Leaks & Lawsuits

It has been quite a busy few weeks for matters related to Rangers:  a tense, and ultimately comical, transfer window;  disgraceful acts of distraction involving the club’s PR “expert” to deflect from his embarrassment over the fact that he could not contain the Sheriff Officers story; the manoeuvrings related to ‘the other tax case’; and just a few hours ago, the posting of an MG01s filing onthe Companies House website revealing an assignment of the securitisation of the club’s catering revenues.

For the benefit of new readers to this site, I will recap the situation as it stands currently.  We will then look at this new mortgage filing and discuss what it means for Rangers FC and its dealings with HMRC.  Lastly (for today) we will discuss the accusations of leaks from HMRC related to the tax case and Rangers’ own conduct in this case.

  • Recap: The “Big” Case

Rangers FC operated a tax scam called an EBT (Employee Benefits Trust) for a decade beginning in 2001.  While EBTs could be operated legally, Rangers took this process beyond any established case law by making contractual payments that would normally be subject to PAYE and NIC through an EBT.  This was no innocent mistake as several of Rangers’ directors were fully aware that what the club was doing was illegal but continued anyway.
This scam has resulted in combined bills for underpayment, interest, and penalties of about £60m being billed to the Ibrox club just over a year ago.  Contrary to the lies disseminated in the Scottish mainstream press, the amounts ARE known to Rangers.  They are printed on the tax assessments in their possession.  Unable to pay such a crippling amount, Rangers appealed these assessments to a process called a First Tier Tribunal (FTT).  An FTT began hearing Rangers’ appeal and HMRC’s evidence against the club, in October 2010.  It did not complete within the scheduled two weeks and a three week continuance was arranged for April/May of 2011.  Evidence presentation was not completed in this window either and another continuance has been scheduled for November 2011.  I believe that the evidence against Rangers is overwhelming and that the club is simply dragging out this process as a way of effecting a stay of execution.

  • The”Wee” Tax Case

Another tax case emerged on the 1st of April of this year.  Rangers’ Interim Results for 2011 disclosed that there are additional tax bills for £1.9 million in underpayment, £0.9 million in interest, and, later, £1.4 million in penalties.  (The closer the penalty comes to 100% of the underpayment, the more it signals the extent of consciously illegal behaviour and deception which HMRC believes was involved).  Rangers claim that this bill was for a Discounted Options Scheme used to compensate players.  This does strike me as odd.  Directors and employees who expect to remain with a business for many years will accept options in the company as part of compensation packages, but footballers?
Not for the first time (nor the last) Rangers’ shareholders, supporters, and the British taxpayer are not being told the whole story.  This tale, as told by Rangers, does not add up.  I suspect that either club directors actually used this scheme to compensate themselves (leaving the business to pick up the tax bill) or Rangers were involved in a highly fraudulent scheme like stuffing offshore shell companies with cash and then issuing shares in such sham businesses to employees / players.  Whatever the truth, it will be far from the simple story that has been fed to the media to date.

The £2.8 million for underpayment and interest for the Discounted Options Scheme has actually been agreed with HMRC.  This means that it cannot be appealed.  It simply must be paid per the required schedule or Rangers face debt recovery action.  To this end, Sheriff Officers acting on the instruction of HMRC visited Rangers on the 10th of April to serve paperwork that represented a major escalation of this case: Rangers had until the 29th of August to pay this amount in full or face the start of court proceedings that could lead to an insolvency event.  (The £1.4 million penalty can be appealed, and therefore delayed, as it was not part of the agreement between the club and HMRC).  At the time of writing, the vast majority of the amount due for the “wee” tax bill remains unpaid, and after a day of feverish speculation, it appears that HMRC gave Rangers a final warning that court action to wind-up or put the club into administration is imminent.

