td></tr>
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12:41</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Ken</span> </div>
<span id="txt673184456">Is around £500 per hour a usual fee for insolvency practitioners to charge while acting as administrators?</span></td></tr>
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12:44</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673187702">Hi Guest (12.40),<br /><br />The Estimated Outcome Statement in the CVA proposal dated 29 May, estimates that unsecured creditors (inc HMRC) will share £953,284. The Administrator has sold the club, they will pass the surplus funds to the Liquidator, who will then distribute it amongs the creditors.</span></td></tr>
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12:44</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Rob</span> </div>
<span id="txt673187864">Why was Ibrox sold to Charles Green for such a ridiculously low price £5.5 million, surely it was worth much more?</span></td></tr>
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12:44</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Guest</span> </div>
<span id="txt673187918">Thank you.</span></td></tr>
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12:45</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673189022">Hi Ken. Fees charged by adminstrators vary a lot. D&P are a big London based firm and their rates reflect this. However, creditors have a say in how much administrators are paid. They can form a Creditors Committee, which is the best way to go about it. Or they can raise objections when the request for remuneratio is made to the creditors. Interestingly, HMRC proposed a modification to the original proposal and specifically inserted a right to challenge fees in their response to the 5 April proposals</span></td></tr>
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12:45</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Interested</span> </div>
<span id="txt673189328">Any suggestions as to when the HMRC case will ever be decided? Sure it was suggested April but this continues to drag on ....</span></td></tr>
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12:47</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673191898">Hi Rob, great question. It is astonishing that the assets are value at £143million, but only at circa £5m on a break up basis. As stated above, the Administrators have obtained independent valuations. If the independent values where higher, the Administrator would have had a duty to sell those assets on a break up basis.</span></td></tr>
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12:47</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673192272">Good question from Interested. No idea when it will be decided. No idea why it's taken so long. It's really important to HMRC though - there is a much bigger picture about the use of EBTs by thousands of other companies</span></td></tr>
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12:47</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Rob</span> </div>
<span id="txt673192620">How much os a name change will the newco have to have, ie could they call themselves Govan Rangers?</span></td></tr>
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12:48</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Iain</span> </div>
<span id="txt673193172">RE :12:37 The company has never won any titles. THE CLUB has won 54. As the CLUB still exists, the next title will be 55</span></td></tr>
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12:49</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673195000">Hi Iain. I'll publish your comment without further comment. I'm not sure you can separate the two quite so clearly but that's not really an insolvency point so others can debate this one</span></td></tr>
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12:50</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From johns</span> </div>
<span id="txt673195420">If the new Rangers are buying the badge, they're keeping the same strip and almost the same name why aren't HMRC chasing them about starting a Phoenix company/club?</span></td></tr>
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12:51</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673196504">Hi Rob,<br /><br />It is possible that there will be the exact same corporate name i.e. The Rangers Football Club.<br /><br />There are restrictions on the re-use of Company names, but it usually applies where the same Directors commence a new company, and use a similar name. That does not apply in these circumstances, as we know it.</span></td></tr>
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12:51</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Scotty</span> </div>
<span id="txt673196630">Thanks appreciate you taking the time to answer me</span></td></tr>
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12:51</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Guest</span> </div>
<span id="txt673197214">Very good question, when did green come into the picture? Green himself mentioned the other day with regaurd to HMRC Cva result, he said and I quote "why did they not tell us this in february?"</span></td></tr>
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12:53</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673198906">It is not illegal to phoenix johns. People have their views on this but it's not against the law. Sometimes there's a good argument for doing so- sale of the business and assets can preserve jobs etc. In this case, newco has no directors in common with oldco so it's not strictly a phoenix.</span></td></tr>
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12:53</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Rob</span> </div>
<span id="txt673199060">What if Charles Green quickly sold Ibrox to another company (Tesco for example) for a large profit having only paid £5.5 million, would there be any liability, and if so who would be liable?</span></td></tr>
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12:53</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673199706">Hi Guest,<br /><br />I would refer you to our blog. HMRCs conditions for accepting a CVA is available for everyone to see online.<br /><br /><a href="http://mlm-solutions.blogspot.co.uk/2012/05/rangers-fc-hmrc-and-cvas.html" style="border: none; color: #e85d00;" target="_blank">http://mlm-solutions.blogspot.co.uk/2012/05/rangers-fc-hmrc-and-cvas.html</a></span></td></tr>
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12:54</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From jaime</span> </div>
<span id="txt673200838">where does this leave the club? i don't want our club rfc to lose its heritage!!!!1</span></td></tr>
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12:55</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673201702">Hi Rob. There's nothing to stop Green selling it on. He'll keep the profit unless there is anything written into the deal he has with D&P which would allow some form of clawback or share in an uplift</span></td></tr>
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12:55</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Ken</span> </div>
<span id="txt673201970">Thanks for all your clear answers. If Whyte, Murray etc are found to have acted wrongly, could their assets, such as Castle Grant and wherever the succulent lamb was on offer be seized on behalf of the taxpayer?</span></td></tr>
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12:56</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673202696">Hi Jaime,<br /><br />Look at my response to William at 12.27. Hope this helps.</span></td></tr>
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12:56</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From William</span> </div>
<span id="txt673202784">Thanks for info.</span></td></tr>
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12:57</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Rob</span> </div>
<span id="txt673203730">So after the dust has settled, Rangers will have no debt's! other than there own director's, same name, but the creditor's get very little or nothing, excuse my cynicism, but who is the winner here?</span></td></tr>
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12:59</div>
</td><td class="chatmsgtext altcaster_text " style="font-size: 13px; line-height: 16px; margin: 0px; padding: 12px; text-align: left;"><table style="border-collapse: collapse; border: 0px; font-size: 13px;"><tbody>
<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673206772">Hi Ken. There are various provisions in the Insolvency Act whihc allows directors to be pursued for a contribution to the company. Section 212 deals with Misfeasance - misapplication of company money or breaches of fiduciary duty. Section 214 deals with wrongful trading - where trading was continued beyond the point when directors should have seen that liquidation was unavoidable. If the case is proven, they can be called upon to make a cash reparation to the company. But they would not make that contribution in the form of a specific asset like a property for example</span></td></tr>
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1:00</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From George</span> </div>
<span id="txt673207630">Why will it take weeks before the Liquidators take over - Duff and Phelps were in the door on the first night of administration will this permit some form cover-up?</span></td></tr>
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1:01</div>
</td><td class="chatmsgtext altcaster_text " style="font-size: 13px; line-height: 16px; margin: 0px; padding: 12px; text-align: left;"><table style="border-collapse: collapse; border: 0px; font-size: 13px;"><tbody>
<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673208776">Hi Rob, it does seem very harsh on the company's creditors.<br /><br />Whilst people do not find it palatable, insolvency legislation is designed to let businesses which cannot service it's debts to draw a line under it's affairs and move on.<br /><br />If it was not there, many businesses would simply not get off the ground for fear of failure and the financial consequences.</span></td></tr>
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1:01</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Andy</span> </div>
<span id="txt673209504">This has been a good read. For people questioning adding to the history of the club, remember that history, tradition and honours lie in the hearts of the fans. This is coming from a Middlesbrough fan and we were liquidated decades ago.</span></td></tr>
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1:02</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From jaime</span> </div>
<span id="txt673210524">ok thanks, but will rangers trade as we know today without the debts?</span></td></tr>
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1:04</div>
</td><td class="chatmsgtext altcaster_text " style="font-size: 13px; line-height: 16px; margin: 0px; padding: 12px; text-align: left;"><table style="border-collapse: collapse; border: 0px; font-size: 13px;"><tbody>
<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673213476">Hi George. I know D&P have said they expect to be in office for 8 to 10 weeks but resolution 3 in their 5 April proposals clearly states that ' the joint administrators take the necessary steps t put the company into either CVL or compulsory liquidation ' once they anticipate that no better realisations will be made in the adminsitration that would be available in a winding up. It is now clear that this is the case. However they too have an obligation to report on directors to the DTI so they may have some technical functions to complete before they can exit</span></td></tr>
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<div class="chatmsg writercomment" id="row673213478" style="background-color: white; border-bottom-color: rgb(207, 206, 206); border-bottom-style: dotted; border-bottom-width: 1px; color: #363b35; font-family: Arial; font-size: 12px; line-height: 18px; margin: 0px; padding: 0px; text-align: left; vertical-align: top; width: 451px;">
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1:04</div>
</td><td class="chatmsgtext altcaster_text " style="font-size: 13px; line-height: 16px; margin: 0px; padding: 12px; text-align: left;"><table style="border-collapse: collapse; border: 0px; font-size: 13px;"><tbody>
<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673213478">Hi Jaime,<br /><br />If it was a normal business, I would confidently say yes. However, there are so many potential anomolies here -<br /><br />SFA sanctions?<br />SPL re-entry?<br />Div 3?<br />Impact on income?<br />Outcome regards players contracts?<br /><br />I really is impossible to indicate at the moment what the final analysis will be.</span></td></tr>
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1:05</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Interested</span> </div>
<span id="txt673214474">If I was Craig Whyte or David Murray, should I be seeking the next plane to Argentina? Seems they have a lot to worry about.......</span></td></tr>
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1:06</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Albert</span> </div>
<span id="txt673215390">I would be interested to see what assumptions were made in respect of LSH's valuation of the heritable assets. Did they consider the (very likely) scenario of a sale and leaseback? This would generate, potentially, a significant uplift in value. Is there report publically available?</span></td></tr>
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1:08</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673217934">Interested - Mr Whyte doesn't seem to be phased by these matters. At the least, it must be embarrasing for David Murray . However, a great deal will depend on the outcome of the investigations</span></td></tr>
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1:08</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Guest</span> </div>
<span id="txt673218286">Hi Maureen,</span></td></tr>
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1:09</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Guest</span> </div>
<span id="txt673218362">Opps, note to self: don't press 'return' until the post is complete...</span></td></tr>
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1:09</div>
</td><td class="chatmsgtext altcaster_text " style="font-size: 13px; line-height: 16px; margin: 0px; padding: 12px; text-align: left;"><table style="border-collapse: collapse; border: 0px; font-size: 13px;"><tbody>
<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673218588">Hi Albert, see my reponse to Mick at 12.07.</span></td></tr>
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1:09</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673218750">Guest - occupational hazard!</span></td></tr>
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<div class="chatmsg readercomment " id="row673218804" style="background-color: white; border-bottom-color: rgb(207, 206, 206); border-bottom-style: dotted; border-bottom-width: 1px; color: #363b35; font-family: Arial; font-size: 12px; line-height: 18px; margin: 0px; padding: 0px; text-align: left; vertical-align: top; width: 451px;">
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1:09</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Guest</span> </div>
<span id="txt673218804">Just a quick note to thank you and your colleagues for the time you have taken to help us all better understand the complexities at hand. Much appreciated.</span></td></tr>
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1:09</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Gordon</span> </div>
<span id="txt673218960">in relation to Duff & Phelps what sort of fee would you estimate they have made from the problems at rangers, i imagine they have been handsomly paid for there services ? and also who has paid this fee ?</span></td></tr>
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1:09</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Guest</span> </div>
<span id="txt673218994">Trish O'Connor ..If walter Smith gets his way with mr green will Walter be asked about any ebt's he might have recived? Or its still a corrupt business.</span></td></tr>
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1:11</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From James</span> </div>
<span id="txt673220894">Might not be relevant but what if it transpires Whytes floating charge is legally binding? How would this affect the takeover?</span></td></tr>
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1:13</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673223824">Hi Gordon. There are 2 elements to this question of fees. The first is the fee they obtained from the work David Greir did for Craig Whyte and the second is the fee for acting as admnistrators. They are not on the list of creditors so its reasonable to assume they got paid for their earlier work. I understand they have estimated their fees in the administration at 3 million pounds - see the CVA proposal</span></td></tr>
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1:13</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Danny</span> </div>
<span id="txt673223944">If a newco is formed what happens to the players are they due to leave or can be carried over to the newco club?</span></td></tr>
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1:14</div>
</td><td class="chatmsgtext altcaster_text " style="font-size: 13px; line-height: 16px; margin: 0px; padding: 12px; text-align: left;"><table style="border-collapse: collapse; border: 0px; font-size: 13px;"><tbody>
<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673224758">Hi James, as stated above, D&P have stated that there is a floating charge, but that no funds attach to it.<br /><br />If that was untrue, it would not impact on the business and assets sale to the Newco, but it might have a significant impact on the the amount of monies an unsecured creditor would receive.</span></td></tr>
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1:14</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Rob</span> </div>
<span id="txt673225248">Thank's for taking the time to answer my question's, not always palatable answer's but thanks.</span></td></tr>
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1:15</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Allan Holdsworth</span> </div>
<span id="txt673225564">If a property developer offered £10M for Ibrox and the adjoining car park, would BDC be obliged to sell it to that developer?</span></td></tr>
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1:17</div>
</td><td class="chatmsgtext altcaster_text " style="font-size: 13px; line-height: 16px; margin: 0px; padding: 12px; text-align: left;"><table style="border-collapse: collapse; border: 0px; font-size: 13px;"><tbody>
<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673227852">Hi Danny - newco has been formed. In normal circumstances, employees would have a right to transfer to a newco but they are not obliged to. 9 times our of 10,they do because the don't have a lot of choice. However football players are in a different position and clearly have options. I understand that when players agreed to a temporary pay cut, they had various get out clauses written in to their contracts. The devil will be in the detail here.</span></td></tr>
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1:17</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Guest</span> </div>
<span id="txt673227946">Could the delay in the FTT decision indicate a criminal investigation is under way or about to start?</span></td></tr>
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1:18</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673229762">Re Guest comment - I'm afraid I don't know. I have no experience of dealing with FTTs. I have however dealt with criminal investigation by HMRC - these cases were not related to FTT decisions though</span></td></tr>
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1:18</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Dave</span> </div>
<span id="txt673229920">So, the club in some form returns from the ashes, debt free. Creditors get nothing, football gets no apology. Have they no shame?</span></td></tr>
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1:19</div>
</td><td class="chatmsgtext altcaster_text " style="font-size: 13px; line-height: 16px; margin: 0px; padding: 12px; text-align: left;"><table style="border-collapse: collapse; border: 0px; font-size: 13px;"><tbody>
<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673231120">Hi Allan. BDO stated yesterday that they could not give any guarantees on whether they will challange the sale, but that really is a holding statement because it is very early days in terms of their involvement.<br /><br />At this time, it is clear that the deal between the Administrators and CG to sell the business and assets to a newco has concluded. The business has been substantially marketed and there have been a number of closing dates for offers. Unless there has been an abuse of the process, it is very difficult to see how creditors can challenge the sale to CG.<br /><br />In summary, it is unlikely that the sale can be undone. That is not to say that CG could not sell to another party.</span></td></tr>
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1:19</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673231404">Hi Dave - note what you say. Not strictly an insolvency point so I'll just publish your view.</span></td></tr>
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1:19</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From George</span> </div>
<span id="txt673231414">As far as UEFA nd FIFA are concerned the newco is a newco with no history - it is a new club - that is why it has to serve three years before being eligible to play in Europe.</span></td></tr>
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1:20</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Gordon</span> </div>
<span id="txt673232706">Will the new company that Rangers has formed have a bad credit rating due to the circumstances surrounding their debt?</span></td></tr>
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1:23</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673235824">Hi George. You have picked an exceptional emotive topic!<br /><br />I would refer you to my comments above re Leeds, Luton, Airdrie, Fiorentina etc. Furthermore, Neil Doncaster held the view that precedents have already been set (Leeds etc) that suggest the history continues. As stated above, this is a matter that will be debated for years to come!</span></td></tr>
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1:24</div>
</td><td class="chatmsgtext altcaster_text " style="font-size: 13px; line-height: 16px; margin: 0px; padding: 12px; text-align: left;"><table style="border-collapse: collapse; border: 0px; font-size: 13px;"><tbody>
<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673236940">Hi Gordon - the circumstances surrounding the debt of old co will not impact on newco which has different directors. Credit rating wll be based on the opening balance sheet of newco (one agency has scored it 25 as of today's date)</span></td></tr>
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1:24</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Ken</span> </div>
<span id="txt673237468">Once the decision has been taken to liquidate a company how long does it usually take before the company is defunct? This is important as while the Oldco exists they hold their SPL share and can vote to allow the Newco back into the SPL..</span></td></tr>
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1:25</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Mo</span> </div>
<span id="txt673237996">Is it straightforward for rangers to receive the old spl share and begin spl football on time? Or are we in for another manchester(the tvs gubbed episode)</span></td></tr>
