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Thursday, 8 March 2012

Rangers in Liquidation Threat

The administrators at Rangers are hoping to secure a buyer for the club.  Duff and Phelps said that time was running out and dramatically said that the club may not be able to finish the season and there are worries that the club may be forced into liquidation
Negotiations over the payment of players are ongoing and the club needs to save £1m a month to keep going.  The players are looking for a deferral of wages which will be paid by the new owners if they materialize.  Although the wages of the players are small in relation to the total tax bill owed of £45m.

There may be new company formed that can continue to play football and the oldco be put into liquidation.  Joint-administrator David Whitehouse told Rangers TV: "The preferred scenario from our perspective both in terms of the return to creditors and a platform for retaining an ongoing continuous business is through a CVA.

Either way HMRC will need to vote in favour of the CVA for it to succeed but with a potential liability of £75m is the club viable in its present form...

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