  • The Summer 2011 Transfer Window

Craig Whyte’s modest actions over the close season and in the final weeks of the transfer window confirm that he is not a billionaire who will spend whatever it takes to make his footballing fantasies come true.  In fact, with a net spend that could have been financed purely from season ticket cash inherited when he took ownership of Rangers, Whyte might just as well be an unemployed security guard for all the investment of personal cash that has been required so far in his tenure as club custodian.  (More on this in the coming days).  The merits of the ins and outs of the player-trading will be borne out in time, but it is the bungling ineptitude that will be the lasting impression.  In particular, the primacy of public relations over matters of substance may have contributed to yesterday’s turning of the screw by HMRC.  I can only imagine that the debt recovery staff at the tax office would have watched with jaws agape as Rangers’ spin-meisters fed their media lapdogs stories of fantastic amounts being offered to secure the services of the club’s star striker, Nikica Jelavic.  Boasting to the world of rejecting offers of £9 million in cash while pleading poverty to a creditor will generate a lot of dissonance.  Frankly, even had the story been true it would have been remarkably stupid to make public. This event lays bare the extent to which Craig Whyte is being advised poorly by Jack Irvine and Gordon Smith.  That the story was a transparent fabrication designed to burnish Mr. Whyte’s good-guy credentials for the most naive sections of the Ibrox support just makes the situation comical.

  • Securitization / Assignment of Catering Revenues

With all of these issues taken together we can just cut to the chase: Rangers did not have the money to pay the “wee” tax bill.  Whyte’s business plan was to hope and pray for Champions’ League qualification and the additional £18-20 million in revenue (which would be mostly profit) that would accompany playing on football’s top stage.  Those of us who follow football closely could see that any plan that depended upon Champions’ League qualification for the Scottish champions through two qualifying rounds was madness.  Craig Whyte appears to have thought differently.

So Whyte is left to rob Peter to pay Paul and to try to gather cash to pay the “wee” tax bill any way possible.  Having spent a decent amount of the season ticket cash required to get the club through to when next season’s ticket renewals will start coming in, the club faces a cash flow crisis before the end of the season.  Whyte is frantically exploring every financial device available to try to make ends meet.

A previous attempt to securitize future season ticket sales in return for a large amount of cash now fell through.  (Possibly in part due to the excellent forensic detective work on the part of readers of this blog).    Late yesterday, Rangers posted an MG01s Form on the Companies House website related to the assignment of a mortgage for Rangers’ catering revenues.

Regular posters to this site will doubtless apply their considerable expertise in dissecting this filing, but I will take a first stab at explaining this for the layman.  The Rangers Football Club plc (i.e. Rangers FC) had previously “sold” its catering rights to Azure Catering Services, a division of Sir David Murray’s MIH Ltd.  A few years ago, MIH sold Azure and Rangers reacquired the rights to their own catering revenues.  These catering revenues have now been sold, for the indefinite future, to a finance company called Close Leasing Limited, a firm which Whyte and other Rangers directors have had dealings related to some of their other distressed asset purchases.  A piece of the family silver has been sold off to fend off an insolvency event.

While the MG01s form does not specify the amount, Rangers’ 2010 Annual Report states that “events and catering income increased by 8% to £2.0m due to our participation in Europe.”  (However, 2009 was also a Champions’ League season for Rangers).  Without further European revenues, this income might be expected to be as low as £1.4m for this season.  (We also do not have information on how much events contributed to this profit).  Selling a cash stream under these circumstances is to present one’s posterior while bent over a barrel.  The discount rates that will be applied to valuing this cashflow will be horrendously high- as much as 15-20%.  This could see Rangers raise as little as £7 million in return for giving up this income every year into the future.  Subtracting events money and Whyte could be left with less than £5 million for this transaction.  However, £5 million would be enough to drive the wolf from the door for now.

So, I expect that Rangers will survive the immediate crisis presented by the “wee” tax case.  Operating without a credit relationship with a bank, a cloud over the club’s ability to get to the end of the season without similar family silver sales remains.  As for the “big” tax case?  Unless there is a silver mine discovered under the Copland Road Stand, Rangers have zero prospect of being able to pay that bill when it hits.

  • Leaks & Lawsuits

The last point to address for today is the recent spate of “Rangers angry at HMRC leaks” stories that have been spread by the usual suspects via their lackies in the Scottish media.  As diversionary tactics go, I imagine this one will help develop a unifying sense of being under siege among Rangers fans, so it may serve its purpose.  However, let us take a look at the facts.

The first journalist to publish specifics about Rangers’ tax crisis was Darrell King.  He not only got his story correct in that Rangers’ existence is at stake, but he got the amounts bang-on too.  Darrell King’s source?  Rangers director Dave King (no relation).  Dave King did not fancy Sir David Murray’s favoured takeover candidate at the time and was leaking to all and sundry to try to delay things until such time as his own tax troubles in South Africa might be cleared up.  The recent breaking story from FollowFollow.com’s Mark Dingwall claiming that HMRC had moved to freeze Rangers’ bank accounts (which I now understand to be fundamentally correct despite Rangers’ denials); where did he get his information?  Dingwall’s sources are invariably within Rangers FC.  The news that Gordon Smith was going to become Ally McCoist’s new boss?  Phil MacGiolla Bhain managed to tell the ordinary Rangers fan before McCoist himself knew anything about it.  I don’t suppose that there are any disgruntled ex-employees armed with explosive information on Rangers?

