Sevco Thread

[caledonia]

So their club died due to an administrative error!  

 

Its funny watching them froth at the mouth trying to explain that the old club might not have died but at the same time claiming they are the same club.

[redwhitegold]

So their club died due to an administrative error!  

Makes it even funnier if that was the case. They as a club oldco that is were financially doping at least since that prick Souness came in 86.

[aberdeen1970]

They didn't die due to an administrative error. That's shite.

 

The big tax case bill was only part of their debt. They had tens of millions of debt outside that.

[manboobs109]

Does this mean I was right?

[strachanmcgheegoal]

It’s a bit like a coroner standing over a mutilated torso with no limbs or head and giving cause of death as “probably loss of blood.”

 

You can’t help feeling there’s quite a lot he might not be telling you!

[Guest milne_afc]

Does this mean I was right?

I think it means you're not so wrong.

I'm no expert.

[strachanmcgheegoal]

For anyone as sad, obsessed and interested as I the figures apparently were 55m of debt of which Craig Whytes VAT and PAYE was £14m meaning HMRC held the power hand re the CVA.

 

The £55m considered within the CVA excludes the wee tax case and big tax case Which between them were estimated at a tax omission of between £30m and £60m, the difference being the net and gross assessment being discussed today. On top of that is the penalties which is a percentage (65% I think) of the tax omission, so of the £30m or the £60m depending who’s version you take.

 

The KEY takeaway is this. It doesn’t matter. The assessment was pursued because they denied it existed. The assessment whether the smaller or the larger was more than enough to sink them. Permanently.

 

Cunts.

[V for Vendetta]

Does this mean I was right?

I don't see why it would.

 

Changes to the final tax bill don't change the facts the Huns broke the rules of football, lied on the registration documents for dozens of their players and secretly paid them through hidden means to avoid scrutiny from the SFA and their rivals as well as the tax man.

 

Oh and used their employees to positions within the SFA to ensure no one ever asked questions or investigated what was happening.

[V for Vendetta]

They didn't die due to an administrative error. That's shite.

 

The big tax case bill was only part of their debt. They had tens of millions of debt outside that.

At the end of it all they cannot blame anyone else for their death other than the people who owned and ran their club.

 

Murray and his chronies gambled with huge debts, illegal tax avoidance schemes and all sorts of dodgy accounting practices.

 

That's what caught up with them in the end. Bills from HRMC are just a result of the many dubious and high risk things they did to gain advantage over the rest of us.

 

Fuck em.

[Iraq_Red]

I can imagine the Sevco fans wanting to withold their income tax to HMRC in protest!

 

Good luck with that then!

[Iraq_Red]

I can imagine the Sevco fans wanting to withold their income tax to HMRC in protest!

 

Good luck with that then!

[ebbe]

I wonder if the face painter got his/her £12 back.

[pocrawred]

The newsagent never got paid that week either!!!

[shut up meg]

I wonder if the face painter got his/her £12 back.

They will probably get 3p in the £, so 36p in total, not even the price of the stamp for claiming.

[Dons79]

Pie man will be happy, he’ll be able to pay off his 6 year old pies, they might be able to get Bridies in

[Lencarl]

The final tax bill for oldco Rangers will not be known until next year despite reports that the liability to HMRC could be slashed. Forget all the Sun and DR talk and The Rangers fans demanding a public inquiry. They really are a breed apart. Absolute scum.

[DaveTheDon]

"We did not miscalculate anything" HMRC

[RUL]

Saw that on Twitter. Disappointing.

[slippers]

Does the oldco have any assets at all? Surely they will never see a penny? All the assets were transferred to the new club. That’s the thing I hate about the whole thing. New club don’t take any responsibility for the old clubs debts but they claim there trophies. It’s surely 1 or the other?

[Sonoftherock]

Does the oldco have any assets at all? Surely they will never see a penny? All the assets were transferred to the new club. That’s the thing I hate about the whole thing. New club don’t take any responsibility for the old clubs debts but they claim there trophies. It’s surely 1 or the other?

 

Same.  It's pretty simple surely?

 

If they are the same club, they keep their history - but they should also have to settle their debts.

[Lencarl]

Same.  It's pretty simple surely?

 

If they are the same club, they keep their history - but they should also have to settle their debts.

From an EBT expert: 

 

Could Oldco Rangers and Newco Rangers join forces if it was beneficial to club?

Hard to see how that could be done in law, they are two separate entities.

[Sonoftherock]

From an EBT expert: 

 

Could Oldco Rangers and Newco Rangers join forces if it was beneficial to club?

Hard to see how that could be done in law, they are two separate entities.

 

Like Celtic FC & Celtic Boys Club?

