Tuesday 13 November 2012

SO THEY WERE A CLUB AFTER ALL. SEE: SIC CLASSIFICATION AT THE BOTTOM


RFC 2012 P.L.C.

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Basic Information

Company Status

Liquidation

Registration

Registration Date: 27/05/1899
Registration Number: SC004276
Type: Public Limited Company

Registered Address

IBROX STADIUM
GLASGOW
G51 2XD

Company Accounts

Accounts category: GROUP
Latest Accounts made up to: 30/06/2010
Next Account due date: 31/12/2011
Accounts end date: 30th June

Annual Returns

Latest Return made up to: 27/01/2012
Next Return due date: 24/02/2013

Business Activities

SIC classification:
93120 - Activities of sport clubs

Previous Names

Previous NameDate changed
THE RANGERS FOOTBALL CLUB P.L.C.31/07/2012

Friday 2 November 2012

Double Trouble Blog

Original blog:


Livingston Provide Proof That “The Rangers” Are A New Club

Tomorrow sees the third round of the Scottish Cup, or the William Hill Scottish Cup as I suppose I should call it to give the sponsors their due. Sixteen ties between Scotland’s smaller clubs will take place to see who makes it through to the fourth round draw, where they will be joined by Scotland’s top sixteen clubs from last season.
But the crucial question that should be asked by serious students of Scottish football is perhaps not an obvious one. It is “Who are Livingston playing in the third round?”
Why is this so important?
Well, have a look at last year’s First Division table. We see that Livingston finished the season in fifth place. Now let’s look at the regulations for this year’s Scottish Cup.
Round Three
The clubs which, in the previous season, were members of The Scottish Premier League and those clubs finishing in The Scottish Football League First Division league positions one to four, shall be exempt from playing in Round Three of the Competition.
So Livingston should be playing in the third round, right?
Well, no. They have a bye and will enter the competition in the fourth round. But why?
The answer is quite simple. One of the clubs that finished in the top sixteen last season no longer exists. The former Rangers Football Club is now in liquidation and is no longer a Scottish league club.
The spare place in the Scottish leagues was taken by new club “The Rangers” who joined in the bottom tier. And as a third division club they came into this year’s Scottish Cup in the second round. A narrow 1 – 0 win over non-league Forres Mechanics saw them progress and they now have a third round tie against higher league opponents in Alloa Athletic to look forward to.
Now if, as some erroneously claim, “The Rangers” is in fact the same football club as the former Rangers FC, would this be case? Well, no. If the two were indeed the same then, as the rules make clear, a bye to the fourth round would have been secured. And Livingston would have been in the draw for the third round rather than having a weekend off.
So there you are. Proof according to the SFA, which runs the Scottish Cup, that “The Rangers” are not the same football club as former SPL club Rangers FC.
QED as they say. Quod erat demonstrandum

Wednesday 31 October 2012

BBC news again tells it as it is!!!

Source: http://www.bbc.co.uk/news/uk-scotland-glasgow-west-20141946

Duff and Phelps seek end to 'old Rangers' administration

Ibrox StadiumRangers was forced into administration over unpaid tax bills


A court will be asked later to approve moves for the former Rangers Football Club to be handed to liquidators.
Duff and Phelps took over running of the club when it entered administration on 14 February over unpaid tax 
bills.
Earlier this month, the administrators said the club's creditors had approved an end to the administration.
Duff and Phelps is seeking formal approval at the Court of Session in Edinburgh, paving the way for the appointment of BDO as liquidators.
The petition is due to be heard before Lord Hodge on Wednesday morning.
The old club, which was formed in 1872, was forced into administration by HM Revenue and Customs (HMRC) in February, over non-payment of tax totalling about £14m.
'Potential investigation'
HMRC subsequently blocked a proposal for a CVA (creditors agreement), which would have allowed the old club to continue by paying creditors a fraction of what was owed.
Rejecting the CVA in June, 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."
Following this decision, Duff and Phelps oversaw a sale of assets for £5.5m to the Charles Green-led Sevco consortium.
Shareholders in the old Rangers then gave their approval for Sevco to change its name to The Rangers Football Club Limited.
The former club, which remained in administration, has since been known as RFC 2012.
The Scottish Football Association later approved the transfer of the licence held by the old club to the new club started by Mr Green's consortium.
It has since started life in the Scottish Third Division.