Rangers have not hesitated to plant disinformation and outright lies about the case when they thought that it suited them.  The downside of such short-sighted moves is that those who do have access to the facts have become increasingly angry that the truth- the mortal danger which the club faces- has been withheld from the only people who care enough to do anything about it.  Blowback.  The more Rangers’ executives have lied, the more people with access to the story have felt obligated to get the truth out.  Leaking information about the tax case does not help HMRC.  The case(s) will be determined through the normal legal channels and the outcome will be what it always would be.  Many Celtic fans will enjoy the discomfort of their rivals’ realisation of the scale of this problem.  However, a bit of glee would not be something that a wise Celtic supporting tax collector would risk a career over.  However, leaks do serve to alert Rangers fans.  Work it out.

My own motivations have always been primarily to highlight the corrupt nature of the Scottish media.  (Remember Graham Speirs’ Rangers-fed dismissals of the tax bill amounts as being wildly too high?)  My sources?  Well, they have developed a lot since starting this blog, but I am not going to indulge in a guessing game with anyone.

Anyway.  How are Rangers’ lawsuits against HMRC for leaking coming along?  Why would Rangers be so angry about falsehoods?  Afterall, this blog is “99 percent crap” according to Craig Whyte.  Surely Craig is not admitting that the substance of these stories is in fact true?

About rangerstaxcase
I have information on Rangers' tax case, and I will use this blog to provide the details of what Rangers FC have done, why it was illegal, and what the implications for what was (updated) one of the largest football clubs in Britain.

495 Responses to Leaks & Lawsuits

  1. Jean says:

    A question here if I may? I’m sure someone has probably answered this before but here goes. All this talk of CW ensuring that he has oodles of cash in the bank, when admin hits, got me thinking. If he as the preferred creditor get’s to keep all the money who get’s the stadium, the players etc. Are they all his assets or are they assets that can be sold to pay off all the other creditors? I just don’t get what HMRC and all the other creditors have to gain? Or maybe HMRC could enforce liquidation?

  2. Lord Wobbly says:

    rangerstaxcase says:
    04/09/2011 at 10:50 pm
    Lord Wobbly mvst be from Milngavie!
    Nope. I’m aboard one of 50 motherships cvrrently stationed above yovr Earth cities. One of our undercover agents has stopped answering our sub-space messages.

  3. celtic4me says:

    Paulie Walnuts says:
    04/09/2011 at 10:22 pm

    would the majority of the season ticket money not have been collected during the the first quarter of the year and therefore vat was due by the end of july if they are doing quarterly returns? our season books were due for renewal at the beginning of june, i seem to remember theirs being even earlier although i may be wrong.

  4. JJ says:

    Lord Wobbly says:
    04/09/2011 at 11:18 pm
    rangerstaxcase says:
    04/09/2011 at 10:50 pm
    Lord Wobbly mvst be from Milngavie!
    Nope. I’m aboard one of 50 motherships cvrrently stationed above yovr Earth cities. One of our undercover agents has stopped answering our sub-space messages.

    Are you from that “other universe” which offered the £29 million for Hooper?

  5. Jean says:

    Lord Wobbly says:
    04/09/2011 at 11:18 pm
    rangerstaxcase says:
    04/09/2011 at 10:50 pm
    Lord Wobbly mvst be from Milngavie!
    Nope. I’m aboard one of 50 motherships cvrrently stationed above yovr Earth cities. One of our undercover agents has stopped answering our sub-space messages

    So you’re saying that you’re a member of the space cadets to? 😉

  6. Jean says:

    JJ says:
    04/09/2011 at 11:23 pm
    Lord Wobbly says:
    04/09/2011 at 11:18 pm
    rangerstaxcase says:
    04/09/2011 at 10:50 pm
    Lord Wobbly mvst be from Milngavie!
    Nope. I’m aboard one of 50 motherships cvrrently stationed above yovr Earth cities. One of our undercover agents has stopped answering our sub-space messages.

    Are you from that “other universe” which offered the £29 million for Hooper?