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1:26</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673239838">Hi Ken. Liquidation can take a very long time- in this case, there is the matter of the litigation commenced by D&P against Collyer Bristow which is likely to be continued by the liquidators. Civil litigation can go on for ages</span></td></tr>
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1:27</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From brian</span> </div>
<span id="txt673240456">hi. do you think d&p acted in best interest of creditors,they seemed to be more interested in the company,and keeping it trading.</span></td></tr>
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1:28</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673242590">Hi Mo,<br /><br />It is far from straight forward! It has always been highly likely that the Newco will have to approach the SPL to gain entry in to top flight Scottish football. As we know, all 12 clubs will have a vote on whether the New Company should be allowed in to the SPL. The other clubs really do have a difficult decision to make (finance vs the view of supporters). Only time will tell.</span></td></tr>
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1:30</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673245116">Many thanks for all the great questions so far. We are furiously typing away to get them all answered.<br /><br />Maureen & Allan</span></td></tr>
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1:30</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673245524">Hi Brian - when a company goes into admin, it has to do so for one of three purposes and these are heirarchical. The first purpose is the survival of the company as a going concern and only if that can't be achieved can they move to the second whihc is the sale of the busines and assets (newco). Sometimes you can rule out purpose 1 at the outset but D&Pdid not so they acted properly in trying to save the company. However, they do also have an overarching duty to creditors. I'll leave those with a financial stake in this process to decide</span></td></tr>
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1:31</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Tony</span> </div>
<span id="txt673245910">Much has been made of D&P's management of this affair, but it seems to me that much of their difficulty stemmed from their imposition of a 31st May deadline for exit. I say 31st May on the grounds that this was the date agreed with the players regarding wage reductions, following which the company would be unable to continue trading. Had they instead taken a longer term view, cut costs in other areas, and looked towards gains on disposal during the transfer window, it is quite conceivable that the period of Administration could have been extended while Creditors' interests were protected. In other words, had they taken the view that Admin was likely to be a longer term project, they could have ensured that the club was playing in the SPL next season still in Administration, albeit with diminished resources, but with a substantial cash position from player sales for creditor distribution. Question is: Would this view have been permitted technically? Was there a legislative obstacle to taking a 15 month view rather than a 3 month view? Thanks.</span></td></tr>
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1:31</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Guest</span> </div>
<span id="txt673246230">Thank you.</span></td></tr>
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1:31</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From James</span> </div>
<span id="txt673246278">Great answer George.</span></td></tr>
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1:31</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Ethel C</span> </div>
<span id="txt673246598">Was it legal for the "assets" to be sold to CG if CW has a floating charge over them and owned them?</span></td></tr>
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1:32</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673248066">Hi Ethel,<br /><br />The Administrators have the powers to sell the business and assets without the necessity of consulting creditors (inc the floating charge creditor).</span></td></tr>
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1:33</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Wings Over Scotland</span> </div>
<span id="txt673248314">Is there any possible redress at all for creditors who feel that the assets of the club have been suspiciously undervalued in the sale to Green, and that no other bids were permitted?</span></td></tr>
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1:33</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673248414">Hi Tony - great question. Admin lasts for 12 months max but can be extended with the consent of the court. It would have been perfectly possible to proceed as you suggest</span></td></tr>
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1:33</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From michael</span> </div>
<span id="txt673249142">is there anything to stop HMRC going to court to stop the assets bieng placed out of reach of the creditors?</span></td></tr>
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1:36</div>
</td><td class="chatmsgtext altcaster_text " style="font-size: 13px; line-height: 16px; margin: 0px; padding: 12px; text-align: left;"><table style="border-collapse: collapse; border: 0px; font-size: 13px;"><tbody>
<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673252094">Hi Wings,<br /><br />There is redress for creditors. Any creditor could raise a Gratuitous Alienation action against the Administrators on the basis that the sold the assets at undervalue. A word of warning, it is a very expense action to raise.</span></td></tr>
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1:36</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Tracy</span> </div>
<span id="txt673252828">People are asking how to get all the spl fan groups together, choose a spokesperson and let our feelings be known on Tv, radio and especially on SKY!</span></td></tr>
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1:38</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From mick mccahill</span> </div>
<span id="txt673255454">I'm sure when the investigations are finished, skulddugery will have been found all over the now departed rangers fc, I just hope the punishment fits the crime.</span></td></tr>
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1:39</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673255904">hi Michael. HMRC would have to challenge the sale on the grounds that they had been 'unfairly harmed' by the transaction. The proposals published by the administrators on 5 April - and agreed by creditors subject to the modifications proposd by HMRC - dictate how the process works. Creditors agreed to allow D&P to sell the assets on such terms as they saw fit. Unfair Harm is a difficult case to argue. Alternatively, the challenge would have to be under section 242 - Gratuitous Alienation</span></td></tr>
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1:39</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Danny</span> </div>
<span id="txt673255942">After the liquidation/death of Rangers FC PLC and the creation of a brand new legal entity when can/does the new company become a new club?</span></td></tr>
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1:40</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Gordon</span> </div>
<span id="txt673257040">if you were appointed administrators is there anythng you would have done majorly different from what D&P have done ?</span></td></tr>
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<div class="chatmsg writercomment" id="row673258708" style="background-color: white; border-bottom-color: rgb(207, 206, 206); border-bottom-style: dotted; border-bottom-width: 1px; color: #363b35; font-family: Arial; font-size: 12px; line-height: 18px; margin: 0px; padding: 0px; text-align: left; vertical-align: top; width: 451px;">
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1:41</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673258708">I'm honestly quite pleased not to be the administrator of RFC!<br />however, Tony's earlier post about an alternative strategy is a good one and illustrates one way this could have been done differenltly.</span></td></tr>
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<div class="chatmsg readercomment " id="row673258752" style="background-color: white; border-bottom-color: rgb(207, 206, 206); border-bottom-style: dotted; border-bottom-width: 1px; color: #363b35; font-family: Arial; font-size: 12px; line-height: 18px; margin: 0px; padding: 0px; text-align: left; vertical-align: top; width: 451px;">
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1:41</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Gordon</span> </div>
<span id="txt673258752">Why has Sky not commented on the situation? Why has the SPL not asked them 'If there is no rangers will we still have a contract?'</span></td></tr>
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1:41</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673259218">Hi Danny,<br /><br />As of yesterday, the New Company operates the club. Of course, it does not yet have membership of either the SPL of SFL, which is an essential rquirement for any professional football club.</span></td></tr>
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<div class="chatmsg readercomment " id="row673259890" style="background-color: white; border-bottom-color: rgb(207, 206, 206); border-bottom-style: dotted; border-bottom-width: 1px; color: #363b35; font-family: Arial; font-size: 12px; line-height: 18px; margin: 0px; padding: 0px; text-align: left; vertical-align: top; width: 451px;">
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1:42</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Bob</span> </div>
<span id="txt673259890">if D&P win the case against COY-BRI who gets this money</span></td></tr>
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1:43</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673260714"><br />Don't know the answer to the sky question Gordon-. Should we assume that the SPL or SFA have at least raised the question with them?</span></td></tr>
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1:43</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From vinnie</span> </div>
<span id="txt673260936">Hi there. I was wondering. How d&p can sign rangers over to charles green for 5.5 mil. Surely liquidation wad the prefered option for hmrc as they can get a lot more for all the assets of rangers. Than the cva ofgered</span></td></tr>
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1:45</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673263096">Hi Vinnie- appreciate you've just joined us but we answered this question in an earlier response. If you scroll back up, you should get it. If not, come back and repost the question</span></td></tr>
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1:45</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Mick McCahill</span> </div>
<span id="txt673263292">Why do you think walter smith and co took so long to put in a bid for the assets of the now departed rfc. Its seem very strange?</span></td></tr>
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1:45</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673263522">Hi Bob,<br /><br />It will now be BDO that pursue Collyer Bristow, and that is a positive move for creditors, considering the percieved conflict of interest created by Daviod Grier's involvement with the Company before Administration.<br /><br />If BDO are successful, hopefully there will be a significant benefit for creditors.</span></td></tr>
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1:47</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673266164">Mick - again, don't kow. Sorry but there is an article by Jim Traynor which covers this. I'll try to find the link and post it up</span></td></tr>
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1:47</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From TONY</span> </div>
<span id="txt673266200">Has the "assests "of rangers plc been released to the newco yet or are they in transition or is there any appeal over them being passed to charles green?</span></td></tr>
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1:48</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673267480">Tony - think the deal has been done. Sevco incorporated at the end of MAy. All Greeen's statements today suggest a done deal</span></td></tr>
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1:48</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Jimmy</span> </div>
<span id="txt673267574">Will BDO be able to investigate how Duff & Phelps came to their valuation of the assets? Are Duff & Phelps part of BDO's investigation?</span></td></tr>
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1:50</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673269716">Hi Mick, re Maureen's comment at 1.47 - here is a link to the Traynor article today.<br /><br /><a href="http://www.dailyrecord.co.uk/football/spl/2012/06/15/walter-smith-i-heard-mate-crying-because-he-feared-for-rangers-future-and-i-knew-he-had-to-act-86908-23896109/" style="border: none; color: #e85d00;" target="_blank">http://www.dailyrecord.co.uk/football/spl/2012/06/15/walter-smith-i-heard-mate-crying-because-he-feared-for-rangers-future-and-i-knew-he-had-to-act-86908-23896109/</a></span></td></tr>
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1:50</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673269732">Hi Jimmy. A liquidator can investigate the conduct of an administrator. The valuation process can be part of that. However, there's a longer answer to that question earlier on which you might finduseful.</span></td></tr>
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1:51</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Wings Over Scotland</span> </div>
<span id="txt673271908">In the event (seemingly unlikely) of a Gratuitous Alienation action being raised, what would be the outcome in practice were it to succeed? Would Charles Green have to compensate creditors? Or would Duff & Phelps have to? Or would the sale be revoked and the assets placed on the market? Or would there just be slapped wrists and fines and Rangers would continue under Green unaffected?</span></td></tr>
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1:51</div>
</td><td class="chatmsgtext altcaster_text " style="font-size: 13px; line-height: 16px; margin: 0px; padding: 12px; text-align: left;"><table style="border-collapse: collapse; border: 0px; font-size: 13px;"><tbody>
<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673272060"><br />Five mins to go folks - thanks for your questions. If we don't get to them we think we'll be able to capture them afterwards. We'll post responses on our blog spot later! Thanks for taking part!</span></td></tr>
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1:51</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Dav</span> </div>
<span id="txt673272158">Do you think it would have been better for creditors if HMRC appointed the administrators? rather than D&P who clearly had conflict of interest.</span></td></tr>
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1:53</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673274858">Good point from Dave. HMRC did raise a challenge to D&P appointment but Lord Hodge appeared satisfied.<br />Allowing the HMRC nomination to proceed would have avoided the problem</span></td></tr>
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1:54</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From brian</span> </div>
<span id="txt673274970">thanks..</span></td></tr>
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1:54</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From vinnie</span> </div>
<span id="txt673275028">Ok thanks. Apologies</span></td></tr>
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1:54</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Bob</span> </div>
<span id="txt673275070">Thanks for reply</span></td></tr>
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1:54</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Larry</span> </div>
<span id="txt673275192">Do you believe Craig Whyte could impact on the process given his claims to shares etc?</span></td></tr>
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<div class="chatmsg writercomment" id="row673275508" style="background-color: white; border-bottom-color: rgb(207, 206, 206); border-bottom-style: dotted; border-bottom-width: 1px; color: #363b35; font-family: Arial; font-size: 12px; line-height: 18px; margin: 0px; padding: 0px; text-align: left; vertical-align: top; width: 451px;">
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1:54</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673275508">Hi Wings,<br /><br />The Court would have the following options open to it -<br /><br />Reduction<br />Restoration<br />Redress<br /><br />The most likely poutcome is that the Newco would have to compensate, or if it chose not to, the Court could unwind the sale entirely.</span></td></tr>
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1:55</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From mick mccahill</span> </div>
<span id="txt673277642">why do you think the bid from Charles Green was accepted when the bid from the blue knights was more in terms of hard cash?</span></td></tr>
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<div class="chatmsg writercomment" id="row673278494" style="background-color: white; border-bottom-color: rgb(207, 206, 206); border-bottom-style: dotted; border-bottom-width: 1px; color: #363b35; font-family: Arial; font-size: 12px; line-height: 18px; margin: 0px; padding: 0px; text-align: left; vertical-align: top; width: 451px;">
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1:56</div>
</td><td class="chatmsgtext altcaster_text " style="font-size: 13px; line-height: 16px; margin: 0px; padding: 12px; text-align: left;"><table style="border-collapse: collapse; border: 0px; font-size: 13px;"><tbody>
<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673278494">Hi Larry. Short answer is no. In the CVA proposal, Schedul7, there is a note to th ffiect that Rangers Group have confirmed that no debt is secured by the floating charge. Green has apparently already got Craig Whyte's shareholding although it might be useful to check that out on Companies House</span></td></tr>
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1:56</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From brian</span> </div>
<span id="txt673278686">had a question so appreciate if dnt get answer,but on a scale of 1to10 just how serious are these EBTs if found to be guilty by HMRC.</span></td></tr>
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<div class="chatmsg writercomment" id="row673280866" style="background-color: white; border-bottom-color: rgb(207, 206, 206); border-bottom-style: dotted; border-bottom-width: 1px; color: #363b35; font-family: Arial; font-size: 12px; line-height: 18px; margin: 0px; padding: 0px; text-align: left; vertical-align: top; width: 451px;">
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1:58</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673280866">Hi Mick,<br /><br />Based on what we know, TBKs bid was structured around a CVA being achieved, with no fall back plan in the event that the CVA was rejected.<br /><br />Our analysis is clear, the Company was never in a position to meet HMRCs criteria for a CVA.<br /><br />Therefore, the TBK bid had no realistic prospect of being achieved.</span></td></tr>
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1:58</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673281270">Brian - EBTs were a means of avoiding tax and were permissble, if used in a particular way, at the time RFC used them. The issue is that HMRC argue they were used by RFC in a way the law did not allow. EBTs were usedby thousands of companies and are of great interest to HMRC -</span></td></tr>
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1:59</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Wings Over Scotland</span> </div>
<span id="txt673281534">Thanks for taking the time to do this.</span></td></tr>
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1:59</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From mick mccahill</span> </div>
<span id="txt673281558">are there any links to charlie green cw dg and D&P that you know of?</span></td></tr>
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1:59</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673281942">Hi Mick- none that we know of</span></td></tr>
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1:59</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673282110">Thanks Wings. Really appreciate you engagement.</span></td></tr>
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1:59</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Andrew</span> </div>
<span id="txt673282314">Hi, Whilst Green is in control of the assets surely he is going to require a not insubstantial pot of working capital to satisfy the payroll of TUPE'd staff. With no current income how can he do this? Will he have to rely on his investors for cash until NEWCO invoices start to be paid?</span></td></tr>
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2:00</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Marc Livingston</span> </div>
<span id="txt673282898">Is there any chance a court will pursue newco for oldco's debts & liabilities. If the new company is calling itself Rangers, puporting to be Rangers, claiming the history of Rangers, would a court not decide that it is in fact Rangers and newco is a sham? After all courts in England will 'look to the substance not the form'?</span></td></tr>
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2:01</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673284636">Hi Andrew - he's going to need a lot of working capital and must be relying on season ticket money coming in shortly. It's not clear how much, if anything, his investors are putting up beyond the purchase price and the transaction costs</span></td></tr>
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2:01</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673285012">Hi Marc,<br /><br />The way corporate & insolvency law is designed in the UK, the Courts cannot pursue the new company, within the context of RFC.</span></td></tr>
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2:02</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673285822">That's it folks! Thanks so much for your engagment. We'll try to pick up the unanswered questions later!</span></td></tr>
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2:04</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From Wings Over Scotland</span> </div>
<span id="txt673289168">Oh, I had one last quick question - is insolvency law uniform across the UK, or is it different in Scots and English law?</span></td></tr>
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2:05</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673289644">Hi Wings. Distincly different.</span></td></tr>
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2:05</div>
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<span class="commentfrom" style="display: inline; font-weight: bold;">Comment From brian</span> </div>
<span id="txt673289998">good stuff,enjoyed that.cheers</span></td></tr>
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2:05</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673290716">Many thanks all.<br /><br />Allan</span></td></tr>
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2:09</div>
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<tr valign="top"><td style="line-height: 16px; margin: 0px; padding: 0px;"></td><td style="line-height: 16px; margin: 0px; padding: 0px;"><span id="txt673296166">Please remember to follow us on twitter -<a href="https://twitter.com/#" style="border: none; color: #e85d00;" target="_blank">https://twitter.com/#</a>!/mlmsolutionsuk and we will try our best to answer all unanswered questions from today.</span></td></tr>