Sunday 28 October 2012

BUTCHER KNOWS! 4th paragraph


Rangers’ fall still bewilders Terry Butcher

TERRY Butcher thought he had seen it all in Scottish football. Nothing could surprise him. Own goal disasters and leg breaks. The Old Firm courtroom drama. The odd foot smashed through a referees’ door.
There are extraordinary tales he can recount and dressing-room secrets he would never share. But the man who tasted relegation heartache at Caley Thistle and administration grief at Motherwell has never seen anything quite like the disintegration of Ramgers, the club he captained to three league titles and two league cups.
Butcher is still incredulous about Rangers’ fall from grace but has nothing but admiration for the way Ibrox manager Ally McCoist and his backroom team have dealt with the darkest of times. The 53-year-old said: “I still just really can’t believe what has happened. I always looked forward to playing Rangers because of my past history with the club and the characters there.
“Ally McCoist, Kenny McDowall, Ian Durrant, Jim Stewart – all fantastic people. It is still a brilliant club for me, although technically it is now a ‘new’ club. I just can’t get my head around what has happened and where the club finds itself. Scottish football? I’ve had some unbelievable times in Scottish football. There have been the broken legs, the own goals, the criminal record. You thought there weren’t really many things left to surprise you. But what happened last year was unique and unbelievable. You are still gobsmacked by the speed of events.”
Butcher keeps his views on the rights and wrongs of Rangers’ situation private. It is the predicament of McCoist that most animates him. The Caley Thistle manager believes McCoist has been landed with the toughest job in Old Firm history. “I felt no other Rangers manager in history had been faced with what he has. To deal with the financial crisis and rebuild the team within the market place he is working to has been quite amazing,” he says.
Despite this, Butcher would love to add to McCoist’s woes on Wednesday by claiming a League Cup semi-final spot when Inverness travel to Ibrox.
“I think it will be a big crowd and a lot of my players haven’t even been to Ibrox, let alone played there. It is going to be new and different. It is one of the biggest games we will have this season, another SPL match really. We saw what happened to Motherwell there. You are going to one of the best grounds in Britain with the crowd, noise, surroundings – a lovely place to go.
“But we can’t go there and admire the scenery because we could be two or three down by that stage. We are scoring a lot of goals and playing well, but we have to make sure we handle the occasion.”

Friday 19 October 2012

The Herald Knows 1st Paragraph


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Whyte to claim millions from Rangers assets sale

FORMER Rangers owner Craig Whyte is preparing to claim millions of pounds from the remains of the old club that collapsed earlier this year.

The controversial businessman is hoping for a huge payout from the sale of the assets to new owner Charles Green's Sevco consortium.
Whyte told The Herald he believes the RFC Group he used to buy the club and pay off its £18 million debt – using future season ticket sales – held a valid security over the Ibrox outfit's assets sold to Mr Green for £5.5m.
If successful he will be placed ahead of other creditors when the remaining money brought in by the liquidation of the failed Rangers company is distributed.
Whyte said: "Everyone knows there was a security there. All these things are being dealt with."
A recent progress report by administrators Duff & Phelps showed the old company had around £2.3m of funds – although a further £2.8m is estimated to be owed through outstanding transfer fees and millions more could be realised from outstanding litigation.
The administrators were also pursuing an unquantified sum held by Uefa as a result of players participating in matches for their national teams.
In their report Duff & Phelps also said they believed Whyte's company was not owed anything.
London ticket agency Ticketus bought the season ticket rights from Whyte and is pursuing him for more than £20m paid to RFC Group to help him complete his disastrous takeover of Rangers. That money was used by RFC Group to pay off Rangers' £18m debt with Lloyds Banking Group
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Thursday 18 October 2012