    🙂 nice one JJ

  7. TheBlackKnight says:

    So it was YOV!!! (LW) that made the bid for Hooper 🙂

  8. TheBlackKnight says:

    Beat me to it JJ lol!!!

  9. Lord Wobbly says:

    It was ‘the accountant’ that suggested I try Earth. Lovely views apparently….

  10. Duggie73 says:

    Is anyone from the other, other universe where they think that investing in some of the 2.7 thousand million shares of MHG seems like a good idea?

  11. TheBlackKnight says:

    I wouldn’t use the accountants GPS though!

  12. Mark says:

    so then if this line of reasoning be true, oh please let it be, let it be! Whyte wants out already, and is trying to get what he can, and has zero concern for RFC, not that I ever thought he did but……that is surely the last straw, but what is the result?
    a pheonix rfc playing at ibrox?
    rfc dead in the water and they cease to be?
    a surviving but financially crippled club, paying inordinate amount of tax back for ten years with no european football and a transfer embargo?

    what is the end game!?

    I’m just anxious to find out, I’m typing this with a smile on my face.

  13. Paulie Walnuts says:

    I may jvst have rvptvred myself lavghing.

    Returning to business for a moment, hoarding the cash doesn’t mean that anything different happens with stadium, training ground, player registrations, brand etc. They all still get sold in the insolvency. And Wavetower is still entitled to be paid before anyone else until it is paid in full. The point of the cash hoarding and not paying people is that the more actual cash there is when the insolvency event happens, the lower the risk of realising less than hoped for the assets, and thus the lower the risk of Whyte failing to turn his profit. He inflates the assets by causing a matching increase in unsecured creditors. When insolvency comes Wavetower takes the newly inflated assets including the cash pile and the newly increased unsecured creditors collectiely whistle for their money.

    Remember that HMRC’s arrestment does not get them any preference in a winding up. If, as I would expect them to, Bain, Levy MacRae and every other creditor go piling into court next week looking for warrants to arrest we may be very close to the endgame.

  14. Lord Wobbly says:

    TheBlackKnight says:
    04/09/2011 at 11:32 pm
    I wouldn’t use the accountants GPS though!
    😀 Comes from the same manufacturer as SDM’s moral compass perhaps 😉

  15. Duggie73 says:

    end game is Celtic fans at Ibrox singing God save the Queen in 2 weeks time

  16. greengrass says:

    Duggie73 says:
    04/09/2011 at 11:44 pm

    end game is Celtic fans at Ibrox singing God save the Queen in 2 weeks time


  17. Jean says:

    Paulie Walnuts says:
    04/09/2011 at 11:40 pm

    Thanks that makes it a lot clearer 🙂

    But what does this mean in laymens terms? “He inflates the assets by causing a matching increase in unsecured creditors”.

  18. greengrass says:

    would he pull the plug before that game in 2 weeks…a full house….how much is that worth…

  19. ramsay smith says:

    Does anyone know for sure what fixed and floating charges there are and who holds them?

  20. TheBlackKnight says:

    Serious question!

    What would happen if there was no demand for tickets for the game at Mordor on the 18th from the visiting Celtic Support?

    Allocation is somewhere in the region of 5000 -10000 at £30? That’s anything from £150000- £300000?

    Is a bhoycott a prospect? Or will the Celtic support rally to support their club and aide the plight of Rangers?

  21. TheBlackKnight says:

    Sorry, should have read “OR aide the plight”

  22. greengrass says:

    dont think that would aide our team much…

  23. greengrass says:

    if they last that long and we go there then we have to win…we need our fans there…and it will be worth it…might be the last one ever…

  24. Mark says:

    TheBlackKnight says:
    04/09/2011 at 11:55 pm

    Serious question!

    What would happen if there was no demand for tickets for the game at Mordor on the 18th from the visiting Celtic Support?

    Allocation is somewhere in the region of 5000 -10000 at £30? That’s anything from £150000- £300000?

    Is a bhoycott a prospect? Or will the Celtic support rally to support their club and aide the plight of Rangers?
    that had crossed my mind I think they’ll scptres and crown an all, similar to the pre seville game.
    but worrying about giving them some bunce is surely futile at this stage. 300,000 probably not a lot more than the first team wages I’d suggest. I still think they’ll be in admin before then judging by how this is playing and how fast

  25. droid says:

    I hope Mr Adam turns out to be the Prodigal Son

  26. Duggie73 says:

    £1 says Whyte doesn’t attend the game in 2 weeks.
    Any takers?

