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#18151 ONLINE   Monkey

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Posted Today, 08:51 AM

At the risk of being accused of troll feeding, I wonder if @manboobs109 can accept that some fans might see a degree of hypocracy from the authorities when Livingston were given a fine and a points deduction (and threatened with a transfer ban) over the non payment of taxes relating to player's wages. With Neil Doncaster saying 'The tax default and reporting rules are an integral part of maintaining a fair league competition'. At the time of Livingston being punished compared to the nonactivity against Oldco.

Interestingly, and as an aside, it appears that these comments were made by Doncaster at a time when Oldco had won at the initial tax tribunal and they were not considered to have avoided tax. He probably thought he was perfectly safe to say them and never considered that they would come back to bite him on the arse.

Can you see any explaination as to why two identical breaches of tax rules should be treated by the authorities so differently? Especially when the penalty on Livingston was such that they ended up 7 points adrift at the bottom of their league and all that is proposed in relation to Oldco is not directed at the new club but rather a correction of records which has a much smaller significant impact on the day to day running and survival of either clubs.

Can you see why fans might be annoyed at such a blatant difference in action by the authorities in particular when it is now apparent that the investigation used to "justify" this non action has been shown not to have had the scope to address the issue at all?

As what Oldco did was a breach of FFP and given the extensive regulation by FIFA etc into financial issues and the footballing penalties for breaching these rules how can you justify your position that it was just cheating the taxman when it is clearly also a breach of footballing rules?

I'm not holding out much hope for a sensible answer but to save you asking and to prevent you from avoiding the question; No, I'm not a Celtic fan.
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#18152 OFFLINE   Lencarl

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Posted Today, 08:59 AM

Something to read over your cornflakes

 

IN another astonishing turn in the Rangers financial saga both the old company which owned the club and the new one in control are likely to face multi-million pound claims on their assets.

A London firm which buys litigation claims to pursue them through the courts has resurrected the company through which Craig Whyte bought Rangers, and also saved from being struck-off the one which Charles Green used to acquire the club after Whyte’s short and disastrous ownership. Both companies, Wavetower and Sevco 5088, believe they have legitimate claims on both liquidated funds and against the present club.


Henderson & Jones describe themselves as expert litigators and insolvency professionals who purchase legal claims and endeavour to get money back to creditors by pursuing their legal claims. The two principals are Philip Henderson and Gwilym Jones.

On June 20 Henderson & Jones were appointed directors of Wavetower (now renamed The Rangers FC Group). Eight days earlier they had joined the board of Sevco 5088. Wavetower had been struck off by the Registrar of Companies and Sevco was about to be. Less than a fortnight later they had completed the processes to secure both the companies on the register again.

They also joined the board of the associated company which was still trading, Law Financial, which Whyte founded. It holds a security over Sevco. Law, Sevco and Wavetower are ultimately owned by the Worthington Group which is now in liquidation.

Philip Henderson told the Sunday Herald that they were working with Worthington liquidators, Begbies Traynor, to "deal with and evaluate any claims the Worthington subsidiaries might have, or might be made against them. As part of that role we became a director of each of the Worthington subsidiaries".

He added that the company wanted to work with Rangers "oldco" liquidators, the accountancy firm BDO, "to help them get to a position where they can make a distribution to the unsecured creditors".


Whyte bought Rangers for £1 in May 2011 from Sir David Murray. The vehicle he used was Wavetower. A little over a year later, and after Whyte ran out of cash, the Rangers collapse left thousands of unsecured creditors out of pocket, including 6,000 fans who bought £7.7m worth of debenture seats at Ibrox.

Wavetower’s claim is that it is a preferential creditor and should be head of the queue for cash, in front of the tax authorities, in the liquidation. Wavetower, Whyte's then company, inherited a security over assets including Ibrox and Murray Park from Lloyds Banking Group after paying off Rangers £18m debt using future season ticket sales. The security was originally set up in 1999 because of Rangers ballooning debt.

BDO have resisted the claim and in court documents argued that it was based on a fraudulent scheme. However Whyte's acquittal on all charges would appear to bolster Wavetower's entitlement claim.

Last year a judgment by Lord Doherty put off any decision on the rights and wrongs of the claim until the conclusion of Whyte's fraud trial. Unless agreement can be reached this is likely to be tested in yet another Rangers court case.

BDO holds substantial liquidation funds, believed to be in excess of £30m, including £24m from the lawyers Collyer Bristow who acted for Whyte.