Traynor lets it slip (last Paragraph)


Disgraced ex-Rangers owner Craig Whyte breaks cover to blame anyone but himself for club's collapse

THE chancer says that he brought in new owner Charles Green, a claim that Green has denied.
In a scattergun interview, the disgraced former owner desperately tried to pin the blame for Rangers’ downfall on everybody but himself.
Sadly, Whyte is so delusional that he probably really does believe the crisis was caused by the others whose names he tried to blacken.
As he said: “I was, if you like, driving the train when it crashed but I wasn’t the one who set it on this path.”
Of course not, and you were forced to stop handing over PAYE to the taxman.
“What was the alternative?” he asked. “What people are forgetting is that the club didn’t have any money to pay tax.”
Well, that’s all right then. That explains it perfectly and must surely absolve Whyte of blame.
Big boys – people like Duff & Phelps, who Whyte insists knew about the Ticketus deal, Sir David Murray and Scottish football’s authorities – did it. Only it was Whyte who ran away.
Last night, one of the joint administrators, Paul Clark, said: “The allegations against the administrators, who are officers of the court, are false, malicious and without foundation. They shouldn’t be given any credibility, given the source.”
Clark continued: “It should be remembered that Mr Whyte’s takeover of Rangers is now the subject of an ongoing criminal investigation and we have provided evidence to that inquiry.
“In addition, we instigated legal proceedings against Mr Whyte’s solicitors in the High Court in London and those proceedings are centred round the very serious allegation that he was involved in a conspiracy which deprived Rangers of many millions of pounds.”
Whyte is correct when he insists the Employee Benefit Trusts scheme operated by Rangers over a 10-year period made it practically impossible to find a willing buyer, because of the potentially massive tax liability attached to the club.
That’s down to Murray and his financial advisers. But no matter how much Whyte, and others, want it to be true, the Big Tax case didn’t close Rangers.
Whyte’s non-payment of tax forced HMRC to act.
But, of course, they should have tried to agree repayment systems with him first.
And the shamed former owner, who broke cover in an extensive interview with BBC Scotland, revealed “prominent politicians”, including Scotland’s First Minister, became involved.
He said: “At one stage, Alex Salmond spoke to the head guy at HMRC but they weren’t prepared to come to any arrangement.”
But, according to Duff & Phelps, there was dialogue with HMRC about non-payment and possible repayment plans.
Whyte, who was speaking out to set the record straight, refused point-blank to accept that he had lied at any point, or duped anyone, including former owner Murray.
He did, however, admit that he had been misleading when questioned about where he had found the £20million to buy the beleaguered Ibrox club.
However, despite having been asked on more than one occasion about a deal to hand over future season tickets to London firm Ticketus, Whyte would not accept that he had lied.
He said: “Maybe I should have been more open but I didn’t lie. I should have been more open about the funding. I perhaps misled people about that and that was a mistake.”
Come on, Craig, not even a little white lie? No?
And what about the claim that it was he, and not Zeus Capital, who searched out Charles Green and introduced him to Duff & Phelps.
“Nonsense,” Green said last night. “Yet again Craig Whyte’s version of events paints a misleading picture of what actually happened.”
To be fair to Whyte, he did introduce Green to one of the administrators – but it was in a Chinese restaurant in London days after Zeus had brought in the Yorkshireman to mastermind the takeaway, sorry, takeover.
But Green said: “The facts are that direct contact was made by our consortium with Craig Whyte in the first instance as it appeared at that time that his shares would have to be secured in order for any purchase of the club to progress.
“I wasn’t present when contact was initially made but later met Craig Whyte, who introduced me to the administrator.
“I was brought in by Imran Ahmad after Duff & Phelps contacted Zeus in February.”
Green didn’t stay. He didn’t even sit down. He had work to do if something could be salvaged from the wreckage of that train Whyte was driving.
But, of course, Whyte always knew Rangers were heading for the buffers and so, he insists, did everyone else around him.
He said: “There was a 75 per cent chance it would go into administration. Everyone involved in the deal was aware of that.”
Whyte also repeated his belief that he is not the man to blame for the almost catastrophic events which plunged Rangers into liquidation – and pointed to the administrators, claiming they knew about the Ticketus deal.
He also said it was only AFTER administration that Rangers went into meltdown, adding: “If the administrators had stuck to what they said they were going to do, then it wouldn’t have gone wrong. Either we’d have got a quick CVA (company voluntary arrangement) through or a quick restructuring.
“Staying in administration for five months was where it went wrong.”
He said given the dire straits Rangers were in, the Ticketus deal was “considered the best way to fund the club” and added: “Duff & Phelps knew, 100 per cent they knew.
“They attended meetings and were copied in on emails. They were there on the day of completion.”
In January, when the Record broke the news that future season tickets had been sold to Ticketus, Whyte denied it point-blank.
Even now, he still denies lying to fans about how his takeover was funded.
He said: “I think I was asked a specific question, ‘Did you mortgage the season tickets’. I said no, because they weren’t mortgaged.”
Whyte admitted he should have been “more open about the funding” but added: “I didn’t lie but perhaps I misled people.”
However, he defended the principle of using ticket money to buy the club, saying: “There’s no difference between a bank overdraft or a bank loan to fund the club and using a funding method like Ticketus.”
Whyte also insisted the SPL knew Rangers were in trouble and that he flagged up the problems at a meeting last October.
In fact, he and Rangers’ then director of operations Ali Russell met SPL chief executive Neil Doncaster and non-executive director Ralph Topping for dinner.
The SPL were alerted to the dangers facing the club but were unable to offer Whyte any idea of what might happen in the event of liquidation and some kind of restructuring.
“It’s been a disaster,” Whyte said. “They’ve made Scottish football a laughing stock of the world.”
But surely you helped do that, Craig?
He also added: “What other country in the world would deal with one of their biggest clubs in the way they have and demote them to the Third Division.”