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</div>MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com2tag:blogger.com,1999:blog-5879001320826626822.post-12035799135900019752012-06-07T08:51:00.001-07:002012-06-07T09:40:52.153-07:00Conflicts of interest and insolvency appointments<div class="separator" style="clear: both; text-align: center;">
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<span style="text-align: left;">A great deal has been written on this subject following Mark Daly's recent BBC programme on Rangers FC. Both the press and Duff and Phelps have focused on the role of David Grier, a partner in D&P, in Whyte's bid to gain control of RFC. Specifically, the question which has been asked is did Mr Grier know that Craig Whyte intended to use money from Ticketus to fund his acquisition of the club?</span><br />
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That question is an important one but may not be entirely the right focus in deciding whether or not Mr Grier's role gave rise to a conflict of interest which should have prevented D&P from accepting an appointment as administrators. </div>
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To understand the argument, we have to consider more generally what we mean by a conflict of interest in the context of an insolvency appointment. </div>
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The Insolvency Code of Ethics, which underpins the work of all insolvency practitioners, gives a number of examples of situations which may give rise to a conflict of interest. (1) Amongst these is a case where a <b>‘significant relationship’</b> has existed between the insolvency practice and the insolvent entity (Rangers FC) or someone connected with the entity (Craig Whyte). </div>
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So what constitutes a <b>‘significant relationship’ i</b>n this context? </div>
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In deciding whether a prior relationship with an insolvent is ‘significant’, the code of Ethics require practitioners to take a number of factors into account. These include, but are not restricted to, the following:</div>
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<li>The nature of the work done by the practice for that entity</li>
<li>The impact of the work done on the financial state and/or the financial stability of the entity</li>
<li>Whether the fee received for the work is or was significant to the practice or is or was substantial</li>
<li>Whether the insolvency appointment involves consideration of the work previously undertaken by the practice, and </li>
<li>Whether reporting obligations arise in respect of the individual with whom the relationship exists (e.g. report on the conduct of directors of the entity).</li>
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So, before accepting Craig Whyte’s nomination to act as administrators, Duff and Phelps would have considered the nature of the work David Grier had undertaken for Craig Whyte and RFC both before and after Whyte’s acquisition of the club. They should also have considered whether their appointment as administrators would require them to review that work. </div>
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On the question of reporting obligations, every administrator is required to report on the conduct of those individuals who were directors of the company at the date of his appointment as administrator as well as those who have been directors in the 3 years prior to that appointment. In this case, the question for D&P would have been was the pre existing relationship with Craig Whyte sufficiently close that their objectivity in considering his conduct would be impaired.</div>
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<i>David Grier’s work for Craig Whyte and RFC</i></div>
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What precisely did David Grier do for Craig Whyte and RFC? </div>
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The Report to Creditors issued by Duff and Phelps on 5 April 2012 confirms that MCR (now Duff and Phelps) assisted Liberty Capital in negotiating a settlement of the debt owed by RFC to Lloyds. MCR was also present at the meeting of the Independent Directors’ Committee when Whyte provided details of Liberty Capital’s ability to fund the acquisition and also to provide a working capital facility in the future. The report does not specifically state that the person in attendance was David Grier neither does it clarify what role David Grier/MCR had at that meeting. </div>
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Duff and Phelps/MCR’s involvement with RFC/Craig Whyte continued following Whyte’s acquisition. According to the 5 April report, this involved the provision of advice to the management team at RFC, the preparation of cash flows, liaising with a major creditor (HMRC) and reviewing the staff structure. MCR further reviewed the finances in June 2011. This review projected a ‘working capital shortfall’ in the following 3 months i.e. the projections indicate that the company will become insolvent insofar as it will be unable to pay its bills as they fall due within a fairly short period. The report is silent on what advice, if any, was given to the board of RFC in the light of these projections.</div>
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A further review followed in August 2011 which considered fund raising and restructuring options.</div>
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MCR’s role in negotiating with HMRC was terminated in September. It is not clear from the report whether the firm was retained in any other capacity between that date and their appointment as administrators in February 2012.</div>
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<i>So that was the nature of the work done by Duff and Phelps/MCR. But was it ‘<b>significant</b>’? </i></div>
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If we return to the list of factors to be taken into account in considering that question, Duff and Phelps would have had to consider additionally the fee they had received for their prior engagements, the impact of their work on the financial stability of RFC (if any), and whether their appointment as administrators would require them to review the work they had carried out during 2011. They would have been clear that an appointment as administrator would carry an obligation to report on the conduct of their former client, Craig Whyte.</div>
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Duff and Phelps may have concluded that their relationship with Craig Whyte/RFC was not significant in this context. However, even if they felt that it was, that does not necessarily mean they could not accept appointment as administrators. In these circumstances, para 25 of the Ethical Code allows practitioners to consider whether they can take steps to mitigate any possible conflict of interest.</div>
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This may be done by changing members of the insolvency team or by putting guidelines in place to prevent an exchange of information between the insolvency team and any other team within the practice which had carried out work for the entity. (2) David Grier could not be appointed as he does not appear to have an insolvency licence but did the appointment of 2 other partners in the practice put sufficient distance between Mr Grier and Mr Whyte/RFC?</div>
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Other measures include the appointment of other insolvency practitioners to carry out part of the work – a review of the work carried out by the practice in the period before the insolvency appointment for example, or a review of the conduct of the directors of the company. In cases of substantial doubt, the practitioner might consult his authorising body. No other practitioners have been appointed in this case so presumably Duff and Phelps were satisfied either that the relationship with Whyte was not ‘significant’ in a regulatory sense or that the appointment of Messrs Clark and Whitehouse was sufficient to regain the necessary objectivity in the appointment. </div>
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The question of whether Grier knew that Whyte was relying on money from Ticketus to fund his acquisition, is important because it would imply a far closer relationship between the parties than was suggested by the Report to Creditors, in other words, more significant. </div>
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Such knowledge would also make it difficult to attack the transaction. Duff and Phelps have vigorously denied that Mr Grier or any other party in the firm had any such knowledge and have raised proceedings against Mr Whyte’s former lawyers in this regard. </div>
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Insolvency is inherently unfair. Because there is not enough money to pay everyone who is owed by the insolvent entity, there are always losers in the process. Some people will get more than others. It is therefore essential that any insolvency process is conducted with openness and transparency and that the law which underpins the process and determines who the winners and losers will be, is applied fairly.</div>
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There's also a public interest argument. Those who are losers in the process have to be assured that the conduct of those who were responsible for the affairs of the company before its insolvency is investigated objectively. If the investigations reveal wrong doing or negligence in the conduct of the company's business then appropriate action has to be taken and the relevant sanctions applied. </div>
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Insolvency practitioners have to be able to demonstrate that they are sufficiently objective to bring the full scrutiny of the law to bear on those who were in charge of a company prior to its failure. If they cannot do so, public confidence in the process is undermined and that helps no-one. </div>
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There is not enough information in the public domain to determine whether Duff and Phelps should or should not have accepted the appointment or whether the steps they took before doing so were sufficient to deal with perceptions of conflict of interest. Presumably they have applied the tests in the Code and are satisfied with the outcome. Perhaps they can strengthen public confidence by the rigour they apply to investigations into the conduct of those who brought RFC to the position it now finds itself in. </div>
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<span class="Apple-tab-span" style="white-space: pre;"> </span>Code of Ethics, para 31 </div>
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<span class="Apple-tab-span" style="white-space: pre;"> </span>Code of Ethics, para 25</div>
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Maureen Leslie</div>
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<a href="http://www.mlmsolutions.co.uk/">http://www.mlmsolutions.co.uk</a></div>
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</div>MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com7tag:blogger.com,1999:blog-5879001320826626822.post-76876426274773800622012-05-30T06:38:00.002-07:002012-05-30T09:46:00.406-07:00Possible Dividend for CreditorsWhilst D&P have made it clear that there are many anomalies, this appears to be the most accurate indication of the dividend available for the unsecured creditors of The Rangers Football Club Limited.<br />
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<iframe frameborder="0" height="340" src="https://docs.google.com/spreadsheet/pub?key=0Aq47U_tA4t_7dExFLW1SV1lOcmVQejE0MmVDNlo4Z1E&output=html&widget=true" width="485"></iframe><br />
<br />
Feel free to ask us any questions using the comment box below.MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com5tag:blogger.com,1999:blog-5879001320826626822.post-4782903773525137052012-05-28T01:38:00.001-07:002012-05-28T05:06:59.716-07:00RANGERS FC, HMRC and CVAs<div class="separator" style="clear: both; text-align: center;">
<a href="http://i.telegraph.co.uk/multimedia/archive/02204/ibrox_2204829b.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="200" src="http://i.telegraph.co.uk/multimedia/archive/02204/ibrox_2204829b.jpg" width="320" /></a></div>
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<br />
Let’s examine HMRC’s conditions and in particular those conditions that may preclude HMRC from accepting any proposal delivered by Rangers FC.<br />
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A <a href="http://www.mlmsolutions.co.uk/index.php/topnav_company-voluntary-arrangement" target="_blank">Company Voluntary Arrangement (CVA)</a> can be an effective way of restructuring the debt of a company and, when successful, results in the company’s survival.<br />
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A few months ago, CVAs were a relatively unknown effective business tool, particularly in Scotland. They have now been brought into the spotlight due to the situation at The Rangers Football Club plc.<br />
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A CVA requires 75% of a company’s creditors to vote in favour to be successful. It is difficult to predict the attitude of creditors towards any CVA proposal. However, HMRC provide a guide to its conditions for accepting a proposal, which indicates how they are likely to vote on any proposal. HMRCs conditions are summarised on its factsheet - <a href="http://www.hmrc.gov.uk/helpsheets/vas-factsheet.pdf">http://www.hmrc.gov.uk/helpsheets/vas-factsheet.pdf</a>.<br />
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<i>Conditions for HMRC accepting a proposal that cannot or may not be achievable –</i><br />
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•<span class="Apple-tab-span" style="white-space: pre;"> </span><i><b>an optimised and achievable offer is made to creditors</b></i><br />
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This is a wide ranging condition, parts of which are covered by more specific conditions below. It does specifically cover HMRCs condition that they expect the Company to pay monthly contributions into the arrangement for a period of 5 years.</blockquote>
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•<span class="Apple-tab-span" style="white-space: pre;"> </span><i><b>the proposal treats all creditors within the same class equally</b></i><br />
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There has been no suggestion that the anticipated CVA funded by Charles Green’s consortium will attempt this. Previous bidders proposed treating certain unsecured creditors differently (such as bondholders and TicketUs) and this would have led HMRC to reject the CVA.</blockquote>
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•<span class="Apple-tab-span" style="white-space: pre;"> </span><i><b>that the open market value of assets is not materially different from the proposal</b></i><br />
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The offer put to creditors is likely to be rejected if there are independent professional valuations which suggest more money can be raised by ceasing to trade, then selling the assets off separately. If a CVA proposal does not disclose the break up valuations, HMRC will specifically request that information.</blockquote>
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•<span class="Apple-tab-span" style="white-space: pre;"> </span><i><b>that values being placed upon liabilities are not materially different from the proposal</b></i><br />
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There needs to be a full disclosure of liabilities. In relation to RFC, this is complicated by the EBT liability raised by HMRC, that has been defended by the club, and is presently subject to a decision by a first tier tribunal.</blockquote>
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•<span class="Apple-tab-span" style="white-space: pre;"> </span><i><b>full reasons for past non-payment of tax and clear explanation of changes made…</b></i><br />
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The most obvious reason appears to have been Craig Whyte’s apparent decision not to pay Tax & NI, during his period of control. HMRC will seek assurances that Mr Whyte will not be involved in the affairs of the club going forward, as a shareholder or director.</blockquote>
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•<span class="Apple-tab-span" style="white-space: pre;"> </span><i><b>evasion of statutory liabilities or past association with contrived insolvency</b></i><br />
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Proper use of EBTs is widely accepted as good tax planning. Mis-use of EBT resulting in an abuse of the tax system is considered by HMRC to be tax evasion.</blockquote>
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•<span class="Apple-tab-span" style="white-space: pre;"> </span><i><b>payment of other creditors whilst withholding sums due to the Crown</b></i><br />
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This relates to the payment of other creditors, whilst withholding sums due to HMRC. It has been widely reported that this happened during Mr Whyte’s period of control.</blockquote>
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•<span class="Apple-tab-span" style="white-space: pre;"> </span><i><b>failure to meet any obligations under a prior voluntary arrangement</b></i><br />
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This can apply where the company enters any form of payment arrangement with HMRC, then subsequently defaults.</blockquote>
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•<span class="Apple-tab-span" style="white-space: pre;"> </span><i><b>exclusion of creditors who are entitled to receive the same treatment as all others within their class</b></i><br />
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It is essential that all debts due to creditors, are treated equally. HMRC will expect it’s assessment of the unpaid tax liability relating to the EBTs to be dealt with by the proposal.</blockquote>
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•<span class="Apple-tab-span" style="white-space: pre;"> </span><i><b>a purchaser assuming responsibility for payment of some of the debts in consideration for the purchase of the debtor’s assets</b></i><br />
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There has been no suggestion that Mr Green’s proposal contains such conditions. Previous bidders did make this a condition of their bids, and such conditions would have led those bidders’ proposals to be rejected.</blockquote>
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Those with a keen eye may have noticed that there is little guidance on the level of dividend which HMRC expect, other than the proposal to creditors is required to be optimised. Our two most recent CVAs proposed around 35p in the £, and HMRC successfully negotiated these up to around 70p in the £. Whilst this should not be taken as any guide whatsoever in relation to RFC, these examples evidence the influence HMRC has in CVAs, where it has 25% or more of the voting rights.<br />
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If a CVA is accepted by at least 75% of the creditors of RFC, then the club will avoid the sanctions that are anticipated to be levied against it, if it seeks to re-enter the SPL through the newco route. Therefore, achieving a CVA clearly has benefits for those involved with the Club.<br />
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However, taking into account the foregoing analysis, it is clear that the Company has never been able to meet HMRCs conditions for accepting a CVA in the recent frantic months and it would prudent for those involved to anticipate HMRC rejecting the proposal.<br />
<br />
Allan McLeod is a Senior Manager at MLM Solutions, who are Scotland’s leading provider of CVAs and successfully negotiate with HMRC to meet their conditions for accepting CVA proposals.<br />
<br />
Maureen Leslie, Director of MLM Solutions, is a regular commentator on BBC Newsnight Scotland and Reporting Scotland regarding CVAs and corporate insolvency matters.<br />
<br />MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com2tag:blogger.com,1999:blog-5879001320826626822.post-48769841361831803052012-05-03T07:42:00.000-07:002012-05-09T08:31:48.948-07:00So What Does Mr Miller's Bid Amount To For Rangers?<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL-yE1PQkpSdlGgss3cUhx7OQh50xlPrZV540Da4r5nQvNH_EYNtoYlyutQV8eqvcMQ97SwQkaRVWXToNDwXBNTPhBYycXNrF1TxkAnlG7XQWN8jhD0n6j81Ps6V73FiNxV9LWJr5CJAwx/s1600/miller_2210039b.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="250" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL-yE1PQkpSdlGgss3cUhx7OQh50xlPrZV540Da4r5nQvNH_EYNtoYlyutQV8eqvcMQ97SwQkaRVWXToNDwXBNTPhBYycXNrF1TxkAnlG7XQWN8jhD0n6j81Ps6V73FiNxV9LWJr5CJAwx/s400/miller_2210039b.jpg" width="400" /></a></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">Duff
and Phelps today announced that Bill Miller is the preferred bidder for Rangers
FC.</span><span style="font-family: Arial, sans-serif; font-size: 11pt;"> </span><span style="font-family: Arial, sans-serif; font-size: 11pt;">In their statement published at
12.35, they confirm that under the terms of the deal, the business and assets
of RFC are to be ‘sheltered’ in a newco while a CVA is agreed for the existing
RFC.</span><span style="font-family: Arial, sans-serif; font-size: 11pt;"> </span><span style="font-family: Arial, sans-serif; font-size: 11pt;">These assets will be returned to
Rangers FC “once the plc has been cleaned up”.</span><span style="font-family: Arial, sans-serif; font-size: 11pt;"> </span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">Mr
Miller has previously referred to an ‘incubator’ company. We said in our blog on Monday that we thought
this referred to the creation of a subsidiary of RFC by the
administrators. The business and assets
of RFC would then be transferred to that subsidiary while the administrators
tried to put a CVA in place for RFC plc.
Our reading of the administrators’ statement suggests that we are pretty
much on the mark.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">In
this 2 phase deal, a newco will take forward the business and assets of the
club, while the administrators negotiate and work through a CVA with the
creditors of the PLC. <o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">The
administrators’ statement has confirmed that the “barriers to a standalone <a href="http://www.mlmsolutions.co.uk/index.php/topnav_company-voluntary-arrangement" target="_blank">CVA</a>
are now too high”. Those barriers were
the difficulty in securing a transfer of shares from Craig Whyte and in
securing acceptance of a CVA by HMRC.
Until the outcome of the tax case is known, obtaining that acceptance
was almost impossible.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">The
administrators have said in their statement that Mr Miller’s bid “creates the
most suitable framework to deal with the issue of the majority shareholding in
RFC plc”. In other words, Mr Miller’s
bid circumvents the need for any action to be taken to secure Craig Whyte’s
shareholding (at least at this point).
By selling the business and assets of RFC, they have sidestepped the
majority shareholder. <o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">However,
if and when a CVA is agreed and the trade and assets of newco have to be ‘returned’
to Rangers FC plc, the issue will resurrect itself. <o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">They
have also taken the pressure off as far as reaching agreement with HMRC is
concerned but there remain significant barriers to securing their consent.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">By
going forward with the Miller bid, the Football Club can prepare for next
season with some certainty about its financial position subject of course to
the outcome of the appeal against SFA sanctions and the terms upon which the
SPL will agree to its admission. Mr
Miller’s bid is now unconditional so it would seem that he is satisfied that he
can live with whatever terms are imposed.
