Rangers in Liquidation

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Lol_101

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Rangers set to be liquidated and re-formed after HMRC decision - ESPN Soccernet


Rangers appear set to be liquidated and re-formed as a newco after Her Majesty's Revenue and Customs decided to vote against a Company Voluntary Arrangement put forward by the prospective new owners.

Buyer Charles Green has been informed that HMRC - the most significant of the club's creditors, owed more than £21 million - will not accept a CVA, which would see a small percentage of the money repaid as a compromise arrangement.
As a result of HMRC's decision, Green - who leads the Sevco consortium hoping to buy the club - will press ahead with his plans to purchase the club's assets and form a new company.

.......

Statement from the HMRC.........

HMRC said Rangers assets could now be sold, allowing it "a fresh start".
In a statement, HMRC said: "A liquidation provides the best opportunity to protect taxpayers, by allowing the potential investigation and pursuit of possible claims against those responsible for the company's financial affairs in recent years.
Assets sale
"A CVA would restrict the scope of such action. Moreover the liquidation route does not prejudice the proposed sale of the club. This sale can take place either through a CVA or a liquidation."
HMRC said the sale of the clubs assets was "not being undermined" but simply taking "a different route".
The statement concluded: "Liquidation will enable a sale of the football assets to be made to a new company, thereby ensuring that football will continue at Ibrox.
"It also means that the new company will be free from claims or litigation in a way which would not be achievable with a CVA. Rangers can make a fresh start."
RIP Rangers 1872-2012 :(
 

Tiki Taka

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Sad to see this even though i'm not a fan of scottish football, they obviously have quite of bit of history and also a large fanbase.
It's sad to see them lose it all just because of some awful owners.
 

Raikan007

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Sad to see this even though i'm not a fan of scottish football, they obviously have quite of bit of history and also a large fanbase.
It's sad to see them lose it all just because of some awful owners.
you are seriously posting a lot :) welcome though, are you trying to get your post count up to be able to request kits/badges by any chance? :)
 

AmunRa

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Jun 27, 2011
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Well no more old firm in Scotland. Is this the end of Scottish league football?

Not happy about the news as Rangers are a massive part of Football history in Britain
 

djwillster

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its all a lot of ******* bullshit well ****** off portsmouth and gunners had more debt and had a deal made but no us ******* **** on 21m gunners wer 100m its a ******* disgrace be they have debt not paid the bunch of ******* arseholes
 

AmunRa

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to be fair Arsenal make more money than the loose on a regular basis their debt is being paid off.

But your point re portsmouth is spot on. They have been in debt for years now and have not had this happen. It is a sad day when this happens but it should be the same for all clubs not just big names.
 

djwillster

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but it more than the fact we are a big name its because i know to will sound like a soct blaming the english but that truth of the matter is that we are scottish and due to that they think we are unimportant unllike portsmouth as they are in the english league and to add to matters i will effect only scotland in a massive way not the rest of the world or down south it would be differnt if we wer playing in england and hmrc are using us to put a point across to teams world wide to scaremonger them its a disgrace i think how the whole thing has been done and the fact only a few myself include thought there was somthing not right wen whyte took over and its the same as soon as green took over
 

Lol_101

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its all a lot of ******* bullshit well ****** off portsmouth and gunners had more debt and had a deal made but no us ******* **** on 21m gunners wer 100m its a ******* disgrace be they have debt not paid the bunch of ******* arseholes
oh before you start slating us gunners,i think Craig whyte should have had university class on economics from the prof, arsene wenger.

so yeah, blame Craig **** whyte for the down fall mate. he's had most control of the money, should have known to fix the problem before it grew big.
 

djwillster

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its the hrmc im slating not not he teams i knew at the start somit was wrong wen he brought in players wen we had the debt
 

maxy67

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oh before you start slating us gunners,i think Craig whyte should have had university class on economics from the prof, arsene wenger.

so yeah, blame Craig **** whyte for the down fall mate. he's had most control of the money, should have known to fix the problem before it grew big.
It's actually Sir David Murray who should be to blame: he ran up the debts, the unpaid tax bills, and payed incredible amounts for players like Gazza etc.
 
Aug 1, 2009
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oh before you start slating us gunners,i think Craig whyte should have had university class on economics from the prof, arsene wenger.

so yeah, blame Craig **** whyte for the down fall mate. he's had most control of the money, should have known to fix the problem before it grew big.
I'm sure it was Craig Whyte - he definitely spent big while at Rangers, especially when compared to the players you'd bought years ago.
 

BobbyMoore

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Have they really died though?! They are called The Rangers FC instead of Rangers FC everyone will call them Rangers. They will play in the same stadium, wear the same kit with the same fans and they get to keep all their trophies so it's not like Wimbledon or Halifax. The worst thing that can happen now is they start in division 3. Most Rangers fans will not see this as a new club it will just be away of escaping debt. Even on the Wikipedia page they are called The Rangers FC but it does not describe Glasgow Rangers in past tense so even though they have changed the name slighty even wiki does not describe the change of name as a new club.
 

Mullen19

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Don't see it being the end of old firms

No doubt the SFA will arrange the cup draw so they will meet each other in both and friendlies will be played often to keep the rivarly going

Ofcourse thats only if they go down to the 3rd div
 

maxy67

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You think rangers will rock up in the english football league system now?
No chance. Celtic don't have much of a chance as said previously, even after breaking into the top 50 brands, so Rangers have absolutley no chance. Especially after this finacial fiasco and the Manchester violence in 2008.
 

davidar

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Have they really died though?! They are called The Rangers FC instead of Rangers FC everyone will call them Rangers. They will play in the same stadium, wear the same kit with the same fans and they get to keep all their trophies so it's not like Wimbledon or Halifax. The worst thing that can happen now is they start in division 3. Most Rangers fans will not see this as a new club it will just be away of escaping debt. Even on the Wikipedia page they are called The Rangers FC but it does not describe Glasgow Rangers in past tense so even though they have changed the name slighty even wiki does not describe the change of name as a new club.
Yes they have. They are going to be liquidated. All the stuff happening now is basically who's going to start the New Club up, if the New Club will be in the SPL or whether they should start from the bottom and work up (which is what SHOULD happen with ANY new club).

The new club will NOT have the trophy's of Rangers either as history can not be bought. Rangers Football Club Plc that started in 1872 dies in 2012 and a New Club will form. That new club will have it's own history and doesn't inherit the old clubs history. If that happened it wouldn't be a new club and even if they COULD get their history then they would inherit all the debts as well. It is just like another club in Scotland, Airdrie United FC, that were formed after the bankruptcy of Airdrieonians FC in 2002. The history for Airdrieonians ceased in 2002 and a new history began for Airdrie United.

New club, new beginnings and new history. Old club's history stays with the old club and doesn't continue.
 

Mike.

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The club will retain that history and the trophies. And they will most likely not start in the bottom league, the rest of the league is being given the vote, and the sheer financial importance means they will almost certainly vote for them to stay.
 
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