[slippers]

If they still alive long enough I would love this to be clarified as there 1st title should they eventually manage to claim 1! Fingers crossed they don’t!

[strachanmcgheegoal]

Does the oldco have any assets at all? Surely they will never see a penny? All the assets were transferred to the new club. That’s the thing I hate about the whole thing. New club don’t take any responsibility for the old clubs debts but they claim there trophies. It’s surely 1 or the other?

So, several things at play here.

 

1/. Whyte very conveniently and at huge risk to himself paid off the bank at the start. Ordinarily that ensures the holder of the floating charge (now Whyte) had control. Otherwise Lloyd’s potentially could just have sold off the stadium.

 

2/. Whyte then performed his own conjuring trick and used Rangers own (borrowed) money to fund the bank payoff - the infamous ticketus deal.

 

3/. Green then fucks over Whyte with the so called switcheroo. So basically Whyte is sitting in his get away car ref plate Sevco5088. Green with his bag of swag (stadium, training fac, cash) runs straight past his car and jumps into another reg plate Sevco Scotland and fucks off to the third division with his booty.

 

4/. To answer your question liquidators should them have turned up at “Rangers” to find a list of creditors, none of them secured except Whyte And zero assets. However at this late point the transaction at 2 is looked at and the lawyers involved Collier Bristow decide they’ve fucked up releasing the money to Whyte and their insurers pay out an equivalent sum of ~£26m to Oldco. Bear in mind the source of those funds Ticketus are on the list with their £26m owed to them.

 

 

That was always the thing that complicated the issue. Oedinarily the liquidators turn up to a glistening skeleton. Here they opened the door to a pile of Cash THAT WAS NEVER RANGERS’.

 

Now bear in mind the costs of liquidation come out of that pile before any payment to genuine creditors. What’s that you say? They’ve been appealing points of order with HMRC? Yeah. I’ll bet they have. Their bill currently stands at £5m. Their sub contracted lawyers fees etc stand at £15m.

 

Clever cunts.

 

Shame.

[Guest the shepherd]

From an EBT expert:

 

Could Oldco Rangers and Newco Rangers join forces if it was beneficial to club?

Hard to see how that could be done in law, they are two separate entities.

That's comparative to Ted Bundy's acts of necrophilia; Bundy being the new (existing), with the dead body being the old.

[Shinniesta]

So basically in a nutshell the Times "journalist" who wrote the piece yesterday is clearly a raving hun who according to HMRC is talking shite.

[Ten Caat]

So basically in a nutshell the Times "journalist" who wrote the piece yesterday is clearly a raving hun who according to HMRC is talking shite.

 

 Yes but (if I'm reading into this correctly) with the added bonus that with any ensuing investigation (and sevco are keeping their gobs well shut so far) it should come out that sevco and oldco are indeed 2 separate entitities. With no continued history. 

 

And the orc hordes who are clamouring for public inquiries etc are to be absolutely encouraged by the supporters of every other club to ensure they get what they want (and what's coming  )

[S2RDS]

So basically in a nutshell the Times "journalist" who wrote the piece yesterday is clearly a raving hun who according to HMRC is talking shite.

 

Hun journalist in a spikin' shite story... who'd have thunk it. He prob overheard wee Tam in the Louden Tavern, telling his mate he kens a boy who works for the HMRC. We all know, the HMRC were never going to make such a monumental fuck up, nor were the hun accountants. I would love to hear the opinion of an honest hun, but 1. I cant find one and 2. I wouldnt be able to hear fuck all over the clutching of straws....

 

Too many huns buy into this type of shit, but it makes it all the more funnier. 

[V for Vendetta]

So basically in a nutshell the Times "journalist" who wrote the piece yesterday is clearly a raving hun who according to HMRC is talking shite.

 

Yeah it seems like maybe HMRC just don't want to waste time and money fighting legal action that if they win, they still get nothing as the old Rangers really have feck all assets left to fight over.

 

So when people look at the bill reducing and try to re-write history it's all based on a false premise - if the huns were still going and fighting this case then HRMC would continue to take court action to defend the tax demands.

 

Mair pish from rabid huns basically.

 

The cunts are everywhere, thats the problem.

[V for Vendetta]

 Yes but (if I'm reading into this correctly) with the added bonus that with any ensuing investigation (and sevco are keeping their gobs well shut so far) it should come out that sevco and oldco are indeed 2 separate entitities. With no continued history. 

 

And the orc hordes who are clamouring for public inquiries etc are to be absolutely encouraged by the supporters of every other club to ensure they get what they want (and what's coming  )

 

Well I did hear Douglas Fraser on the beeb the other day talking about the old club and the new club.

 

Which was pretty clear actually for the beeb and no doubt they got loads of complaints and Douglas will probably get death threats and all sorts.