The Club can therefore be assured that it can start next season free of
administration and that must be seen as good news for the fans.</span><br />
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Written by <a href="https://plus.google.com/103541846190433603788" rel="author">Maureen Leslie</a>.MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com0tag:blogger.com,1999:blog-5879001320826626822.post-52196916141188382612012-05-03T04:03:00.000-07:002012-05-03T04:03:13.975-07:00Is a Trust Deed or a Bankruptcy the best solution for you?<br />
<h2>
<b>Mortgage repayment costs rising?</b></h2>
<h2>
<b>Household budget already stretched?</b></h2>
<h2>
<b>Is a Trust Deed or a Bankruptcy the best solution for you?</b></h2>
Recent press coverage has shown that a number of lenders are poised to increase their standard variable mortgage rates. These lenders are claiming that the rate increases are ‘justified’ and are blaming the ‘weak economy and the increased cost of funding a mortgage.’<br />
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Whilst the initial rate hike may not be too large, there is genuine fear in the wider community that further increases could prove problematic for many Scottish households, whose budgets are already stretched to breaking point, as a consequence of ever increasing bills and also having to service existing credit?<br />
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So, where does this leave you? Many households will undoubtedly struggle and will be looking for ways to ‘relieve the pressure.’ But how will you do this?<br />
<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span>Pay-day loans?<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span>Using credit cards to pay for groceries?<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span>Borrowing from friends and family?<br />
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These are all short-term, ‘quick fix,’ answers and, quite frankly, the thought of individuals/households resorting to taking out pay-day loans or, worse still, using a credit card to buy ‘the weekly shopping’ should chill us all to the bone, as the potential for financial disaster is there for all to see.<br />
<br />
We, at MLM Solutions, feel that there are other options available to you, other than the ‘quick fix’ remedies mentioned above. These could address the situation in a not so potentially costly, or problematic, manner.<br />
<br />
Everyone has heard stories of people who enter into Trust Deeds, or who find themselves declared bankrupt, losing their homes. Whilst that may be true in certain circumstances, it is not always the case and here at MLM Solutions we believe that we have other ideas on how to ‘keep the roof over your head.’ Your home is not necessarily at risk and the majority of home-owners we deal with will retain their properties, whilst, at the same time, relieve themselves of the financial burden of unmanageable credit agreements/loans/credit cards, without having to plunge deeper into debt via the ‘quick fix’ options referred to above, which are all too often promoted in such a way as to suggest that they are ‘the answer’ to your problems!<br />
<br />
So, for a free, no obligation chat, either in one of our 3 offices (Glasgow, Edinburgh and Livingston) or in the comfort of your own home, then contact us on 0800 138 0707, e-mail us at <a href="mailto:debt@mlmsolutions.co.uk">debt@mlmsolutions.co.uk</a> or find us on <a href="https://twitter.com/#!/mlmsolutions" target="_blank">Twitter</a> or <a href="https://www.facebook.com/mlmsolutionsuk" target="_blank">Facebook</a> and one of our team of friendly, professional, debt advisers will contact you to arrange a suitable time to meet and discuss matters further.<br />
<br />
For more information on all of our debt solution services, including Trust Deeds and bankruptcies, go to www.mlmsolutions.co.uk<br />MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com0tag:blogger.com,1999:blog-5879001320826626822.post-90972966045292759592012-05-01T08:48:00.000-07:002012-05-01T08:48:35.402-07:00MLM Solutions Q&A Forum - Live Transcript<br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Thank you to everyone who took time today to join the blog and to engage with us to ask questions that were important to you. We were delighted with the response to the first blog, which was overwhelming, which meant it was physically impossible to respond to all within the 2 hours! We have summarised the Q@A and do hope you enjoyed it as much as we enjoyed trying to clear up some of the insolvency issues. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">We will endeavour to answer any unanswered questions that we did not have time to respond to today if you leave a message on Facebook, we will get back to you! </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://www.facebook.com/mlmsolutionsuk">http://www.facebook.com/mlmsolutionsuk</a></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Once again, thank you and we look forward to chatting again soon, in our next blog forum, which will be posted, as the latest developments continue to unfold.</span></div>
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<b><span style="color: #363b35; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Title:</span></b><span style="color: #363b35; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> </span><a href="http://www.coveritlive.com/"><span style="border: none windowtext 1.0pt; color: #e85d00; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-border-alt: none windowtext 0cm; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; padding: 0cm;">Save</span></a><span style="color: #363b35; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">11:13<o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Good morning everyone, the live Q&A forum will begin at 12pm
hope to see you there.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">11:15<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From StevenP</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi, what time does this event finish?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">11:15<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From ArleneN</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Good morning, looking forward to discussing the latest implications
for the club.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">11:16<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Morning Arlene.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">11:16<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">See you all 12pm<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">11:17<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">ArleneN: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Good morning, just checking that the event closes at 2pm?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">11:18<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">ArleneN: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Yes StevenP, 2pm is the scheduled close!<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">11:37<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Gordon</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Best of luck with the live event today.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">11:37<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Cheers Gordon. any questions?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">11:55<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From scotbot</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Twitter brought me here.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">11:55<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi there - any questions about the latest situation at Rangers?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">11:58<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Scotbot, glad you have joined us. We are here to discuss the
latest events regarding Rangers, particularly from an Insolvency perspective.
If you have any questions, please be the first to fire away.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">11:58<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Alex</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Does Ralp Topping leaving his post as SFA chairman have any relation
to Rangers' Liquidation and the new financial/newco rules that have been
delayed?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:00<o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Sorry Alex - can't really comment as we have no inside knowledge
about what lies behind his decision. We're having a look on line at the
moment and if we find anything relevant, we'll come back to you.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:01<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From scotbot</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Erm, I just want to enjoy the debate. I'm curious about how Rangers
bidders propose to cover a CVA when the main creditors are thought likely
to block it.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:02<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Alex. Ralf Topping is a bit of a blogger. You can check out his
official statement which is here </span><a href="http://www.ralphtopping.com/" target="_blank"><span style="border: none windowtext 1.0pt; color: #e85d00; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-border-alt: none windowtext 0cm; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; padding: 0cm;">http://www.ralphtopping.com/ </span></a><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><br />
<!--[if !supportLineBreakNewLine]--><br />
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:03<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Gerry</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Who is taking part?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:04<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Interesting question scotbot. A CVA needs support from 75% of those
creditors present and voting at the meeting which has to be called to
consider the proposals. At the moment, it looks like Ticketus or possibly
HMRC might be in a position to block. It's not clear to us how the bidders
propose to cover this although it's less relevant to Bill Miller than to
the Knights<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:04<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From John</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Can Rangers in administration sell season tickets or do they need to
be out of administration before they can sell them<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:04<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hopefully your goodself. Please feel free to fire away:)<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:05<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From chris</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">In your opinion what are the chances of Rangers agreeing a CVA with
creditors.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:08<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Chris. The million dollar question. As we said above, they need
75% of those creditors present and voting to get a deal. HMRC is certain to
vote in this case and we think it's unlikely that Ticketus will stay out of
the process. Unless the CVA provides a substantial return to them, is it
likely they will agree? What do you think?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:08<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Bernard</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Are HMRC obliged to treat RFC and their CVA in the same was as any
non-football company?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:08<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Bernard. I would say so, yes. Can you think of any reason they
wouldn't?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:09<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Gerry</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Would selling all assets individually not see a better return for
creditors, than to sell job lot to a newco?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:10<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi John. Appreciate the question. The general rule is that a Company
which is in an insolvency process cannot accept payment for goods which it
may be unable to fulfil. That's not to say that the Administrators could
invite payments for season tickets, but they would have to hold those funds
in a trust account, in order to protect the position of the season ticket
purchaser.<br />
<br />
There is a further complication with Ticketus. They may litigate, to try
and secure the future season ticket monies. Whilst Lord Hodge's Opinion was
fairly damning of TicketUs's claim to have security over future season
ticket monies, it was still just an Opinion. However, Lord Hodge is one of
our greatest legal minds.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:10<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Guest</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">re: Topping, does his departure indicate a commercial fear by
William Hill on making a decision ?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:13<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Sorry Guest, but we do not know what the sponsors, including WH, are
thinking at this time. However, the point of sponsorship is to promote a
brand, certainly not to damage it by negative publicity. What do you think
yourself?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:14<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Mcfee</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">How can we place more scrutiny on these companies who use this
'liquidation' technique as a method to cheat their way out of paying their
debt? Surely HMRC can still get them somehow...<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:14<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Gerry. In the report published by Duff and Phelps on 5 April,
they advise that they had instructed a valuation of all the Club's assets
and had concluded there was an enhanced value for sale as a 'going concern'
over and above the asset value. In the last accounts, there were fixed
assets of £125m or so and therefore this is something the administrators
will have to consider<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:14<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From David</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">is there any way the blue knights bid can be accepted as prefered
bidder while the cash they are offering is less than bill millers<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:15<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi David. I think the devil will be in the detail of the Knights'
offer. In these kind of deals, the topline figure can often be diluted by
specific terms in the contract<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:16<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From scotbot</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">If Rangers are liquidated, ie assets sold, is the revenue used to
pay off the creditors. Who has 1st dibs after those whom hold security?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:19<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi scotbot. In any insolvency process, first call on the assets
comes from anyone holding a standard security. Next comes the insolvency
practitioner - D&P in this case - have first call on the proceeds of
sale followed by the expenses of the process. That would mean their legal
and other costs. Next comes the preferential creditors - usually employees
for unpaid wages and holiday pay - then the floating charge holder. Craig
Whyte has an assignation of the old charge in favour of Lloyds Bank but
D&P question whether he is owed anything at all under that charge. Next
comes Ticketus, HMRC and the rest of the unsecureds.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:19<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From steve</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">how does millers proposed newco route differ from a 'traditional'
newco route?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:20<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi McPhee. That's a huge question to answer!<br />
<br />
If anything, we have been moving towards a softer insolvency regime for
many years, politicians are trying to foster a more entruepenarial business
enviroment.<br />
<br />
We should celebrate individuals who are brave enough to go out there and
set up a business, as it cxan be a huge challenge. However, their must be
sufficient safeguards in place to deter those who abuse the system in order
to avoid paying tax.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:20<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Alex</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">If Rangers do liquidate can they transfer their history through
court to the newco from the old liquidated club? Or is this non
transferable as I know this method has been used several times in Italy
where liquidation has slack rules as a punishment..<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:20<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Steve - I honestly have no idea. Never heard of an 'incubator'
company but we blogged yesterday saying Administrators have the power to
create subsidiary companies and to transfer all or part of trade and assets
to that sub. We think that's what Miller has in mind<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:21<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Gordon</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Craig Whyte seems to be getting all the blame for the problems at
Rangers. Is there anyone else that you think should be held accountable?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:23<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Gordon. The administrators have to submit a report on Directors'
conduct to the Insolvency Service, part of the Department of Business,
Innovation and skills. The ultimate sanction here would be disqualification
- Craig Whyte has previously fallen foul of that regime. However, the
administrators also have to consider the conduct of people who have been
directors in the last 3 years before the date of administration so all
previous directors will fall into that investigation<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:24<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Richard</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Have you ever known an Administrator be in charge for so long and
not make a single reducndancy?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:27<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Richard. You make insolvency practitioners sound as if we wield
machetes - or axes I suppose! We often try to save jobs - by saving the
company if at all possible or by selling its business and assets and having
employees transfer under Transfer of Undertakings provisions. But yes,
given that the Club was allegedly running at a loss, you might think it was
prudent for administrators to use some of the powers they have to get it in
better shape for a buyer? What do you think?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:27<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Christopher</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">What Is Your Thoughts Of What An Incubator Company Is ? Have You
Seen This Is Action Before<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:28<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Christoper - have a wee look at the response to Steve up above.
We think its a subsidiary with a hive down of trade and assets from RFC<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:28<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Neil</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Do you think the bank would have called in Rangers debt resulting in
possible liquidation had Craig Whyte not done the deal with Murray?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:30<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Neil. Don't really think so. If the bank had been at all minded
to appoint in this case, it would have been an administration. But it looks
more like the Bank was working out its position - the debt had come down from,
£33m to £18m (or thereabouts) over the previous 3 years.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:31<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Lord0</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">How can D+P justify continued Administration while allowing Rangers
to rack up more and more debt? e.g. this seems to be the only admin ever
where no one has been paid off...<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:33<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">I think they're expecting some further income from prize money and
possibly prize money which should make the trading position neutral. Have
you taken a look at the Receipts and payments account in the D&P
report?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:33<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Bernard</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi. Are HMRC likely to have a different approach with respect to
approving a CVA etc with Rangers than a non-football company?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:33<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Alex, not an easy one to answer, as there is no legal precedent in
Scotland to really on.<br />
<br />
However, there are loads of indicators.<br />
<br />
Firstly the Administrators will sell the Intellectual Property &
Goodwill of The RFC plc to a newco. Which they have the rights to do.<br />
<br />
If you look at instances where clubs have continued after a newco (or
liquidation) such as Leeds, Luton, Rotherham, Fiorentina, Airdie United, it
is clear from all these example that the history is accepted to have
continued. This is demonstrated by the information on those clubs on their
websites, wikipedia, and I think the most indicative authority, which is
UEFAs website.<br />
<br />
The Airdrieonians / Airdrie United example is fascinating, as Airdrieonians
did fold completely. However Airdrie United still operate and every Airdrie
fan still laments Kenny Black's european goal back in the 1980s.<br />
<br />
There are concerns that someone may challange the histroy issue if a sale
to a newco happens. The questions I would ask is, who would have a right to
challenge it, where would the jusrisdiction lie, where is the legal framework
that would allow a challenge.<br />
<br />
Hope that helps.<br />
<br />
<!--[if !supportLineBreakNewLine]--><br />
<!--[endif]--><o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:34<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From johns</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">re: Topping, could the Topping resignation relate to the commercial
backlash that William Hill might risk in him having the deciding vote?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:35<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Johns, please check response above at 12.02<br />
<br />
Many thank Allan<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:35<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Bernard - we don't think that's likely. HMRC has to treat all
companies in the same way. We put a link to their guidelines on dealing
with CVAs on our blog yesterday. You might find that useful<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:35<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Gaz</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">we keep hearing from the same people HMRC don't do deals, ie CVA. is
this your experience<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:35<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Sherbo</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Does a proposed CVA need to run a full 5 weeks before a decision is
announced, wether agreed or declined?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:36<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Colm Limerick</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Was Neil Doncaster mixing up NewCo coming out with a CVA & NewCo
with Liquidation yesterday?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:38<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Sherbo - good question. The administrators have to give at least
14 days' notice of the meeting of creditors which has to be called to
consider the proposals. Creditors can propose modifications to the
proposals at that meeting and the meeting can be adjourned for another 14
days to allow time for these modifications to be considered. So, minimum 14
days to reach agreement.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:38<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Stewart</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi...was just wondering, with liquidation meaning HMRC/Ticketus
would find it even tougher to get their money, do you think it's likely
either party would block a CVA if they can?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:40<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Colm Limerick, I don't think he was particularly clear on that
matter. However, he was clear about the penalties that will be applied,
which are the penalties under the existing framework - 10 points on
entering an Insolvency Event (which was saw earlier in the season. Of
course there is no existing framework to consider the re-entry of a newco
to the SPL, therefore it will come down to a vote by all of the Clubs. That
will be an interesting day in the life of the SPL!!!<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:41<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Stewart - not sure why you think liquidation would make it harder
for Ticketus to get their money? Especially now they are out of the deal
with the Knights? As far as HMRC is concerned, you might like to look at
our blog yesterday which has a link to their guidelines on how they deal
with CVA proposals. There's a good section on why they will reject what
seems to be a good commercial offer<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:41<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Vatican Stroller</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Craig Whyte has a floating charge... what is this and how much is it
likely to be?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:41<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From steve</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">if ticketus accept a figure for the pound - can they still chase
whyte for the rest of the money owed?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:42<o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Steve. The answer is yes.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:42<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Alex</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Is it legal to have the club in administration to appoint a
administrator that has the current club chairman has links to? I'm refering
to Craig Whyte and his links to Duff&Phelps where he used to a company
secretary and director?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:44<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Vatican Stroller - a floating charge is a form of security over a
company's assets. Unlike a mortgage, it is not over any specific asset but
assets generally. In the event of default or insolvency, the charge fixes
on the assets. Effectively, if Whyte's charge is valid, it puts him further
up the pecking order when it comes to paying out. In the D&P report of
5 April, they value Whyte's claim at £1. However, i would expect him to
challenge that - you seen comments by Collyer Bristow - his lawyers - in
today's Herald?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:44<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Bob</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Can anything be agreed until the full tax position is know. In terms
of cva, if not surely all the activity is pointless at this moment?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:49<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Alex,<br />
<br />
In D&Ps report dated 5 April they concluded that they did not have a
conflict. See para 5.24.<br />
<br />
However, the general guide is that there cannot be a material professional
relationship between the IP (D&P) and the debtor company (RFC plc)
within the last three years. Perhaps, some further explaining to do by
D&P here. What do you think yourself?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:49<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Bob - great question. In theory, D&P could call a meeting to
consider CVA proposals on 14 days' notice. They could do this as soon as
one or other of the bids becomes unconditional. HMRC would be entitled to
vote for the full amount of unpaid PAYE - £15m or so. D&P could be very
bold and say that they will only admit HMRC's claim for the big tax case to
rank for voting at £1 since the outcome is not known. I guess it could
still be found in Rangers' favour. However, this would be liekly to be
challenged by HMRC in pretty strong terms and, if the case were found in
favour of HMRC at a later date, the CVA would probably fail anyway<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:49<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Mark</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Bill Miller's bid mentions an "incubator" company - does
such a thing exist under UK law and is it not just a way of dressing up a
liquidation of the old company?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:49<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Danny</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">it sometimes seems that D&P have been more worried about the
club & not the creditors and they seem determined to make BK the winner
any thoughts on how it has dragged on<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:51<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Mark - see above. WE don't think any such thing exists. We think
this is amounts to a creation of a subsidiary company and a hive down of
trade and assets. If the original club survives a CVA, the trade and assets
coudl be hived back up at a later date. If however, the CVA failed or the
old co went into liquidation, it would not be fatal to Miller's bid unless
that is a condition of the bid<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:52<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Danny, we posted on our blog yesterday that "Although saving
the company is the first purpose of administration, this cannot be pursued
at any cost. "<br />
<br />
Here's the full blog - </span><a href="http://mlm-solutions.blogspot.co.uk/" target="_blank"><span style="border: none windowtext 1.0pt; color: #e85d00; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-border-alt: none windowtext 0cm; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; padding: 0cm;">http://mlm-solutions.blogspot.co.uk/ </span></a><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><br />
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:52<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Richard</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">also have you ever known an Admin to ask for such a large non refund
deposit when there are two clear bidders for only a 2 week exclusivity?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:54<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Richard - another good question. However, on balance, we think
this is reasonable in the circumstances. Seems to have been a bit of
posturing on the part of some of the bidders so D&P right to look for a
real financial commitment.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From luke</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">What will the administrators require to do to get paid? Are there
any protections for the creditor?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:55<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Johnny</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">How long in your opinion does Rangers have left before liquidation
is the only option?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:57<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Luke - reasonable question. They need to gain approval for their
fees from the creditors. However, they included in the proposals they
issued on 5 April that their pay should be fixed with reference to the
hours they spend on the job (Resolution 4). And yes, there are protections
for creditors. Try our website for Creditors' guide to fees or just google
it. BE sure to look for Adminsitratior's fees in Scotland - England is
different<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:57<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From steve</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">How do you rate the administrators performance so far?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:59<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Great quetion Johnny.<br />
<br />
The key here is cash.<br />
<br />
The Administrators cannot continue to rack up trading losses. We are told
that after the end of May, the wage Bill is back to it's pre Administration
levels (before the agreed pay cuts).<br />
<br />
However, if a prospective purchaser came along and said, "here's a few
million in order to cover the ongoing trading costs" then it would
continue. And this is what often happens in these distressed scenarios.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">12:59<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Georgethebear</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">if you were the administrator would you go for a newco or CVA.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:03<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Wow Steve - that's some question! This must be one of the most
difficult jobs to come up in Scotland for a long time! One of the things
which makes insolvency such a great career is the need to make decisions
very quickly and on the basis of quite limited information. Often
information comes to light which makes you question your original decision
or strategy and it's important to be brave enough to change it where
necessary. But hindsight is denied us at the time! I guess the question for
them at the end of all this will be ' would we showcase this job as one of
our finest?'<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:03<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Craig</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">I think what most folk don't understand is how can anyone consider
investing in any business with the possibility of a huge tax bill hanging
over it?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:04<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Craig. A good observation. However, the objective of this type of
insolvency is to save the good parts of this business while freeing a new
owner from an historic debt mountain. Whether by CVA or liquidation, this
should be achieved.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:04<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From iain</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">hello. what are the chances of HMRC agreeing to CVA ?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:05<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Tommy</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">In a CVA, do all parties have to be treated equally? What rate of
return are HMRC likely to consider agreeing to?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:07<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Tommy. Yes and no. A CVA cannot vary the rights of secured
creditors without their consent. So - banks with standard securities over
fixed assets or creditors who hold a bond and floating charge (liek Craig
Whyte for example). But all creditors within that class have to be treated
equally. That's why the Knights' deal with Ticketus - who are essentially
an ordinary creditor like HMRC - would have given HMRC cause to object<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:07<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Georgethebear, based on everything we know at this point in time I
would comment as follows -<br />
<br />
It appears that a CVA is very unlikely at this point in time. The only downside
to giving it a go, is the further uncertainty between now and getting it
approved. Remember, we appear to be someway off even submitted a CVA
proposal, as the potential EBT remains unknown and it would be an essential
pre-condition of a CVA that Craig Whyte would have to already have given up
his shareholding.<br />
<br />
On the other hand, an Administration to a newco does not need those factors
to be resolved. It does of course come with some know and some unknown
penalties and sanctions.<br />
<br />
The Bill Miller proposal covers off both angles, but he's used some rather
exotic language to get his point across.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:08<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Frank</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">I believe that players move back to full salary from 1st June if
they don't get paid can they walk away<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:08<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Mark</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Why did Craig White insist on Duff and Phelps? And has White used
Duff and Phelps in the past in terms of taking companies into liquidation?
