radcliffe white Posted March 15, 2019 Posted March 15, 2019 1 minute ago, Howardroark said: Can’t go in to administration, costs £20M due to EFL rules, would be liquidation. That definitely? Never knew that
bwfc2003 Posted March 15, 2019 Posted March 15, 2019 1 minute ago, radcliffewhite1 said: That definitely? Never knew that I think Howard makes it up as he goes along -
Spider Posted March 15, 2019 Posted March 15, 2019 Just now, bwfc2003 said: I think Howard makes it up as he goes along - He's right on that. We can't do admin. It shit or bust
radcliffe white Posted March 15, 2019 Posted March 15, 2019 So any liquidation experts on here? what does that entail
Howardroark Posted March 15, 2019 Posted March 15, 2019 Just now, radcliffewhite1 said: That definitely? Never knew that So EFL hold what’s called a ‘golden share’ in every football club. That means they have to agree to administration. Their terms are: 100% settlement of football debts (fees owed to clubs etc) Minimum 25% made available to all other creditors. As the club has £16M in secured creditors these will get paid off first, meaning another £3-4M needs to be found to pay the 25% threshold to the other creditors, gives a total of £19-20M plus fees. Problem is that money has to be paid up front, same as in a pre-pack administration and Basran didn’t have it, even taking out the £5.5M to PBP....
Howardroark Posted March 15, 2019 Posted March 15, 2019 3 minutes ago, bwfc2003 said: I think Howard makes it up as he goes along - Wouldn’t waste my time
Tonge moor green jacket Posted March 15, 2019 Posted March 15, 2019 Come on down Peter Kenyon. Or someone. Could this be the club's last game?
radcliffe white Posted March 15, 2019 Posted March 15, 2019 3 minutes ago, Howardroark said: So EFL hold what’s called a ‘golden share’ in every football club. That means they have to agree to administration. Their terms are: 100% settlement of football debts (fees owed to clubs etc) Minimum 25% made available to all other creditors. As the club has £16M in secured creditors these will get paid off first, meaning another £3-4M needs to be found to pay the 25% threshold to the other creditors, gives a total of £19-20M plus fees. Problem is that money has to be paid up front, same as in a pre-pack administration and Basran didn’t have it, even taking out the £5.5M to PBP.... Thanks
onlyoneawalker Posted March 15, 2019 Posted March 15, 2019 6 minutes ago, Howardroark said: So EFL hold what’s called a ‘golden share’ in every football club. That means they have to agree to administration. Their terms are: 100% settlement of football debts (fees owed to clubs etc) Minimum 25% made available to all other creditors. As the club has £16M in secured creditors these will get paid off first, meaning another £3-4M needs to be found to pay the 25% threshold to the other creditors, gives a total of £19-20M plus fees. Problem is that money has to be paid up front, same as in a pre-pack administration and Basran didn’t have it, even taking out the £5.5M to PBP.... Are secured and football creditors one and the same?
Howardroark Posted March 15, 2019 Posted March 15, 2019 4 minutes ago, Tonge moor green jacket said: Come on down Peter Kenyon. Or someone. Could this be the club's last game? There is another bidder, always has been, just not through Ken.
Howardroark Posted March 15, 2019 Posted March 15, 2019 (edited) 2 minutes ago, onlyoneawalker said: Are secured and football creditors one and the same? No, but a secured creditor will always get paid first so they have to be paid in full before you can move on to the unsecured creditors, who are entitled to 25% under the EFL rules. Edited March 15, 2019 by Howardroark Change
Farnywhite Posted March 15, 2019 Posted March 15, 2019 14 minutes ago, Howardroark said: Can’t go in to administration, costs £20M due to EFL rules, would be liquidation. Liquidation bwfc does not exit any more how did Glasgow Rangers manage to keep there history ? Thought once you got liquidated the club no longer existed and had to be renamed like Darlington and Halifax or is there away round it ?
Spider Posted March 15, 2019 Posted March 15, 2019 Just now, Farnywhite said: Liquidation bwfc does not exit any more how did Glasgow Rangers manage to keep there history ? Thought once you got liquidated the club no longer existed and had to be renamed like Darlington and Halifax or is there away round it ? Rangers FC ceased to exist. The current incarnation is a new company entirely.
Howardroark Posted March 15, 2019 Posted March 15, 2019 (edited) 4 minutes ago, Farnywhite said: Liquidation bwfc does not exit any more how did Glasgow Rangers manage to keep there history ? Thought once you got liquidated the club no longer existed and had to be renamed like Darlington and Halifax or is there away round it ? The assets are purchased out of liquidation, name, stadium etc The owner of the assets would then apply to the league to join as a member. With Rangers the assets were purchased by Charles Green under a new company, but the SPL refused to allow membership, the SFL did however approve membership. Also worth noting that Rangers were liquidated by HMRC who refused to allow them to escape via administration. Edited March 15, 2019 by Howardroark Addition
Mounts Kipper Posted March 15, 2019 Posted March 15, 2019 Just now, Howardroark said: The assets are purchased out of liquidation, name, stadium etc The owner of the assets would then apply to the league to join as a member. With Rangers the assets were purchased by Charles Green but the SPL refused to allow membership, the SFL did however approve membership. Also worth noting that Rangers were liquidated by HMRC who refused to allow the to escape via administration. How much did they owe HRMC?
Howardroark Posted March 15, 2019 Posted March 15, 2019 1 minute ago, Mounts Kipper said: How much did they owe HRMC? £21M
Wullie Posted March 15, 2019 Posted March 15, 2019 THE public purse has still not received a penny of the £72 million owed to the taxman by the liquidated company which owned Rangers FC.
Guest Posted March 15, 2019 Posted March 15, 2019 2 minutes ago, Howardroark said: The assets are purchased out of liquidation, name, stadium etc The owner of the assets would then apply to the league to join as a member. With Rangers the assets were purchased by Charles Green under a new company, but the SPL refused to allow membership, the SFL did however approve membership. Also worth noting that Rangers were liquidated by HMRC who refused to allow them to escape via administration. The entry point in such circumstances is not the league......
HomerJay Posted March 15, 2019 Posted March 15, 2019 who owns rangers stadium? did newco buy that back, who from, and at what cost?
radcliffe white Posted March 15, 2019 Posted March 15, 2019 So there’s a good chance we could be made an example of here and wound up
Howardroark Posted March 15, 2019 Posted March 15, 2019 2 minutes ago, bwfcfan5 said: The entry point in such circumstances is not the league...... Whom is it?
Mounts Kipper Posted March 15, 2019 Posted March 15, 2019 4 minutes ago, Howardroark said: £21M What do we owe?
Farnywhite Posted March 15, 2019 Posted March 15, 2019 Yes new company but I was told by a rangers fan at work that they were still the most successful club in the world with title wins thought you lost everything if you had to reform or is he wrong ?
bwfc2003 Posted March 15, 2019 Posted March 15, 2019 Just now, Mounts Kipper said: What do we owe? 1.2m I think
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