Rangers set to be liquidated and re-formed after HMRC decision - ESPN Soccernet
Statement from the HMRC.........
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.
RIP Rangers 1872-2012HMRC 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.
"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."