  27. TheBlackKnight says:

    Agree Greengrass! We owe it to our tax paying fans and our tax paying club 😉

    We owe it to Her Majesty to ensure as much cash is available to pay their bills!

  28. TheBlackKnight says:

    Lol Dougie! I’ll take that bet 😉

  29. Duggie73 says:

    done man

  30. Jean says:

    is Bains lawyers suing RFC to?

  31. TheBlackKnight says:

    Maybe a rendition if the Beatles classic:

    “Let me tell you how it will be;
    There’s one for you, nineteen for me.
    ‘Cause I’m the taxman,
    Yeah, I’m the taxman.

    Should five per cent appear too small,
    Be thankful I don’t take it all.
    ‘Cause I’m the taxman,
    Yeah, I’m the taxman.”

    And so to bed! Tomorrow (today) could be the day……. Or the day after 😉

  32. Paulie Walnuts says:

    Jean, it works like this.

    Assume I have assets worth £10m and liabilities worth £5m. So if a liquidator comes in and sells everything my net value is £5m.

    If, over a period of time, I don’t pay my bills as they fall due then both my assets and my liabilities increase. My assets increase by the extra cash I have in the bank because I havent used it to pay the bills. My liabilities increase by the amount I owe my creditors because I didn’t pay them and left the cash in the bank. Both increases are the same amount. So if I hoard £2m of cash my liabilities go up by the same amount. I have assets of £12m and liabilities of £7m. My net value on liquidation is still £5m.

    But…., when the music stops and the liquidators comes in, they realise the assets. They take my big cash pile. They tell my creditors to submit a claim in the liquidation. When they come to distribute the cash, lo and behold there is a single secured creditor who is entitled to be paid first. So it gets all of the cash as well as the proceeds of the sale of stadium, players etc etc. My unsecured creditors get hee haw.

  33. Hugh McEwan says:

    Duggie73 says:
    05/09/2011 at 12:08 am

    £1 says Whyte doesn’t attend the game in 2 weeks.
    Any takers?

    Stuff that, I could buy a Scottish institution for that much money.

  34. Duggie73 says:

    or the only fools and horses theme…

  35. Jean says:

    Thanks for explaining that Paulie 🙂

  36. droid says:

    If the rfc cashflow is so dire, what are the spl rules for payment of any team visiting Ibrox?

    How does this fit with current developments?

    C2 The Board shall from time to time be empowered, by levy or otherwise, to require Clubs to contribute such sum or sums of money to the funds of the Company as may be required for the business of the Company and the League and to meet any liability which the Company may assume. Any such levy or call for funds shall be contributed on such equitable basis as may be agreed by the Clubs in General Meeting failing such agreement, equally.

    Retained Revenues

    C4.4 All Retained Revenues shall be retained solely by the individual Club which earns, generates or receives them and shall not be shared among the other Clubs or be paid or repayable to the Company provided that any Club receiving any Retained Revenues shall be responsible for and shall indemnify the Company against any additional costs or expenses incurred by the Company in facilitating or enabling such Club to receive such Retained Revenues.

    Defaulting Clubs
    C9.1 If any Club defaults in making payment of any sum or sums due to the Company and/or to another Club the Board shall be entitled to apply any sums which, under these Rules, would otherwise be payable to the defaulting Club by the Company in discharge of any debt due by such Club in default to the Company and/or such other Club in such manner as the Board shall determine.

    Click to access SPL%20Rules%20as%20at%2018-Apr-11%20%28CURRENT%29.pdf

  37. Don't tell Billy says:

    Duggie73 says:
    05/09/2011 at 12:08 am

    £1 says Whyte doesn’t attend the game in 2 weeks.
    Any takers?


    Dougie your £1 bet comment gave me flashbacks form the pub last night!!

    Was at the Scotland game yesterday with the local TA and post match decided to try and explain the world of shit that the people (can’t call them hvndreds) are in. A rather bemused dons fan (and they hate Rangers more than Timmy) agreed to give me 100/1 that Rangers won’t pay their players wages this month. The smug look on his face showed just how brainwashed your average Scottish football supporter is! RTC I gave him my shiny bean what chance you reckon that I get £101 back from him before the end of the month?

  38. selboy01 says:

    what bear-pit’ websites are you talking about

  39. selboy01 says:

    Serious question!