Thanks<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:08<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Frank, that is our understanding too.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:10<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">A huge thanks to everyone so far that has contributed. We are now
half way through the event. We have had tons of questions and will try to
answer them all.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:10<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Barry</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Could you possibly clarify what Bill miller means when he talks
about" not a full liquidation but partial" most of us are
flummoxed by this. Thanks<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:13<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Mark. Duff and Phelps cover this in their report issued on 5
April. In the run up to his takeover of Rangers, Craig Whyte instructed
Menzies Corporate Restructuring (MCR) to advise him. MCR was taken over by
D&P late last year. So I guess, Whyte wanted to stick with an adviser
he trusted. That said, it might be thought that there were conflict issues
there since an administrator has to act in the interests of creditors as a
whole. D&P had to convince the court that they were suitably objective
and independent before the court appointed them. Not sure who Craig Whyte
used in previous cases but we'll take a look after this event. Leave a
message on our facebook or blog and we'll get back to you<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:13<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From mark</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">can / do hmrc agree to cva`s and why would they. would this then not
be `open door season`?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:15<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Mark - yes, HMRC do agree to CVAs although they often have quite onerous
conditions. From their point of view, they are often one of the biggest
creditors and they have to strike a balance between the interests of the
company and the interest of the taxpayers. It's not in their interest to
agree to a CVA if it looks like the company will simply run up another tax
bill. Also not fair to everyone who pays tax as they go along<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:15<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Richard</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">In your opinion, have Duff and Phelps been admirable administrators?
They seem to be making it up as they go along<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:17<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Richard - sensing some frustration here! Have a look at our
earlier response to Steve - posted at 1.03<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:17<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Mcfee</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">If ticketus have a floating charge on property ie ibrox park, can
they force liquidation and cash in on it?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:17<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Barry, you've got me excited because this is a real isoteric
question.<br />
<br />
I understand that Miller is proposing to purchase the business and assets
from the Administrators as a going concern - an Administration sale.<br />
<br />
However, the way insolvency legislation is framed, Administrators do not
have the ability to pay a dividend to unsecured creditors. Administrators
are expected to convert the Administration into a Creditors Voluntary
Liquidation, then pay whatever money is left out to unsecured creditors. At
that time, the Limited Company RFC plc would be in liquidation, then it
would be subsequently dissolved.<br />
<br />
Hope this helps, but I did warn you!<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:19<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi McFee - there is no evidence that Ticketus have any kind of
security over Ibrox or any other of the assets of Rangers. They tried to
create a kind of security over certain seats if you like - in the opinion
of Lord Hodge, the type of security they tried to create was invalid in
Scots law<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:19<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From IainM</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Can a CVA or liquidation be completed before the FTT result is
announced?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:20<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Johnny</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">How long do you think Rangers have left before liquidation is
inevitable?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:20<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Johnny - we posted a response to a similar question at 12.59 -<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:21<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Bernard</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Not at all. Clearly, HMRC are not always consistent in how they
treat larger companies. Vodafone for example.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:21<o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Excellent point Bernard!<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:21<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Daniel</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Does a significant loss in teh 'Big Tax Case' render all negotiaions
re the current accepted debt irrelevant?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:22<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Alec</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Is there a deadline when D+P have to report back to the court if no
buyer or CVA is agreed and if so what would happen next?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:25<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Alec. Administration lasts for 1 year but can be extended if
circumstances demand it. You have to go back to court and ask for court agreement
to any extension. Most administrators would take the view that, in the
absence of any buyers, you would simply have to cease trading and move on
to plan b - which most often is the orderly wind down of the company.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:25<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Phil</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Does the amount offered in a CVA have to be greater than the value
of the assests to have a chance of being approved.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:27<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Thanks IainM. This response covers DANIEL also.<br />
<br />
A CVA can be completed before the FTT findings but that would be pointless
to agree a CVA, for a further substantial liability to arise at a future
date. There are clear rules on accepting contigent liabilities, but HMRC
would be severely prejudiced if there is a huge liability arising from the
FTT which is not dealt with in a CVA, and would certainly be challeged by
HMRC.<br />
<br />
Regards Liquidation (or Administration Sale), the outcome of the FTT would
have no impact here and a sale could take place before knowing the FTT
outcome.<br />
<br />
<!--[if !supportLineBreakNewLine]--><br />
<!--[endif]--><o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:28<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From iain</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">are HMRC likeley to agree to a CVA?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:30<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Phil. This is an interesting point. The answer is no, not really.
The realisable value of assets in a break up is often a lot less than the
value in the accounts. The speed at which they need to be sold is often a
consideration and relocation costs for moveable assets have an impact too.
And the costs of disposal can be high. So no, the value in a CVA does not
have to be greater than in a break up. The selling point for a CVA would be
a faster and more certain return to creditors<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:30<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Ryan</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">If Rangers become a 'Newco' are there laws in place that wil still
essentially recognise them as Rangers - thus any financial debts / payments
required of them are subsequently required of the Newco also?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:31<o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Ryan - hope you're still with us! The short answer is no - debts
do not transfer to newco. Are you talking about the SFA penalties?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:31<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Jack</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">There has been a lot of uncertainty over the Newco route and the
fear the current Rangers could lose it's history. Am I right in thinking
that the history and football side of things are an asset than can be
purchased by the Newco?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:34<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hello Jack - my colleague posted a response to another questioner at
12.33 which covers this point, which is obviously a concern for fans.
Basically, we think this could transfer as 'Intellectual property' or
goodwill<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:34<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From luke</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">You pose the question: Why has the Duff and Phelp's Administration
taken longer than expected? What are your views on this topic?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:37<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Cheers Iain.<br />
<br />
It's unpopular view, but HMRC have a difficult job to do here, as they
there to protect the taxpayer in many ways.<br />
<br />
They have clear criteria when considering CVAs, and as it stands it is
highly unlikely that they will agree to a CVA. Here is their summary of
their criteria -</span><a href="http://www.hmrc.gov.uk/helpsheets/vas-factsheet.pdf" target="_blank"><span style="border: none windowtext 1.0pt; color: #e85d00; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-border-alt: none windowtext 0cm; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; padding: 0cm;">http://www.hmrc.gov.uk/helpsheets/vas-factsheet.pdf </span></a><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><br />
<br />
The obvious hurdles for obtaining HMRCs agreement are -<br />
<br />
Delivering CWs shareholding<br />
Rangers recent history of non compliance (CWs era)<br />
The HMRC view improperly operated EBTs as evasion<br />
Can more be acheived via liquidation<br />
Treating all creditors the same (TicketUs, bondholders)<br />
<br />
I haven't even mentioned the probable low return being offered to
creditors, which has been estimated at ranging from 3p upto 10p.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:38<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From seymour</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">In your opinion, how low a CVA (pence in the pound) would HMRC
accept<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:40<o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">This is interesting Luke. I actually don't know the answer. There
have been lots of changes and shifting sands in the case - starting I guess
with the whereabouts of the Ticketus money. But D&P did have a prior
involvement in the case which they cover in section 5 of their report. They
were preparing cash flows during the period of Craig Whyte's stewardship
and they also advised him on restructuring options. Although the partners
who advised Whyte are not the same as the partners who are acting as
administrators, it might be reasonable to assume at least some level of
knowledge. With that knowledge, you might have expected them to be more prepared
or have some kind of contingency plan. However, as I said before, it's hard
to be critical when you don't have the full picture<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:40<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Seymour, please see my post of 1.37pm. It's not the most
important aspect from HMRCs perspective.<br />
<br />
We have recently acheived 2 CVAs in the last few months whereby HMRC forced
the proposal up from circa 35p in the £, upto an astonishing 70p in the £.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:41<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From John Hibs</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Given the myriad issues, what probability would you currently place
on Rangers avoiding liquidation?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:44<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hello John. It's important to us to make a clear distinction between
liquidation of the company and the survival of the club. For the avoidance
of doubt, we think the club's survival is assured. As for the company,
right at this moment that looks much more doubtful. And it may be that the
best way forward for the supporters and players is to move forward. It
would certainly be a very complex CVA<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:44<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Colin</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Do you think it likely that Duff and Phelps have offers to buy
individual assets at this time, and is there an obligation to disclose the
existence of an offer , without disclosing the quantum<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:45<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi everyone, the reponse has been fantastic and we have learnt loads
from you all. I do hope that we have brought some clarity and experience to
some of the buring issues. We will keep typing away, but there remains tons
of unanswered questions. We will summarise some questions, and post further
information on our website. We'd also really like your thoughts on where
this has been useful for you all. Many thanks, Maureen & Allan. Anyway,
back to the question........<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:47<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Colin. There is nothing in the public domain to suggest that this
is the case. In more general terms, an administrator would be entitled to
withhold this type of information - especially in relation to quantum, if
he felt that disclosing it was not in the commercial interests<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:47<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Tommy</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Do you think the actions to date of Duff & Phelps are normal? Is
the process taking too long?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:48<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Turnberry18</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">That being the case, can we infer from that that Lord Hodge's
'opinion' may form some legal basis for future reference?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:48<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">You can indeed Turnberry18<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:48<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Vidmar</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hello. Is it possible the Big Tax Case result could be kept
confidential, with any penalty incurred being pre-agreed at a pence in the
pound level, payable over a set period of time?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:50<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Vidmar - I don't think the case result could be kept
confidential. The findings of the FTT will help inform how similar cases
(and there are many) will be handled in future. Settlement terms could be
though<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:50<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Charlie</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">In your opinion has Craig Whyte done anything illegal in this wole
process?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:52<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Tommy.<br />
<br />
I don't think the present circumstances can be termed as normal. If fact,
this must be the most dramatic Insolvency we have seen ever!<br />
<br />
On a personal level, they are operating in difficult circumstances, and
their actions are under the most incredible limelight.<br />
<br />
It appears to be a reputationally "high risks" decision they have
taken to get involved, and they will only really be judged once the outcome
is know.<br />
<br />
The level of scutiny they are under comes with the territory.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:53<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Ian</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Say a CVA is achieved, 3 weeks later we find out the big tax case
has gone against us, what are the down falls ie back into admin liquidation
etc<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:53<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">The administrators will carry out an investigation into the conduct
of Craig Whyte and others who have been directors in the 3 years prior to administration.
They will have access to company records which will help them reach a
conclusion. They will submit a report to the Insolvency Service who will
decide whether action should be taken against them.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:54<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Guest</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Can any shareholder(s) take action to remove Craig Whyte's shares
from him<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:55<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Ian, Rangers would be back to square one. It would be a failed
CVA, and back into Admin or possibly straight to liquidation.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:55<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From James</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">In liquidation. Who determines the asset value? Does the asset get
valued by the administrator. Example; Ibrox Stadium. Lets who values and
whats to stop saying the fans attempting to purchase or outbid a
prospective other?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:56<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi James, the Administrators will already have had all the assets
valued by independent valuators.<br />
<br />
But those are just valuations. The market decides - only worth what someone
is willing to pay...........................<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:57<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Batz</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi - can you confirm the situation wrt Whyte's shares - can the
admins/courts of session compel him to sell or take the shares from him?
Thanks.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:57<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Good question from this Guest. There are lots of protections
available to minority shareholders but I know of nothing to force a
majority shareholder to sell. In private companies, there are often
Shareholder agreements which regulate conduct among shareholders. These
would contain provisions allowing for expulsion etc for, for example, bringing
the company into disrepute or for lacking capacity to act etc. However RFC
is a public company and unless there is some provision in its articles of
association, it's hard to see how he could be forced to sell.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:58<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Joeraith</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">If RFC have assets of £100m,and debts of £134,why dont the
administators just sell the assets to pay the creditors ?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:58<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Batz,<br />
<br />
See response at 1.57pm.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">1:58<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Richard</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">The Issue with season tickets is even more complicated as many pay
using Credit Cards and if not fulfilled the CC compnay is liable and would
be requesting a Bond/Credit insurance against Rangers (i believe this was
investigated by one CC compnay a number of months ago) and the CC compnay
would be liable for the whole purchase price even if 10 games had already
been played using the new season ticket....disaster for Credit card co<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">2:00<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Richard, that is a great question. It is complex and I will post a
response on our website, or as a q&a on our next blog.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">2:01<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Glen</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Has the idea of an "incubator company" been used before in
the UK?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">2:01<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Glen,<br />
<br />
It has, but our terminology would be a Hive Down. Get googling!<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">2:03<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Joeraith - Administrators have to act in the best interests of
creditors generally. D&P have a resolution in their report (Resolution
17.1.9) which says that if they reach the point where is looks like no
better realisations will be achieved in administration than would be
achieved in a winding up, then they will take steps to move to liquidation.
But it is highly unlikely that the book value of the assets would be
achieved in a break up sale for all the reasons I gave earlier. And the
claims would be much higher. the administrators will no doubt be keeping
the situation under review.<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">2:05<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Tempo Rary</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Is it possible to transfer assets and operate a newco without a CVA
having been agreed by liquidated company?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">2:06<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">To keep up with all the latest news on the current situation at
Rangers and any further developments please follow us on Twitter
@mlmsolutionsuk and on Facebook</span><a href="https://www.facebook.com/mlmsolutionsuk" target="_blank"><span style="border: none windowtext 1.0pt; color: #e85d00; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-border-alt: none windowtext 0cm; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; padding: 0cm;">https://www.facebook.com/mlmsolutionsuk</span></a><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">2:06<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Tempo Rary - short answer is yes. Sale of the business and assets of
a company in administration is a fairly normal process and does not need a
CVA to be in place<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">2:07<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Comment From Craig</span></b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <o:p></o:p></span></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Maureen, where does Craig Whyte sit within all of this? What are
his legal powers, if any?<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">2:09<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi Craig - as we've said above, I don't know of any easy or obvious
way to force a majority shareholder in a public company to sell his shares.