BDO will now also pursue more than 80 former players and staff, like Murray and former club captain Barry Ferguson, who benefited from an elaborate tax avoidance scheme – Employee Benefit Trusts, which the Supreme Court ruled were disguised salary payments. The recipients will be forced to pay back millions of pounds to the HMRC through BDO or face bankruptcy. It is believed that the Revenue has recovered more than £1bn from other of those schemes.


Following Whyte's calamitous ownership, in June 2012 Charles Green completed the purchase of Rangers' assets for £5.5m through Sevco 5088. The new Sevco claim will centre on the ownership of Rangers and the transfer of assets, such as the Ibrox ground and the Auchenhowie training complex, by Green to another of his companies, Sevco Scotland, and the substantial upward revaluation of these assets.

Green was later ousted and subsequently replaced by South African businessman Dave King. The company is now called Rangers International Football Club PLC.

In filings at Companies House last month by Sevco 5088, the company claims it has investments of £15,700,000, with just £1 in the bank. In a note to the accounts, the directors state: “The company believes it has been the victim of fraud, and as such, the directors are not satisfied that they have all the accounting records of the company and these financial statements are therefore prepared on the basis of the accounting information that the directors do have.”

One of the signatories is director Aidan Earley. Earley is a discharged bankrupt. In 2014 he was banned for five years from holding a directorship but in an rare move was allowed to remain as a director of Sevco. It is believed that this was connected to his battle over the ownership of Rangers.
 


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#18153 OFFLINE   manboobs109

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Posted Today, 09:01 AM

^ Did Rangers not get a fine and points deduction? I thought that's why Motherwell ended up second before they went bust (although I'm not sure and can't be bothered googling it)
@Monkey

Edited by manboobs109, Today, 09:03 AM.

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#18154 OFFLINE   KidCreole

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Posted Today, 09:02 AM

Ha ha 100% correct.

All the offshore mob on here are serious handshakers.

I wonder if Milne said what he said to appease the "handshakers" on the council in a vain attempt to get our fucking stadium built, Or he is being sincere either way wouldn't surprise me


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#18155 ONLINE   Monkey

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Posted Today, 09:31 AM

^ Did Rangers not get a fine and points deduction? I thought that's why Motherwell ended up second before they went bust (although I'm not sure and can't be bothered googling it)
@Monkey


They got a 10 point deduction for entering administration, same as Hearts etc. There has never been any penalty for the tax offences.

I think a lot of people are bothered about the inconsistencies in the acting of the authorities. It's a case of if they were simply incompetent they could at least be consistent in their incompetency.

What is demonstrated here, however, appears to be deliberate favouritism towards Rangers and a reluctance to enforce the rules that are applied to other teams, for whatever reason.
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#18156 OFFLINE   manboobs109

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Posted Today, 09:36 AM

The tax thing in Rangers case was a grey area for ages though with all the appeals etc. I'd totally support a points penalty and massive fine imposed on them this season, fucking definitely, any squealing about it and it's a test of the 'same club' chat. It's the stripping of titles I don't agree with, it's pointless and unfair but if Livi got a fine and points then a precedent has been set and should be followed.
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#18157 OFFLINE   redstrummer

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Posted Today, 09:41 AM

Something to read over your cornflakes

 

IN another astonishing turn in the Rangers financial saga both the old company which owned the club and the new one in control are likely to face multi-million pound claims on their assets.

A London firm which buys litigation claims to pursue them through the courts has resurrected the company through which Craig Whyte bought Rangers, and also saved from being struck-off the one which Charles Green used to acquire the club after Whyte’s short and disastrous ownership. Both companies, Wavetower and Sevco 5088, believe they have legitimate claims on both liquidated funds and against the present club.


Henderson & Jones describe themselves as expert litigators and insolvency professionals who purchase legal claims and endeavour to get money back to creditors by pursuing their legal claims. The two principals are Philip Henderson and Gwilym Jones.

On June 20 Henderson & Jones were appointed directors of Wavetower (now renamed The Rangers FC Group). Eight days earlier they had joined the board of Sevco 5088. Wavetower had been struck off by the Registrar of Companies and Sevco was about to be. Less than a fortnight later they had completed the processes to secure both the companies on the register again.

They also joined the board of the associated company which was still trading, Law Financial, which Whyte founded. It holds a security over Sevco. Law, Sevco and Wavetower are ultimately owned by the Worthington Group which is now in liquidation.