Wrong again, Craig. Rangers had to go there
 because they were a new club starting over.
How on earth did that happen?

THE BBC KNOW!!!


Old Rangers set for liquidation as administration process ends

Joint administrator Paul ClarkPaul Clarke said the liquidation would not affect the new club in Division Three
The former Rangers Football Club is to be put into liquidation after creditors approved an end to the administration process which began on 14 February.
Administrators Duff and Phelps will now apply to the Court of Session to have BDO appointed as liquidators.
The club, which was formed in 1872, was placed in administration over over non-payment of tax totalling about £14m.
HM Revenue and Customs blocked a CVA (creditors agreement) that would have allowed the old club to continue.
Following this, Duff and Phelps oversaw a sale of assets to the Sevco consortium led by Charles Green for £5.5m.
Name change
Shareholders in the old Rangers subsequently gave their approval for Sevco to change its name to The Rangers Football Club Limited.
The old club, which remained in administration, has since been known as RFC 2012.

The new club, started by Mr Green's consortium, began life in the Scottish Third Division.
Announcing moves to end the administration period, joint administrator Paul Clark said: "Creditors have today given their approval for the administrators to bring the administration process to an end and to place the company into liquidation.
"As a result, we as administrators have instructed our legal team to prepare the necessary application for lodging in the Court of Session as a matter of urgency.
"Should the application be approved, then Malcolm Cohen and James Bernard Stephen of BDO will be appointed liquidators of RFC 2012 plc, and will undertake the process of liquidation of the 'oldco' company and the continued recovery of funds for creditors."
Mr Clark said this would not affect the new Rangers "as it is a completely separate entity".
He added: "As administrators, our primary statutory function was to ensure Rangers continued as a business and this was achieved.
"Secondly, we were tasked to secure a buyer for the club and this too was achieved.
"We are delighted that plans for the revitalisation of Rangers are now continuing with the new owners' intention to float the club on the AIM market."
Mr Clark said the administration process had been "comparatively short" and had been handled by Duff and Phelps to "the highest professional standards".
"We have co-operated fully with inquiries into our appointment by Lord Hodge at the Court of Session and the Insolvency Practitioners' Association," he added.