Some kind of negotiated settlement might be possible. There is also the
issue of the assigment of the old HBOS charges<o:p></o:p></span></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">2:09<o:p></o:p></span></b></div>
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<b><span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">mlmsolutions: <o:p></o:p></span></b></div>
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<span style="color: #363b35; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Hi everyone, the response has been incredible and we have been
typing furiously for the last two hours.<br />
<br />
The session is now at an end.<br />
<br />
There are many unposted and unanswered questions, but we will come back to
all of them.<br />
<br />
We really appreciate all your input.<br />
<br />
Look out for the next one, and we would really appreciate any feedback you
have.<br />
<br />
Best wishes,<br />
<br />
Maureen & Allan<o:p></o:p></span></div>
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</tbody></table>MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com1tag:blogger.com,1999:blog-5879001320826626822.post-68622799467137945662012-04-30T08:10:00.002-07:002012-04-30T08:37:24.222-07:00Is exit from Administration in sight for Rangers FC?<br />
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<a href="http://i.telegraph.co.uk/multimedia/archive/02204/ibrox_2204829b.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="250" src="http://i.telegraph.co.uk/multimedia/archive/02204/ibrox_2204829b.jpg" width="400" /></a></div>
<br />
As Rangers enter the 11th week of administration, we offer some thoughts on how the process has been conducted to date. <br />
<br />
The overriding duty of an administrator is to exercise responsible care for the company whose property has been entrusted to him. To do this, he has some wide ranging powers which include the power to carry on the business of a company, to establish a subsidiary of the company and to transfer to any subsidiaries ‘the whole or any part of the business and property of the company’ (Schedule 1, Insolvency Act 1986). We’ll return to that a little later in this blog.<br />
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This overriding duty does not mean that the administrator has to save the company at any cost. <br />
<br />
<b>There are 3 objectives of administration:</b><br />
<br />
1.<span class="Apple-tab-span" style="white-space: pre;"> </span>Rescuing the company as a going concern<br />
2.<span class="Apple-tab-span" style="white-space: pre;"> </span>Achieving a better result for the creditors as a whole than would be likely if the company were wound up (without first being in administration)<br />
3.<span class="Apple-tab-span" style="white-space: pre;"> </span>Realising property in order to make a distribution to one or more secured or preferential creditors.<br />
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These purposes are hierarchical, so you can only move to purpose 2 if it becomes clear that saving the company is not practicable. The report published by Duff and Phelps on 5 April specifically refers to these purposes in Section 6.<br />
<br />
Although saving the company is the first purpose of administration, this cannot be pursued at any cost. Administrators have a statutory duty to perform their function in the interests of creditors as a whole. (1)<br />
<br />
Administrators are further limited in how they may exercise their powers by the proposals approved by creditors at the meeting called to consider them. <br />
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In the case of Rangers, the administrators published their proposals on 5 April. They indicated that the meeting of creditors would be conducted by correspondence and they invited creditors to vote on 5 resolutions before 20 April.<br />
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<b>These resolutions, simply stated, were as follows:</b><br />
<br />
1.<span class="Apple-tab-span" style="white-space: pre;"> </span>That Duff and Phelps continue the administration process until that process comes to an end and that they exercise the powers of an administrator as they see fit in order to achieve the purpose of the administration<br />
2.<span class="Apple-tab-span" style="white-space: pre;"> </span>That they be allowed to propose a <a href="http://www.mlmsolutions.co.uk/index.php/topnav_company-voluntary-arrangement" target="_blank">Company Voluntary Arrangement </a><br />
3.<span class="Apple-tab-span" style="white-space: pre;"> </span>That they be empowered to take steps to put the company into liquidation “when it is anticipated that no better realisations will be made in the Administration than would be available in a winding up”<br />
4.<span class="Apple-tab-span" style="white-space: pre;"> </span>That their fees should be determined with reference to the time spent on the case<br />
5.<span class="Apple-tab-span" style="white-space: pre;"> </span>That the proposals should be approved without modification<br />
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<br />
<b>What does all this mean for Rangers?</b><br />
<br />
There are 2 offers on the table for Rangers FC this morning. The Blue Knights’ bid appears to require a transfer of shares from Craig Whyte and exit via a CVA. Bill Miller’s bid seems to propose a newco route. Can one of these bids now be ‘preferred’ and the process of due diligence commence?<br />
<br />
The Blue Knights bid clearly envisages the survival of The Rangers Football Club plc. If successful, the first purpose of administration would be achieved, that is, the survival of the company as a going concern. However, the stumbling blocks for the Blue Knights’ bid remain the problem of Craig Whyte’s shareholding and the probability of a CVA being accepted. As we understand it, the Blue Knights’ bid proposes that Rangers’ bondholders will forego their claims in the CVA, presumably in the expectation that the Knights will honour the club’s obligations to them.<br />
<br />
This creates a problem for HMRC whose guidelines suggest they will reject an arrangement which excludes creditors “who are entitled to receive the same treatment as all others within their class.” If you are interested, you can read the guidelines in full by following the link at (2) below.<br />
<br />
The other outstanding issue for a CVA is the quantification of the liability to HMRC – that is, the outcome of the tax case.<br />
<br />
Bill Miller’s bid of £11.5m seems to offer more to creditors than the Knights’ bid. As we’ve seen, the administrators have a statutory duty to take that into account. Although he himself described the detail in a rather colourful way, it seems to involve the creation of some kind of subsidiary of Rangers FC plc, followed by a transfer of the business and assets to that subsidiary and a remerger with Rangers FC at some point in the future once a CVA has been agreed and completed. However, failure to agree a CVA would not seem to be a significant impediment to his bid, although it would mean a move from purpose 1 to purpose 2 of the administration.<br />
<br />
As we’ve seen, administrators have the power to create subsidiary companies and to transfer the whole or any part of the business and assets of the company in administration to that newly created subsidiary. The stumbling block may be the ban on transfers imposed by the SFA last week, although today’s decision by the SPL to delay discussion of new Financial Fair Play rules must surely be helpful. The SPL has confirmed that any application by a newco would be heard under existing provisions. <br />
<br />
Perhaps it’s time for Rangers’ administrators to take some decisive action to break free of the present impasse and to provide some certainty for fans, players and employees of Rangers FC alike? We’ll be online tomorrow lunchtime and will be happy to try to answer your questions about the operation of the insolvency process and how these might be used to facilitate either of the bids.<br />
<br />
Join us <a href="http://mlm-solutions.blogspot.co.uk/p/live-event-page.html" target="_blank">here</a> for our live Q&A session tomorrow from 12pm until 2pm<br />
<br />
(1)<span class="Apple-tab-span" style="white-space: pre;"> </span>Para 3 (2) Schedule B1 Insolvency Act 1986<br />
(2)<span class="Apple-tab-span" style="white-space: pre;"> </span> <a href="http://www.hmrc.gov.uk/helpsheets/vas-factsheet.pdf">http://www.hmrc.gov.uk/helpsheets/vas-factsheet.pdf</a><br />
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<br /></div>MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com0tag:blogger.com,1999:blog-5879001320826626822.post-47263011202870949062012-04-20T05:57:00.001-07:002012-05-09T08:32:08.164-07:00Rangers FC - where next?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDBI10TOqQiDgFlQLpE3lat5a7MTUTBW0r72kjkfIGiQbM_1rzfxU2Kb0sBnFczGKFOorsUzMyFTtM3NNLlm9GAIfEDGgTbrrP8OOBQFZXNVwXTGX_UvaojNFObzi-KqMNGo9vBKNoYgw5/s1600/3544323196.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="282" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDBI10TOqQiDgFlQLpE3lat5a7MTUTBW0r72kjkfIGiQbM_1rzfxU2Kb0sBnFczGKFOorsUzMyFTtM3NNLlm9GAIfEDGgTbrrP8OOBQFZXNVwXTGX_UvaojNFObzi-KqMNGo9vBKNoYgw5/s400/3544323196.jpg" width="400" /></a></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">In
a day of dramatic developments, Rangers FC seem to be left with a single
bidder, the American Bill Miller. At 5am
this morning, the Press Association wires reported an ‘impasse’ at Ibrox. Duff and Phelps said they needed an
‘unconditional offer’ before they could award preferred bidder status. Apparently, Brian Kennedy’s offer had been
rejected. In the last few minutes, Bill
Ng has withdrawn his bid saying that the bidding process has become
‘untenable’. He has said he has ‘serious
concerns’ about the deliverability of the shares on offer.</span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;"><b>So
where does that leave Rangers and the much discussed CVA? </b><o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif;"><span style="font-size: 11pt;">Remember,
as recently as 4 April when the administrators published their proposals, they
stated that they still believed that a sale “would result in an exit from the
administration via a <a href="http://www.mlmsolutions.co.uk/index.php/topnav_company-voluntary-arrangement">Company Voluntary Arrangement</a> </span><span style="font-size: 11pt;">or Scheme of Arrangement”. This would allow the company – the legal
entity which is Rangers Football Club, to survive. <o:p></o:p></span></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">However,
to do this, a purchaser would have to acquire substantially the whole of the
shareholding in the club, which brings us back to Craig Whyte. Nothing has been said in public which
suggests that he has agreed any deal to sell his shares. So how could a bidder make an ‘unconditional
offer’ to purchase the club when they don’t know if the shareholder will sell?<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">It
seems that Mr Ng agrees. Duff and Phelps
cannot deliver Rangers Football Club plc to anyone without Craig Whyte’s
agreement. <o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">However,
the question of the shareholding is not the only barrier to an ‘unconditional
offer’. An unconditional offer for the
company would involve some degree of certainty regarding how the company’s debt
will be handled. That is, some degree of
certainty around the terms upon which a CVA might be agreed. However, the level of debt is not yet
quantified. We don’t know how much HMRC
is owed. And we don’t know the value of
Craig Whyte’s security. In the same
report from the administrators earlier this month, they advise that they are
seeking to clarify how much, if anything is owed to RFC Group. Again, this is a fairly fundamental point if
you’re looking for ‘unconditional offers’.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">And
then there’s Ticketus. Earlier this
week, their involvement with the Blue Knights group apparently came to an
end. Last Friday, it looked like Paul
Murray’s group would emerge as preferred bidders and enter a period of
exclusivity. Duff and Phelps reportedly
demanded £500,000 in the form of a non-refundable deposit to proceed with the
bid. Ticketus, we are told, would not
put up the money.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">Asking
for an up front, non-returnable deposit would be an entirely normal way to
proceed. Payment demonstrates good faith
and gives the seller comfort in relation to the purchaser’s ability to fund the
deal. The sum Duff and Phelps asked for
was not unreasonable or unusual in the context of a transaction of this
size. So why did Ticketus back off? Hard to say.
But they face a loss of somewhere around £15m, depending on the precise
terms of the deal with the Blue Knights.
Is it perhaps understandable that they did not want to throw another
half a million into the pot?
Probably. <o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">Or
did Ticketus simply defect to the Singaporean, Mr Ng because he put a better
deal on the table? It looks like it but
Bill Ng has now expressed his frustration with Ticketus who appear to be
applying increasing pressure to improve the outcome for themselves. <o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">If
we think back to a couple of weeks ago, the administrators went to court to ask
for guidance on the circumstances which might justify them breaching the
Ticketus contract. The Judge’s view was
that the law says an administrator has to act in the best interests of the
company’s creditors <i>as a whole</i>. He added that there would be circumstances
where an administrator would have to breach a contract (or decline to perform
it) if performing the contract would conflict with that overriding duty to act
in the best interests of the creditors as a whole. <o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">If
Ticketus are holding prospective purchasers over a barrel, Duff and Phelps
might have to move closer to walking away from this contract. Which means Ticketus would have to claim in a
CVA, increasing the level of creditors by over £25m and diluting the
return. And perhaps open up the prospect
of further litigation.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">Which
brings us to the final development this week which was the intimation of legal
proceedings against Collyer Bristow, the solicitors who acted for Craig Whyte
in the acquisition of Rangers, by the administrators. <o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">One
of the questions which has to be asked when considering a <a href="http://www.mlmsolutions.co.uk/index.php/topnav_company-voluntary-arrangement">CVA</a> is whether the
company is engaged in litigation or has litigation pending. <o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">Although
administrators do not enter litigation unless they are confident of their
position, the outcome can never be certain.
What IS certain is that it will take a long time and will cost a lot of
money. And that’s another barrier to an
‘unconditional offer’. Who will pick up
the costs of the case if Duff and Phelps lose?
Why should a purchaser, who is only interested in the future of the
club, pick up liability for fighting old battles?<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">The
odds against the administrators being able to deliver a CVA are stacking
up. Are Duff and Phelps moving to the
second purpose of administration which is the sale of the business and
assets? Developments over the next few
days may prove crucial.<o:p></o:p></span><br />
<span style="font-family: Arial, sans-serif; font-size: 11pt;"><br /></span><br />
<span style="font-family: Arial, sans-serif; font-size: 11pt;">Connect with MLM Solutions on our <a href="https://www.facebook.com/mlmsolutionsuk">Facebook Page</a> and <a href="https://twitter.com/#!/mlmsolutionsuk">Twitter</a> accounts for all the latest news.</span></div>
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<br />MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com0tag:blogger.com,1999:blog-5879001320826626822.post-47764829622688608902012-04-19T08:33:00.000-07:002012-04-19T08:34:56.004-07:00Is a Trust Deed or Bankruptcy really the End of the Road??<br />
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<span style="text-align: justify;"><span style="font-family: Arial, sans-serif; line-height: 18px;">In the current economic climate, with more and more household budgets being stretched to breaking point, would the signing of a Trust Deed, or making an application for bankruptcy, really be the end of the road?</span></span></div>
<br />
<span style="font-family: Arial, sans-serif; line-height: 18px;">We, at MLM Solutions, feel that this is not the case and that for many individuals, or small businesses alike, it is actually an opportunity to free yourself from the burden of unmanageable debts.<o:p></o:p></span><br />
<br />
<span style="font-family: Arial, sans-serif; line-height: 18px;">Whilst these debts may have been taken on when you were able to afford the repayments, changes to your recent financial situation may be putting a strain on affordability.<o:p></o:p></span><br />
<br />
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<span style="font-family: Arial, sans-serif; line-height: 18px;">So, instead of taking out additional debt, either by way of payday loans or other potentially expensive credit agreements, there are other options available to you which, whilst they may seem to be the end of the road, are in fact far from it and may allow you to sleep more easily at night, safe in the knowledge that your earnings are working in your favour.<o:p></o:p></span></div>
<br />
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<span style="font-family: Arial, sans-serif;"><span style="line-height: 18px;">A Trust Deed, or bankruptcy, could be the vehicle which allows you to get your life back on track and draw a line under your financial problems. Our friendly team of</span><span style="line-height: 18px;"> </span><span style="line-height: 18px;">debt </span><span style="line-height: 18px;">advisor's</span><span style="line-height: 18px;"> will look at your case in a professional and considerate manner and the amount you pay each month, </span><em style="line-height: 18px;">usually for a 36 month term</em><span style="line-height: 18px;">, will be based upon what you can afford, once all of your day-to-day household expenses have been met (ie. Mortgage/Rent, Gas/Electricity, Council Tax, etc).<o:p></o:p></span></span></div>
<br />
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<span style="font-family: Arial, sans-serif; line-height: 18px;">If you would like the opportunity to break free from your current financial predicament then call MLM Solutions today on 0800 138 0707 or e-mail us at </span><a href="mailto:debt@mlmsolutions.co.uk"><span style="font-family: Arial, sans-serif; line-height: 18px;"><span style="color: blue;">debt@mlmsolutions.co.uk</span></span></a><span style="font-family: Arial, sans-serif; line-height: 18px;"> and we will contact you to arrange an <em>initial free consultation.<o:p></o:p></em></span></div>
<br />
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<span style="font-family: Arial, sans-serif; line-height: 18px;">For further information on all of our debt solutions services, including Trust Deeds and bankruptcies go to </span><a href="http://www.mlmsolutions.co.uk/"><span style="font-family: Arial, sans-serif; line-height: 18px;"><span style="color: blue;">www.mlmsolutions.co.uk</span></span></a></div>MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com0tag:blogger.com,1999:blog-5879001320826626822.post-75704583388744017832012-04-04T04:06:00.001-07:002012-04-05T01:25:06.014-07:00Rangers FC - The issues facing the administrators as the closing date for bids looms<div class="separator" style="clear: both; text-align: center;">
<a href="http://i.telegraph.co.uk/multimedia/archive/02184/rangers2_2184716b.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="250" src="http://i.telegraph.co.uk/multimedia/archive/02184/rangers2_2184716b.jpg" width="400" /></a></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Arial, Helvetica, sans-serif;">Today is the closing date for offers for Rangers FC plc. Duff and Phelps say they expect to have 4 or possibly 5 bids which they will consider before announcing their preferred candidate and entering a more intensive period of negotiation. So how will they choose between the bidders?</span></div>
<div>
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Arial, Helvetica, sans-serif;">They have said their preferred exit route from administration would be via a CVA but they must ensure that a <a href="http://www.mlmsolutions.co.uk/index.php/topnav_company-voluntary-arrangement">company voluntary arrangement</a> will deliver a better outcome for creditors than they might expect if the company were to go into liquidation.</span></div>
<div>
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Arial, Helvetica, sans-serif;">So how can they assess this?Press reports suggest that the bids on the table range from around £25m to around £8m.The largest bidder seems to favour a ‘newco’ scenario in which the business and assets of Rangers FC will be sold to a new company, the administration will come to an end and Rangers FC will go into liquidation.Other bidders prefer the survival of the original football club and an exit from administration via CVA.One of the bidders is reported to have secured a deal whereby one of the largest creditors, Ticketus, would be taken out of the picture and form part of the group which would acquire the majority shareholding in the club.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">On the face of it, that seems to be an attractive proposition but a very rough draft of the numbers gives an indication of the difficulties the administrators might face if they were to accept it. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">However, there are significant variables which could switch the outcome in this very complex case. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The calculation shown takes no account of potential liabilities following the outcome of the tax case. If the decision were to go against Rangers,that would not bode well for a CVA as the sums owed by the club would increase substantially, even taking into account the deal with Ticketus which would take them out of the picture. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Current estimates suggest that losing the tax case could increase the club’s liabilities by around £50m. Reports suggest that the level of bids which support an exit by <a href="http://www.mlmsolutions.co.uk/index.php/topnav_company-voluntary-arrangement">CVA</a> stand somewhere around the £8m level. Distributing almost £7m among creditors of £25m provides a decent outcome as the statement above shows.However, if the same amount has to be shared among £75m of creditors, they will get less than 10p in £.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">In a newco scenario, with £25m on the table and with Ticketus claiming £25m, creditors would still get around 29p in £. </span></div>
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And then there’s the issue of whether Rangers Group Limited will either sell its shareholding for a nominal sum or not. A liquidator need not concern himself with a shareholder but if Rangers FC is to survive in its current form, Craig Whyte needs to agree.</div>
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Finally, there’s the question of what value the securities held by the holding company actually has. If they have value, then they need to be dealt with before the interests of ordinary creditors (including Ticketus and HMRC) can be acknowledged.The securities confer a priority to Group over ordinary creditors.Technically, Group might insist they are worth £18m, which is the sum Group paid to the bank and in return for which Group received an assignation of the securities held by the bank.However, that could be challengeable. </div>
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Today the administrators have to weigh up the bids on the table and they have to give notice of their proposals by next Wednesday.Their proposals must deliver the best outcome for creditors generally.Given the huge uncertainties still surrounding the club, they have an unenviable task. And as we speak, Club 9 Sports seem to be putting themselves out of the running.The roller coaster for fans continues. </div>
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<b>(Please note</b> – the figures we have used are for illustrative purposes only.We have no inside knowledge on the state of Rangers’ finances and no indication of how much the club actually owes.We have only used the known liabilities to HMRC and to Ticketus to provide an example of how bids could be assessed.Equally, we have no knowledge of how the bids are framed nor of what they actually contain.We have used publically available information for the purpose of putting clarity around the decision making process.)</div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Maureen Leslie from MLM Solutions will be appearing on Newsnight Scotland this evening at 11pm to discuss all of today's events. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">"Like" our <a href="http://www.facebook.com/mlmsolutionsuk">Facebook Page</a> to keep up with all the latest news from the Rangers tax case.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com2tag:blogger.com,1999:blog-5879001320826626822.post-89643072883978562552012-03-29T06:54:00.001-07:002012-03-30T05:34:49.735-07:00Rangers Ticketus Deal Decision<br />
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<a href="http://images.mirror.co.uk/upl/dailyrecord3/mar2012/2/0/ibrox-gates-image-1-120438224.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://images.mirror.co.uk/upl/dailyrecord3/mar2012/2/0/ibrox-gates-image-1-120438224.jpg" /></a></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">In
a previous blog, we looked at the purposes for which Duff and Phelps have been
appointed to Rangers FC plc, namely, to rescue Rangers FC as a going concern,
failing which, to achieve a better result for Rangers’ creditors as a whole
than would be likely if it were wound up (i.e. liquidated) without first being
in <a href="http://www.mlmsolutions.co.uk/index.php/topnav_administration">administration</a>.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">The
Administrators face huge difficulties in rescuing Rangers as a going concern,
not the least of which is ‘the Big Tax case’.
