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doogz
18,667 posts
56 months
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OlberJ said: Nothing unlucky about it. I'm not saying they haven't brought it upon themselves. But plenty other clubs have had CVA's accepted in the past, it's unfortunate for Rangers that they're the club HMRC have chosen to punish.
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OlberJ
11,938 posts
102 months
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Ha, aye that'll be it.
More you make your bed, you lie in it.
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JM
1,788 posts
75 months
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doogz said: Fair enough. I heard Green on the news this morning saying he can't understand why HMRC knocked back the CVA, Shame he didn't have the sense to check the HMRC website, where it says they don't normally accept CVA's. Although he also says they have been talking about a CVA for weeks, it is only a few days ago they said how much the CVA was worth. I'm sure if they had come up with a sensible amount based on the value of the assets then it's possible that HMRC could have considered the CVA.
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chrisj_abz
743 posts
54 months
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HMRC will reject any CVA where the company has a history of deliberate non payment of taxes. its in their rules so its not a new policy, if charley boy had googled it he could have found the info pretty quickly.
In regards to the football clubs who have been into admin before and come out of it, HMRC will have rejected the CVA but wouldnt have the required 25% of overall debt to block it. In Rangers case they have well over that 25% so they can block it.
Rangers are of course still in Admin, the CVA proposal hasnt been officially rejected until the creditors meeting on thursday and it will probably take a couple weeks to sort out the change to Liquidation.
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doogz
18,667 posts
56 months
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JM said: Shame he didn't have the sense to check the HMRC website, where it says they don't normally accept CVA's.
Although he also says they have been talking about a CVA for weeks, it is only a few days ago they said how much the CVA was worth.
I'm sure if they had come up with a sensible amount based on the value of the assets then it's possible that HMRC could have considered the CVA. They have accepted them from football teams in the past. Dundee a few years ago. Didn't Portsmouth get away with 2p in the pound recently?
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DocJock
2,779 posts
109 months
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As I understand it, the CVA offer was 9 pence in the pound. Will RFC assets cover 9% of their debts?
If not, surely HMRC blindly following their rules is not in the best interests of the creditors?
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chrisj_abz
743 posts
54 months
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JM
1,788 posts
75 months
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doogz said: They have accepted them from football teams in the past. Dundee a few years ago. Didn't Portsmouth get away with 2p in the pound recently? Were HMRC the largest creditor in those cases? If other creditors accept the CVA, and HMRC don't but aren't due over 25% of the debts then they have to take what they get. Not the same as this case.
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OlberJ
11,938 posts
102 months
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doogz said: Didn't Portsmouth get away with 2p in the pound recently? More reason why they won't accept one now.
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JM
1,788 posts
75 months
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DocJock said: As I understand it, the CVA offer was 9 pence in the pound. Will RFC assets cover 9% of their debts?
If not, surely HMRC blindly following their rules is not in the best interests of the creditors? Rangers claim they have assets of over £120 million. That should just about cover all their debts.
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doogz
18,667 posts
56 months
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chrisj_abz said: http://www.dundeefc.co.uk/news_detail.asp?newsid=1542
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doogz
18,667 posts
56 months
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OlberJ said: More reason why they won't accept one now. I know. That's my point.
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aberdeenelvis
81 posts
37 months
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moanthebairns
4,217 posts
67 months
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aberdeenelvis said: what is it with this jelly and ice cream? did I miss something?
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Robsti
4,525 posts
75 months
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doogz said: Robsti said: NO titles,NO history and going nowhere fast! All the jelly and ice-cream in the world won't bring rangers back!  Not what the SPL/SFA are saying about it. If you buy a 50 year old Malt, drink it and fill the bottle with Tesco value blend do you still have a 50 year old bottle of Malt?
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CIE560
10,433 posts
62 months
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moanthebairns said: aberdeenelvis said: what is it with this jelly and ice cream? did I miss something? Something to do with eating Jelly & Icecream when Rangers die lol
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doogz
18,667 posts
56 months
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Robsti said: doogz said: Robsti said: NO titles,NO history and going nowhere fast! All the jelly and ice-cream in the world won't bring rangers back! Not what the SPL/SFA are saying about it. If you buy a 50 year old Malt, drink it and fill the bottle with Tesco value blend do you still have a 50 year old bottle of Malt? You've got that backwards. If you take the contents, the 50 year old stuff, and put it in a Tesco value bottle, isn't is still 50 years old?
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Hugo a Gogo
15,131 posts
102 months
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Robsti said: doogz said: Robsti said: NO titles,NO history and going nowhere fast! All the jelly and ice-cream in the world won't bring rangers back! Not what the SPL/SFA are saying about it. If you buy a 50 year old Malt drink it and fill the bottle with Tesco value blend do you still have a 50 year old bottle of Malt? do the Lisbon Lions still play for Celtic?
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DocJock
2,779 posts
109 months
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JM said: DocJock said: As I understand it, the CVA offer was 9 pence in the pound. Will RFC assets cover 9% of their debts?
If not, surely HMRC blindly following their rules is not in the best interests of the creditors? Rangers claim they have assets of over £120 million. That should just about cover all their debts. No reason for HMRC to accept 9% then if they can get 100% by liquidating the company.
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doogz
18,667 posts
56 months
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DocJock said: No reason for HMRC to accept 9% then if they can get 100% by liquidating the company. 100% of what? They're not getting 100% of what they're owed.
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