    What would happen if there was no demand for tickets for the game at Mordor on the 18th from the visiting Celtic Support?

    Allocation is somewhere in the region of 5000 -10000 at £30? That’s anything from £150000- £300000?

    Is a bhoycott a prospect? Or will the Celtic support rally to support their club and aide the plight of Rangers?

    If celtic did not take there alocated tickets from the Rangers game the ticket’s would go on Public sale to Rangers fans for that game.

    Also Rangers give Celtic 8800 tickets for Ibrox and they are charging £42 this season so that would bring in £369600 but VAT still to come off that . (if they deside to pay it)

    It would be one of the best thing’s to see the full celtic end singing god save the queen at ibrox i would hit the giggles.

    sorry any rangers fans this may offend.

  40. Duggie73 says:

    honestly think if the stadium’s half empty, it won’t be the Celtic end.

  41. Ryan says:

    I thought i’d say hello before the ‘ tipping point ‘ !

    I stumbled across this site after I stumbled across twitter about 5 months ago ( you can thank Marc Crosas for that ) and hence I stumbled across Phil mac G.

    What follow followed ( couldn’t resist ) was an incredible eye opener !

    I am a celtic fan and initailly that is what drew me to this site . I wanted to see what the fuss was about and began to read about and enjoy the possibility of Rangers hardships because of what they were ( potentially ) guilty of .

    As much as I love Celtic I am undoubtedly a minor fan in terms of history as I only really started to follow follow them ( again sorry ) around Martin O’Neills arrival. However I do love them Bhoys in Hoops and I thought this site would give me some free ” happy ” at Rangers expense !

    But , having then seen the unbelievable lack of coverage in the Scottish media I now see RTC’s original point about them ! An eye opener indeed ! If this was England and Man U or Chelsea were on the road to going bust the papers would be full of it ……as opposed to ” full of it ” you get in Scotland . Well done to Phil Mac G and RTC for breaking stories I would never have heard about without being spun ! I’ve yet to see anything about Mr. Bain suing Rangers in the papers ( though I could have missed it )

    I feel in a way a bit honoured that I stumbled across a site that is so full of truth or theory based on truth . I love the way you guys do go down all the ” alleys ” as that means you cover all the possibilties . I love the respect you afford the likes of Adam and EasyJambo and offer anyone the option of opinion and debate . But I really loved the way you guys sniffed out and sent packing The Accountant 🙂

    It is a truly open debate full of educated and interested parties that offers information to all and this is what I will take from this site more than anything . Thanks to RTC I see more than Rangers and the media covering/hiding facts and misleading people . I see the power of new media getting truth out there and hopefully the ” asking of questions ” of those who should have reported this !

    As I said at the start , I’ve been in the shadows quietly reading this blog for about 5 months and have been blown away by its intent ( open debate ) and content and wanted to say well done before the potential ‘ tipping point ‘ where Rangers actually go into …………..

    Right , back into the shadows for me then …….

  42. Ardee says:

    What if some small company, with an outstanding unpaid invoice, is feelin a wee bit nervous about current events, and worried about the time Rangers are taking over payment, decides to take his case to court?
    How much money would they need to owe, before a friendly judge would grant judgement for the amount?

  43. Lord Wobbly says:

    Ardee says:
    05/09/2011 at 2:40 am
    I think the small claims procedure allows for sums up to £3k without the need for a solicitor. More than £3k requires a solicitor. Assuming in Scotland. Not sure about elsewhere in UK.

  44. AllWhyteOnTheNight says:

    Ardee, any creditor owed more tham £750 (the amount must be due and payable) can demand payment, normally by way of a statutory demand.

    If after the time the stat demand has given for the debt to be paid (normaly 3, 7 or 21 days) and the amount has not be repaid then the creditor can go to Court (in this case Court of Session) and seek a winding up order as the company can not pay its debts as they fall due.

    Creditors should be firing out stat demands right now, they will land on someones desk and get prioritised for payment if they are trying to keep the company afloat.

    If they aren’t trying to be kept afloat, they will be placed in the pile alongside all the HMRC stuff that has been served on them.

  45. davythelotion says:

    This am’s herald quotes minty as saying that CW was fully aware of the small case before he parted with his quid! In fact it was contained in the dec 10 accounts.
    I firmly believe that the real sucker in all of this is Ally McCoist, as Warren Buffet said ‘…if you’ve been playing poker for half an hour and you’re wondering who the patsy is, no need, it’s you!’

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