Philip Henderson told the Sunday Herald that they were working with Worthington liquidators, Begbies Traynor, to "deal with and evaluate any claims the Worthington subsidiaries might have, or might be made against them. As part of that role we became a director of each of the Worthington subsidiaries".

He added that the company wanted to work with Rangers "oldco" liquidators, the accountancy firm BDO, "to help them get to a position where they can make a distribution to the unsecured creditors".


Whyte bought Rangers for £1 in May 2011 from Sir David Murray. The vehicle he used was Wavetower. A little over a year later, and after Whyte ran out of cash, the Rangers collapse left thousands of unsecured creditors out of pocket, including 6,000 fans who bought £7.7m worth of debenture seats at Ibrox.

Wavetower’s claim is that it is a preferential creditor and should be head of the queue for cash, in front of the tax authorities, in the liquidation. Wavetower, Whyte's then company, inherited a security over assets including Ibrox and Murray Park from Lloyds Banking Group after paying off Rangers £18m debt using future season ticket sales. The security was originally set up in 1999 because of Rangers ballooning debt.

BDO have resisted the claim and in court documents argued that it was based on a fraudulent scheme. However Whyte's acquittal on all charges would appear to bolster Wavetower's entitlement claim.

Last year a judgment by Lord Doherty put off any decision on the rights and wrongs of the claim until the conclusion of Whyte's fraud trial. Unless agreement can be reached this is likely to be tested in yet another Rangers court case.

BDO holds substantial liquidation funds, believed to be in excess of £30m, including £24m from the lawyers Collyer Bristow who acted for Whyte.

BDO will now also pursue more than 80 former players and staff, like Murray and former club captain Barry Ferguson, who benefited from an elaborate tax avoidance scheme – Employee Benefit Trusts, which the Supreme Court ruled were disguised salary payments. The recipients will be forced to pay back millions of pounds to the HMRC through BDO or face bankruptcy. It is believed that the Revenue has recovered more than £1bn from other of those schemes.


Following Whyte's calamitous ownership, in June 2012 Charles Green completed the purchase of Rangers' assets for £5.5m through Sevco 5088. The new Sevco claim will centre on the ownership of Rangers and the transfer of assets, such as the Ibrox ground and the Auchenhowie training complex, by Green to another of his companies, Sevco Scotland, and the substantial upward revaluation of these assets.

Green was later ousted and subsequently replaced by South African businessman Dave King. The company is now called Rangers International Football Club PLC.

In filings at Companies House last month by Sevco 5088, the company claims it has investments of £15,700,000, with just £1 in the bank. In a note to the accounts, the directors state: “The company believes it has been the victim of fraud, and as such, the directors are not satisfied that they have all the accounting records of the company and these financial statements are therefore prepared on the basis of the accounting information that the directors do have.”

One of the signatories is director Aidan Earley. Earley is a discharged bankrupt. In 2014 he was banned for five years from holding a directorship but in an rare move was allowed to remain as a director of Sevco. It is believed that this was connected to his battle over the ownership of Rangers.
 

 

All this skullduggery still going on . How were these cunts allowed to participate in Europe 


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#18158 OFFLINE   HairyPie

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Posted Today, 09:57 AM

I give ratface until January.  They'll hold on to him and listen to his excuses up until Christmas, then he'll ask for budget to buy players again and get binned.  He is obviously incompetent.  A struggling Qatari side were giving him his jotters.  Only huns would think he was some kind of saviour.  Like they did with Whyte.  And Green.  And Ashley.  And McCoist.  And Le Guen. 

He has no respect for his team's competitors.  That is poor management - first ten minutes of the 'O' Level in Managing a Football Club.  He is about to get found out big style.  The players who are having to take direction from him must be embarrassed and appalled.


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#18159 OFFLINE   V for Vendetta

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Posted Today, 11:09 AM

^ Did Rangers not get a fine and points deduction? I thought that's why Motherwell ended up second before they went bust (although I'm not sure and can't be bothered googling it)
@Monkey

 

Not for the tax avoidance, associated bungs or for lying on 12 years worth of player registration documents no.

 

Think they might have got the standard points penalty for going into adminstration.


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#18160 OFFLINE   V for Vendetta

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Posted Today, 11:31 AM

John James having a pop at Milne now.

 

https://johnjamessit...sonic-hoodwink/


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#18161 OFFLINE   mcdougall(4)

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Posted Today, 01:03 PM

http://www.football-...ds-juve-boycott

 

not just the huns that think they can brush under the carpet


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