But they also face another difficulty – the Ticketus agreements. Basically, that deal involved the sale of
season tickets by Rangers to Ticketus for 5 seasons starting in 2011 and ending
in 2015. Under the agreement, Ticketus
would receive around 60% of Rangers’ expected income in each of these seasons.</span><br />
<span style="font-family: Arial, sans-serif; font-size: 11pt;"><br /></span><br />
<b style="font-family: Arial, sans-serif; font-size: 11pt;"><i>Why
is this problem? </i></b><br />
<b style="font-family: Arial, sans-serif; font-size: 11pt;"><i><br /></i></b></div>
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<span style="font-family: Arial, sans-serif;"><span style="font-size: 11pt;">Fairly simply, it
presents difficulties on a number of levels. The Administrators want to sell the company as a going concern and exit
administration by proposing a compromise arrangement with its creditors
(Company </span><a href="http://www.mlmsolutions.co.uk/index.php/topnav_company-voluntary-arrangement"><span style="font-size: 15px;">Voluntary</span><span style="font-size: 11pt;"> </span><span style="font-size: 15px;">Arrangement</span></a><span style="font-size: 11pt;">). To do this, the administrators
need to be clear about the company’s assets and income, as well as its
liabilities. Leaving aside the
difficulty in determining what its liabilities actually </span></span><i style="font-family: Arial, sans-serif; font-size: 11pt;">are </i><span style="font-family: Arial, sans-serif;"><span style="font-size: 11pt;">– the elephant in the room being the ‘Big Tax case’ here – the
Administrators faced a further problem in that it seemed that a big chunk of
future income had been pledged to Ticketus. </span></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">The
Administrators’ preferred route to achieving their objective is to issue new
shares in Rangers and sell these along with Craig Whyte’s existing
holding. (Or more accurately, Rangers
Group Limited’s holding). The problem
for a purchaser is how to value these shares.
One of the most common ways to value a company (or its shares) is to
look not just at its assets but also its expected future income. If 60% of that belongs to a third party, this
makes the shares considerably less valuable.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">The
Administrators want to exit administration using a CVA. A CVA is a very flexible solution and can
take many forms. Often, it combines a
lump sum payment with an on-going contribution from a company’s future
income. If the Ticketus deal stands, the
lump sum payment is likely to be much less than it would be without
Ticketus. Therefore the sums available
to the Administrators to structure the CVA would also be less. This might make a CVA unattractive to
Rangers’ creditors. If the deal stands,
there could be no contribution going forward either because the club would only
be receiving around 40% of the income it was actually generating.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">Initially,
Duff and Phelps invited prospective purchasers to frame offers on the
assumption that “no future income need be committed to Ticketus”. It would seem that Ticketus took issue with
that assumption and the Administrators issued an amended memorandum which
envisaged the possibility that the Ticketus deal stood. <o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">So,
the Administrators went to court to ask for guidance. Initially, they asked the court to say
whether they could be prevented from breaching the contract with Ticketus. This is only a little short of asking the
court to provide up front approval for walking away from the deal.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">Not
surprisingly, Ticketus argued that this approach was far too wide so the
question to the court was reframed. </span><br />
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<span style="font-family: Arial, sans-serif; font-size: 11pt;"><i><b>The
questions the Administrators then put to the court were as follows:</b></i></span><br />
<span style="font-family: Arial, sans-serif; font-size: 11pt;"><i><b><br /></b></i></span><br />
<span style="font-family: Arial, sans-serif; font-size: 11pt; font-weight: normal; text-indent: -18pt;"><i>- What
is the legal nature of the rights given to Ticketus in the agreements both in
respect of the Stadium and of future income?</i></span><br />
<i style="font-family: Arial, sans-serif; font-size: 11pt; text-indent: -18pt;"><br /></i><br />
<i style="font-family: Arial, sans-serif; font-size: 11pt; text-indent: -18pt;">- What
legal test should be applied by the Administrators in determining whether they
can be prevented from breaching the agreements?</i><br />
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">Both
questions are extremely technical and both parties engaged some of the finest
brains in Scotland to debate them in court. </span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">The
first question relates to the nature of the rights conferred on Ticketus in the
agreement. Basically, the Ticketus
agreements purported to create a Trust over future income from season ticket
sales and a Trust gives the creditor secure rights which the Administrators
could not overturn. <o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">However,
the agreements were drawn up under English Law which is different from Scots
Law in this area. Basically, the Judge
concluded that Scots Law should prevail and Scots Law would not agree that a
Trust had been created because you can’t create a Trust in Scotland over
something which is not yet in existence, namely future income.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">This
means the Ticketus deal is just a normal contract and Ticketus has no greater
rights than any other creditor.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">This
brings us to the next question then. </span><br />
<i style="font-family: Arial, sans-serif; font-size: 11pt;"><br /></i><br />
<i style="font-family: Arial, sans-serif; font-size: 11pt;"><b>When can an administrator breach a contract?</b></i><br />
<i style="font-family: Arial, sans-serif; font-size: 11pt;"><b><br /></b></i><br />
<span style="font-family: Arial, sans-serif; font-size: 11pt;">The
Judge’s view was that the law says an administrator has to act in the best
interests of the company’s creditors </span><i style="font-family: Arial, sans-serif; font-size: 11pt;">as a
whole</i><span style="font-family: Arial, sans-serif; font-size: 11pt;">. He added that there would be
circumstances where an administrator would have to breach a contract (or
decline to perform it) if performing the contract would conflict with that overriding
duty to act in the best interests of the creditors as a whole. </span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">Confused? Well basically the Judge has said it would be
ok to walk away from the Ticketus deal if doing so would result in a better
deal to ALL the company’s creditors, including Ticketus. <o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">How
would that work? If the Administrators
do not honour the Ticketus contract, Ticketus will become a creditor like any
other in the case, including HMRC. They
would make a claim in any CVA and expect to receive a partial pay-out like the
other creditors. <o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">Ticketus
would be entitled to claim not just what they had lent to Rangers – close on
£25,500,000 – but they would be entitled to claim damages as well. So including Ticketus with the ordinary
creditors would have a significant impact on how much creditors could all
expect to get in a CVA.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">To
make things even more confusing though, Ticketus are part of a consortium which
has noted an interest in acquiring Rangers.
Presumably on the basis that they are entitled to future revenue
anyway? So the administrators have to
weigh up the competing bids and work out what delivers the best outcome to
Rangers’ creditors as a whole. And they
still don’t know the outcome of the Big Tax case! <o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif; font-size: 11pt;">And
in the latest turn, Craig Whyte seems to be refusing to sell his shares to Paul
Murray’s consortium, which includes Ticketus.
This case looks like it could run and run and there is every chance the
administrators could find themselves back in court in future. All very interesting for insolvency
practitioners but very confusing indeed for fans<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif;"><span style="font-size: 15px;"><br /></span></span></div>MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com0tag:blogger.com,1999:blog-5879001320826626822.post-22719319101641568692012-03-20T10:16:00.000-07:002012-03-20T10:16:45.118-07:00Maureen Leslie BBC Newsnight Scotland Interview<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkF86F2Xg5JX-361VQbEfyEf9TmVwdpAX113_4Dd9zjtQ8bFcucxT-XEeeVM2VBt5iX7oPOKJNgf2897lK-NxTjTLBGoTNbOKQHntSU6cmV6Xxy-Y55LoInL0LjrUm1P1hi0jexPtipYlE/s1600/Maureen+Leslie.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="323" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkF86F2Xg5JX-361VQbEfyEf9TmVwdpAX113_4Dd9zjtQ8bFcucxT-XEeeVM2VBt5iX7oPOKJNgf2897lK-NxTjTLBGoTNbOKQHntSU6cmV6Xxy-Y55LoInL0LjrUm1P1hi0jexPtipYlE/s640/Maureen+Leslie.PNG" width="640" /></a></div>
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Maureen Leslie from MLM Solution joins BBC Newsnight Scotland to discuss the current situation at Rangers FC and give her opinion on what's going to happen next with the club. To view the video please follow this link <a href="http://t.co/6HafQfa9" rel="nofollow" style="-webkit-user-select: text !important; background-color: #ededed; color: #376299; cursor: pointer; font-family: Arial, Helvetica, sans-serif; font-size: 12px; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;" target="_blank">ow.ly/9L8ga</a></div>MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com0tag:blogger.com,1999:blog-5879001320826626822.post-48200100845397515212012-03-16T04:29:00.000-07:002012-03-16T04:29:46.697-07:00Administration Or Not? The Latest From Rangers FC<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmGSI2vjjhLKtxPioBSMmcQT2lxR2ine-Ab8YpHlCCdH4L7jijB-eeW6nh1IT98zVx1srk1jJ5coJvOct-XyteagrWTW8Bk5U0JqzVoCVGDJoaaNo-XU2MEtxnskOC6Di076pUoT94RtdN/s1600/Capture.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmGSI2vjjhLKtxPioBSMmcQT2lxR2ine-Ab8YpHlCCdH4L7jijB-eeW6nh1IT98zVx1srk1jJ5coJvOct-XyteagrWTW8Bk5U0JqzVoCVGDJoaaNo-XU2MEtxnskOC6Di076pUoT94RtdN/s640/Capture.PNG" width="640" /></a></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">So, is Rangers Football Club in
administration or not? On 9 March, the
then administrators returned to the Court of Session seeking an administration
order against the company. But the
company had already entered administration on 14 February. Or had it?<o:p></o:p></span></div>
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">On 9 March, the court issued an order,
appointing Mr Clark and Mr Whitehouse of Duff and Phelps, ‘Joint interim
managers’ of the club.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">So what’s going on? Are Rangers in <a href="http://www.mlmsolutions.co.uk/index.php/topnav_administration">administration</a> or not? You will look in vain on either the club’s
website or the interim managers’ website for the answer. There’s a black hole where information should
be.<o:p></o:p></span></div>
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">The interim manager is a strange and unusual
beast. The Court usually makes such an
appointment when it has been presented with a petition asking for an
administration order but in circumstances when it does not have enough information
to allow it to make a decision. However,
the court recognises that if such a petition has been presented, it may be
prudent to appoint a person to take control of the company and manage its
affairs until such time as the court hears all relevant evidence which will
allow it to decide whether an administrator should be appointed. And people appointed under these
circumstances are known as ‘Interim Managers’.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">And that’s what Messrs Clark and Whitehouse
now are. However, normally an insolvency
practitioner would move from being appointed Interim Manager to being appointed
as Administrator. But Messrs Clark and
Whitehouse appear to have gone backwards!<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">So, in layman’s terms, what on earth does
this mean for Rangers Football Club?
It’s difficult to say.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">It seems that Rangers Football Club was
previously registered with the Financial Services Authority, most likely in
connection with the Rangers Credit Card.
If a company is registered with the FSA, it must notify them before it
appoints administrators and have the FSA’s agreement to the appointment. This formality appears to have been
overlooked. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">The return to Court of Session by the
erstwhile administrators is likely to be an effort to obtain retrospective
ratification of their appointment.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">But where does that leave them meantime? In a statement to the press, they say that “<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial;">It is envisaged that this hearing is a
formality and that the process will not impact in any way the progress of the
insolvency”.</span></span><span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; font-family: Arial, sans-serif; font-size: 10pt;"> .</span><span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; font-family: Arial, sans-serif; font-size: 11pt;">In the meantime, they remain interim managers.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; font-family: Arial, sans-serif; font-size: 11pt;">The terms of the
court order certainly gives them the same powers as administrators but </span><span style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">experts in insolvency
law take the view that the role of the interim manager is not without its
problems. In a text book co-authored by one of Scotland’s foremost insolvency
judges, he notes that ‘interim managers are likely to be within the definition
of shadow directors……and as such may be exposed to an action for wrongful
trading if they allow the company to trade for any significant length of time,
given that it is insolvent.’<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">Shadow directors are defined as people ‘in
accordance with whose directions or instructions the directors of the company
are accustomed to act’. So, although
they may have the same <b>powers</b> as
administrators, and that would include a power to sell the club, it could be
argued that they are considerably more <b>exposed</b>
than an administrator would be. There is
no doubt Rangers is an insolvent business.
If the interim managers are to sleep easily in their beds, we can only
hope that the salary cuts agreed by playing and non-playing staff are enough to
stem the losses of £1m per month.