Wednesday 17 October 2012

THE SCOTSMAN KNOWS! Last paragraph


Former Rangers owner Craig Whyte breaks silence to say he introduced Charles Green to club administrators

Former Rangers owner Craig Whyte says he introduced Charles Green to Duff and Phelps
Former Rangers owner Craig Whyte says he introduced Charles Green to Duff and Phelps
THE controversial former owner of Glasgow Rangers Craig Whyte says he helped usher in current chief executive Charles Green to the club.
Monaco-based businessman Whyte says that he introduced Charles Green, who leads a consortium which now owns the Ibrox side, to club administrators Duff and Phelps when they were looking for a buyer earlier this year.
In an interview with the BBC, Whyte also says that Duff and Phelps were aware of his deal with Ticketus before his purchase of the club was complete.
The former Rangers owner financed his purchase of Rangers with £24m in Ticketus money - mortaged against future season ticket sales.
Ticketus are now taking legal action against Whyte
Green’s consortium bought the assets of Rangers FC, including Ibrox stadium and Murray Park, when their Company Voluntary Arrangement was rejected by major creditor HMRC.
The ‘oldco’ club is currently going through liquidation process with a newly-formed Rangers currently plying their trade in the Third tier of the Scottish Football League

Monday 1 October 2012

Rangers' final tax bill tops £94m, Duff and Phelps reveals





The old Rangers Football Club owed more than £94m in unpaid tax and penalties, according to its administrators.
The final report to creditors from Duff and Phelps reveals that the size of HM Revenue and Customs claim against the club totalled £94,426,217.
It also shows that the administrators are claiming £3,121,683 in fees.
Creditors have until 12 October to vote on the report. When the administration period ends, the old Rangers FC will be placed in the hands of liquidators BDO.
Rangers was forced into administration by HM Revenue and Customs (HMRC) on 14 February over non-payment of tax totalling about £14m.
Third Division
Craig Whyte, who bought the club from Sir David Murray last year, was successful in having his nominated firm, Duff and Phelps, appointed.
  • .
Following a hearing at the Court of Session, David Whitehouse and Paul Clark were appointed as joint administrators of the club.
After HMRC rejected proposals for a creditors agreement that would have allowed the old club to continue, Duff and Phelps negotiated a sale of assets to a consortium led by Charles Green for £5.5m.
He has since formed a new club which is playing in the Scottish Football League Third Division.
In its final report to creditors, Duff and Phelps states: "The joint administrators have continued to review the claims made by HMRC in the administration.
"The claims are largely made up of determinations issued by HMRC in accordance with Regulation 80, penalties and outstanding PAYE/NIC.
"The joint administrators have adjudicated on these claims and confirmed to HMRC that for voting purposes, their claim will be admitted for voting purposes at £94,426,217.22."
The majority of that figure relates to the old club's use of Employee Benefit Trusts (EBTs), on which HMRC claimed unpaid tax and penalties in excess of £49m.
October judgement
A judgement on an appeal of this assessment, which was heard at a First Tier Tax Tribunal, is imminent.
The creditors report notes: "An outcome has yet to be determined by the tribunal and is currently expected in October 2012."
Among the resolutions which creditors are being asked to approve is Duff and Phelps' fees.
The report states: "That the creditors approve the remuneration, expenses and outlays of the joint administrators in respect of all accounting periods not previously approved, being, in respect of remuneration only, £2,930,644 for the period 14 February 2012 to 29 June 2012 and £191,039 for the period 10 August 2012 to 14 September 2012.