Otherwise, a disgruntled creditor might just decide to argue that the
interim managers are acting as shadow directors and not as administrators and
to hold them liable for losses in the meantime should the club go into
liquidation. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">So, is the club in <a href="http://www.mlmsolutions.co.uk/index.php/topnav_administration">administration </a>or
not? Arguably not. Although an administration order was made, it
is not valid, or at least, the purported administrators have not been validly
appointed. Does that mean the actions
they have taken since February 14 can be challenged? Probably not, but most insolvency professionals
will be breathing a huge sigh of relief that they are not in the centre of this
complex web of confusion.<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial;"><o:p></o:p></span></span></div>MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com1tag:blogger.com,1999:blog-5879001320826626822.post-43355650061349794292012-03-08T03:47:00.000-08:002012-03-12T04:19:18.780-07:00What's Next For Rangers Football Club?<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://www.glasgowarchitecture.co.uk/images/jpgs/ibrox_stadium_a100211_4.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="300" src="http://www.glasgowarchitecture.co.uk/images/jpgs/ibrox_stadium_a100211_4.jpg" width="400" /></a></div>
<div class="MsoNormal">
<br />
<div class="MsoNormal">
<span style="font-family: Arial, sans-serif;">That’s
the question fans of Rangers Football Club should be asking this morning after
the club’s administrators failed to reach agreement with players about cost
savings they say are vital if the club is to complete its remaining fixtures
this season. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial, sans-serif;">There
are only 4 means to exit <a href="http://www.mlmsolutions.co.uk/index.php/topnav_administration">administration</a>:<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Arial, sans-serif;">1.<span style="font-family: 'Times New Roman';">
</span></span><span style="font-family: Arial, sans-serif;">By
returning the club back to its owners<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Arial, sans-serif;">2.<span style="font-family: 'Times New Roman';">
</span></span><span style="font-family: Arial, sans-serif;">By
agreeing a CVA with the company’s creditors<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Arial, sans-serif;">3.<span style="font-family: 'Times New Roman';">
</span></span><span style="font-family: Arial, sans-serif;">By
going into liquidation<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Arial, sans-serif;">4.<span style="font-family: 'Times New Roman';">
</span></span><span style="font-family: Arial, sans-serif;">By
dissolution of the company<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 18.0pt;">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial, sans-serif;">Option
1 can only happen if the club is returned to solvency. It is hard to see that happening any time
soon. Duff and Phelps say the club is
losing around £1m per month. Three weeks
after they were appointed, little appears to have been done to stem those
losses.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial, sans-serif;">CVA’s
depend on the survival of the company. If
creditors are going to agree to write off a portion of their debt (which is
what happens in a <a href="http://www.mlmsolutions.co.uk/index.php/topnav_company-voluntary-arrangement">CVA</a>), they need to be reassured that the company is financially
viable going forward. This means it has
to be profitable. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial, sans-serif;">Duff
and Phelps say they are now considering ‘accelerating’ the sale of the
club. But what do they have to
sell? Craig Whyte (or one of his
companies) is described as a ‘secured creditor’. What kind of security does he have? If he holds a standard security (a mortgage)
he cannot be forced to surrender it for less than he is owed. If it’s a floating charge, which is secured
more generally against the Rangers FC plc’s assets, the administrators have a
little more freedom to act but they cannot afford to ignore Mr Whyte.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial, sans-serif;">Unless
the Ticketus deal can be challenged or reversed – and there’s no sign that it
could be – any prospective purchaser is looking a significant depletion of
working capital for the next 4 years. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial, sans-serif;">And
then there’s the squad. An administrator
has 14 days to decide whether or not he will adopt contracts, including
contracts of employment. If he adopts
the contracts, he assumes personal liability for payment if the company finds
itself unable to do so. Given that
Rangers’ wage bill is somewhere around £22m per annum, we presume that the
administrators have issued letters of non-adoption to the playing staff at
least. If that’s the case, there are no
contracts and the players would be free to walk away. Duff and Phelps were seeking agreement to
some kind of short term variation of employment contracts, but this strategy is
now in disarray. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial, sans-serif;">Finally,
there’s still no clarity around the issue of the tax case.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial, sans-serif;">So,
what is it that the administrators will be selling? And what would a purchaser be buying in to?<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial, sans-serif;">Rangers’
fans should be asking some hard questions of the club’s administrators. For appointments of this magnitude and
importance, it would be normal for an Insolvency Practitioner to have done his
homework before he takes office. He
would have at least the rudiments of a roadmap to guide him through the initial
stages of his appointment. And some
idea of how to get out of the process. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<span style="font-family: Arial, sans-serif;">Following Craig Whyte’s take over last year, he was
advised by a partner in MCR (formerly Menzies Corporate Recovery). Duff and Phelps acquired MCR in in late
2011. Paul Clark, one of the Joint
Administrators, has said “</span><span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; font-family: Arial, sans-serif;">MCR
</span><span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; font-family: Arial, sans-serif;">was asked to provide
consultancy advice to Rangers post the takeover of the club last year……………...This
work included assessing cost and staff structure, revenue forecasts, liaising
with HMRC and options for the club should an insolvency arise. This included
concerns in relation to the first tier tax case.” So Duff and Phelps was no stranger to
Rangers. Given that they were advising
on ‘options’ in the event of insolvency, fans of the club are surely now
entitled to ask them to be more specific about how they intend to resolve the
club’s current plight</span><span style="font-family: Arial, sans-serif;"><span style="font-size: 15px;"><br /></span></span></div>MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com0tag:blogger.com,1999:blog-5879001320826626822.post-54401982102691708592012-02-24T03:40:00.001-08:002012-02-24T03:51:50.531-08:00Can A CVA Save Rangers<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgArbSrx74oPddDZCHYgNK3jf6Yy8VswuTDlQr02_9qmMNRP9uFYUnWrPAOf9j7SHl28tSzF2lkXM0jTC1cH6wGuOWuix5xWadahXXAp3b9EU3FNV9hWd8r0bORpgqZFkegOjj6gi1i3QiA/s1600/article-2100538-11B8B8AA000005DC-362_634x354.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="339" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgArbSrx74oPddDZCHYgNK3jf6Yy8VswuTDlQr02_9qmMNRP9uFYUnWrPAOf9j7SHl28tSzF2lkXM0jTC1cH6wGuOWuix5xWadahXXAp3b9EU3FNV9hWd8r0bORpgqZFkegOjj6gi1i3QiA/s640/article-2100538-11B8B8AA000005DC-362_634x354.jpg" width="640" /></a></div>
<br />
CVAs or <a href="http://www.mlmsolutions.co.uk/index.php/topnav_company-voluntary-arrangement">Company Voluntary Arrangements</a> are at the forefront of the sports news in Scotland but they are one of the least used restructuring tools in an Insolvency Practitioners toolbox. In Scotland, there are only around 5 every year.<br />
<br />
So, what is a CVA? Essentially, it’s a compromise arrangement between a company and its creditors. The company is saying “We’re sorry but we can’t afford to pay our creditors in full. However, we’d like to make you an offer to pay a percentage of our debt and for you to accept that in full and final settlement.” So, essentially, it is a deal between a company and its creditors.<br />
<br />
A <a href="http://www.mlmsolutions.co.uk/index.php/topnav_company-voluntary-arrangement">CVA</a> is contractual in nature but the contract has some peculiar features. It cannot vary the rights of secured or preferential creditors without their consent. Secured creditors are those who hold either a Standard Security over the company’s property or who hold a Bond and Floating charge over moveable assets – debts due to the company, for example. Intellectual property like Trademarks or Brands can also be secured. Preferential creditors are usually employees for unpaid wages or holiday pay.<br />
<br />
However, provided the requisite majority is obtained, it is binding on ALL creditors, even those who object to it.<br />
<br />
Finally, unlike any other UK insolvency process, the directors remain in control throughout the entire procedure. <br />
<br />
So, how would you go about putting a CVA in place?<br />
<br />
Having identified that an Arrangement is a suitable option for a client, the first thing you have to do is identify key stakeholders – usually the company’s bank and any other secured creditor. You’ll remember that the rights of secured creditors cannot be varied without their consent so it’s important to get them on board from the outset. So you’d also be talking to any HP and leasing creditors in respect of key items of kit.<br />
<br />
The directors need to consult an insolvency practitioner. Why? The IP acts as a ‘Nominee’ and it is the Nominee’s job to put forward the Directors’ proposal to the company’s creditors. You should note that it’s not the IP’s proposal but the directors’ proposal. The role of the IP at this stage is to review the proposal and to put it forward only if he/she considers that it is reasonably likely to be accepted by creditors and to be achievable. The Directors will be responsible for achieving key milestones to make the deal work– whether it be cost cutting, relocation, boosting sales or whatever – it’s down to the company’s directors to deliver.<br />
<br />
So what would a proposal for a CVA actually look like and what would it contain? By nature, since the company is asking its creditors to write off some of the money which they are rightfully due, there is a requirement to make full and frank disclosure of the company’s financial affairs. So as well as details of its assets and liabilities, creditors should expect to receive some information about the background to the company and its current difficulties , as well as financial projections – cash flows, forecast P&Ls etc - to allow them to assess whether the company is fundamentally sound or has a reasonable prospect of survival in the longer term. <br />
<br />
The proposal is then sent to ALL the company’s creditors, including HMRC, the Bank or any other secured creditor and any HP or Leasing companies. Because the CVA is contractual in nature, creditors are allowed to propose modifications which are voted on at the meeting which is called to approve it. In practice, the IP and the directors would identify the key stakeholders and ensure that they are happy with the proposal and prepared to vote in favour of it BEFORE the meeting.<br />
<br />
The CVA is approved if 75% by value of those voting at the meeting vote in favour of it. Votes can be cast in person or by proxy.<br />
<br />
In the case of Rangers Football club, it’s likely that HMRC will have a key role to play in deciding whether a CVA should be approved simply because they seem to be a significant creditor. So, besides a proposal which would see a significant payment being made to them, what might they and other creditors want to see in a proposal?<br />
<br />
MLM does not work with such large businesses but we do CVAs for smaller companies. So, what would we look for before putting forward a CVA proposal? We’d be looking for a sound underlying business with reasonably dynamic management ready and willing to do whatever is necessary to allow the business not just to survive but to thrive.<br />
<br />
We’d expect to see some or all of the following:<br />
<br />
Good strategy and good management<br />
<br />
• Management remain in control of the business so stakeholders need to have confidence in their ability to deliver<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span> Is there a business plan in place?<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span> Is it realistic?<br />
<br />
Good business<br />
<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span> Is there a profitable core business?<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span> Is the problem an isolated occurrence, a one-off event?<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span> Will key creditors back a rescue plan?<br />
<br />
Financial Control and Management Information<br />
<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span> Is there enough cash to meet immediate needs?<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span> Is there good Quality financial and/or management information?<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span>Are there realistic budgets and can management stick to them?<br />
<br />
Misc<br />
<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span> Any litigation pending?<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span> How much luck will we need?<br />
<br />
CVA is not an easy option. They usually involve some tough business decisions but if the will to survive is strong enough, they’re a great tool to shake off historic problems and face a more profitable and successful future.MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com0tag:blogger.com,1999:blog-5879001320826626822.post-39044966272159358192011-12-22T01:17:00.000-08:002011-12-22T01:17:43.125-08:00Merry Christmas<div style="text-align: center;">
We would live to wish all of our valued clients and partners a Merry Christmas and a Happy New Year.</div>
<br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxYZA-pB0d-n5uRcb8CPJ_E-BAYbJJ65F4w6FY8JrdAk8hUTo3bP9HK2m03uaG2tQEDrWom_5nHDAF-W3KWqop0PTQNUaOMj5SRh7Nge9GbfcklRwTaGnifDwFKRFU9flz5Ny97IDWl8CH/s1600/MLMXmas_pers.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="239" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxYZA-pB0d-n5uRcb8CPJ_E-BAYbJJ65F4w6FY8JrdAk8hUTo3bP9HK2m03uaG2tQEDrWom_5nHDAF-W3KWqop0PTQNUaOMj5SRh7Nge9GbfcklRwTaGnifDwFKRFU9flz5Ny97IDWl8CH/s320/MLMXmas_pers.jpg" width="320" /></a></div>
<br />MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com0tag:blogger.com,1999:blog-5879001320826626822.post-68318937084683621862011-11-11T02:21:00.001-08:002011-11-11T02:26:20.391-08:00Edinburgh Insolvency Discussion Group<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Antonia McIntyre, an MLM Director attended Wednesday evening's talk for the Edinburgh Insolvency Discussion Group, which was presented by Alasdair Baijal of BBM Solicitors, who discussed the impact of the Bribery Act 2010 on Insolvency Practitioners. Alisdair provides some useful hints and tips to help IP's avoid falling foul of the legislation! </span><span style="background-color: transparent; font-family: Arial, Helvetica, sans-serif;">Contact Alasdair at <a href="mailto:agb@bbmsolicitors.co.uk">agb@bbmsolicitors.co.uk</a> if you have any questions for him! He loves to be put on the spot!!</span><br />
<div>
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com2tag:blogger.com,1999:blog-5879001320826626822.post-78247880316542424252011-09-28T07:56:00.000-07:002011-11-11T02:24:18.345-08:00Personal insolvency within the Finance, Employment and Sustainable Growth portfolio<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><br />
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">Our
new, majority, SNP government has been in place for 5 months now. One of the more interesting allocations –
well, interesting to the insolvency community at least – is that while Mr
Fergus Ewing retained responsibility for the development of policy and law in
<a href="http://www.mlmsolutions.co.uk/">personal insolvency</a>, this is now being developed under the umbrella of Mr
Swinney’s Finance, Employment and Sustainable Growth Portfolio. Mr Ewing is responsible for Energy,
Enterprise and Tourism.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">Perhaps
strangely, in shifting responsibility from the Justice portfolio to Sustainable
Growth, the new SNP government paralleled the position in the Westminster
parliament, where responsibility for all aspects of insolvency lies with the
Department for Business, Enterprise and Skills. Perhaps this is a sign of a maturing Scottish Government, a government
not afraid to acknowledge where Westminster has actually got things right. But has it?<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">The
positioning of Bankruptcy within the Enterprise portfolio in England and Wales
is a bit of a hangover from Mr
Mandelson’s love affair with all things American in the insolvency arena. The reforms he put in place, actualised in
the provisions of the Enterprise Act 2003, were based on the premise that
entrepreneurism could only thrive if it were supported by a ‘friendly’ or
‘soft’ insolvency regime (amongst other things of course). However, our colleagues south of the border
recognised very quickly that personal insolvency has very little association
with entrepreneurism or even self employment.
It is all about consumerism.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">So,
would it not be more mature of the Scottish Government to recognise the error
of Westminster’s ways and move Personal Insolvency back into the Justice
portfolio and concentrate on developing a fully internally coherent regime for
Scotland’s consumer debtors? Or, if our
government genuinely believes that Personal Insolvency belongs in Mr Ewing’s
Enterprise portfolio, why not spend some time developing a workable insolvency
solution for all our hard working joiners, electricians, publicans and so on –
a Scottish version of the English Individual Voluntary Arrangement (IVA),
rather than waste time on further watering down the rights of creditors in the
existing regime?</span><span style="font-family: Arial, sans-serif; font-size: 11pt;"><o:p></o:p></span></div>MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com0tag:blogger.com,1999:blog-5879001320826626822.post-4027730602853462692011-09-08T08:55:00.000-07:002011-11-11T02:24:41.591-08:00Business Rescue and Recovery - Strategic Partnerships<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2Qq8B07mOIoGCQq6kK1Mk5l5adiyECTA29suqYhvfE9EH0X_VcRQi5a5PzPeEjLq7uNLE7iK3gNbLB_23YvbiTyay-kvjfsAXZG_Vxm1HK3NJxEEeL50hEUdj-MmRS47Uk2YXt7b88y1m/s1600/Strategic-Partnerships1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="267" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2Qq8B07mOIoGCQq6kK1Mk5l5adiyECTA29suqYhvfE9EH0X_VcRQi5a5PzPeEjLq7uNLE7iK3gNbLB_23YvbiTyay-kvjfsAXZG_Vxm1HK3NJxEEeL50hEUdj-MmRS47Uk2YXt7b88y1m/s400/Strategic-Partnerships1.jpg" width="400" /></a></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">One
of the frustrations of being an<a href="http://www.mlmsolutions.co.uk/"> insolvency practitioner</a> is that, although we
have a set of tools which allow us to help distressed businesses, people
approach us when the situation has become critical and our options are very
limited.</span></div>
<div class="MsoNormal">
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<span style="font-family: Arial, Helvetica, sans-serif;">Why
don’t people get in touch sooner? Well,
I suppose most of us would be upset if the undertaker turned up at the door
when we thought we simply had a bad cold.
At MLM, we want to get the message out that we really are here to
help. So we’re joining with some like
minded people, all of whom are committed to Scottish business, to make sure
we’re armed with more than just insolvency restructuring tools. We’ve got part time Financial Directors,
turnaround specialists, HR people who can help you manage a downsizing and
we’re meeting on the 28<sup>th</sup> of this month to plan how we can make
harassed company directors more aware of what we can do for them. Watch this space</span><span style="font-family: Arial, sans-serif; font-size: 11pt;"><o:p></o:p></span></div>MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com1tag:blogger.com,1999:blog-5879001320826626822.post-35932360737286435522011-08-11T06:24:00.000-07:002011-11-11T02:25:04.538-08:00Rebranding MLM<br />
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<span style="font-family: Arial, Helvetica, sans-serif;">MLM
is tired of the bad press that insolvency practitioners often get. We didn’t want to be seen as ‘corporate
undertakers’ or, even worse, vultures!
We really believe that the insolvency profession can add value both to
the economy at national level and to individual businesses facing difficulties
– and, let’s face it, there’s quite a lot of them about just now.</span><span style="font-family: Arial, sans-serif; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">So
we thought about how we could tell people that we are truly committed to
finding practical and workable solutions for owner managed businesses. We started by rebranding ourselves as <a href="http://www.mlmsolutions.co.uk/"><b>MLM</b> <b>Solutions</b></a>. And then we started putting together a
network of strategic partners who all know what it’s like to run a business. We didn’t want partners who had skills they
learned in books. We wanted people who
had actual experience of running businesses.
People like us who know what it’s like to manage cash flow and find new
work. People we like working with and
people we know have the same commitment to their customers as we do. So now we have partners who can provide
Financial Directors or interim financial managers to manage your through a
sticky spot. We can put you in touch
with someone who can help you re negotiate the terms of your commercial
lease. For development sites, we’re
working with a project manager who has worked on major infrastructure projects
in Qatar as well as commercial property developments in Scotland. We can even help find funding for a business
which may have some issues just now but which has real potential for
growth. We’re really excited about these
developments and would love to get your feedback.</span><span style="font-family: Arial, sans-serif; font-size: 11pt;"><o:p></o:p></span></div>MLM Solutionshttp://www.blogger.com/profile/17297410155982642222noreply@blogger.com2