Rangers

[Penk Wolf]

I can't see how they justify £3.1m for six months' work, especially as much of it was very dubious (eg letting the established players carry on at the club until liquidation was confirmed, thus meaning that they received either nothing or buttons for them). A lot of them are absolute arseholes as well, Guilfoyle, Andronikou etc.

Because they can.

 

[Deutsch Wolf]

Because they can.

Quite. But they shouldn't be allowed to do it. Especially as often the ex-owners who've put a club in the shit are in cahoots with the administrator (as bizarrely, most of the time they're allowed to choose who they want to do it).

 

[Penk Wolf]

Quite. But they shouldn't be allowed to do it. Especially as often the ex-owners who've put a club in the shit are in cahoots with the administrator (as bizarrely, most of the time they're allowed to choose who they want to do it).

The problem is how do you separate it from real life companies. You can't have one rule for football clubs and another for everyday businesses. However, the whole administrator thing is wrong as are solicitors.

 

[Deutsch Wolf]

If HMRC or any other government entity have 25%+ of the debt (ie enough to block a CVA) then the Crown should be able to appoint their own choice, I think.

 

[Penk Wolf]

If HMRC or any other government entity have 25%+ of the debt (ie enough to block a CVA) then the Crown should be able to appoint their own choice, I think.

What if a company is owed over 25% of the debt? If someone owes 25% of the debt it's their own fault.

 

[Deutsch Wolf]

Ok, well make any majority creditor on that scale responsible for appointing an administrator, or at least have the option to.

That said a company would be silly to let someone run up such debts to them - HMRC don't really have any choice in the matter.

 

[Sniffer]

I can't see how they justify £3.1m for six months' work, especially as much of it was very dubious (eg letting the established players carry on at the club until liquidation was confirmed, thus meaning that they received either nothing or buttons for them). A lot of them are absolute arseholes as well, Guilfoyle, Andronikou etc.

3 Years ago Administrators fees started from £155-£265 per hour for assistants or support staff, £290 to £440 per hour for managers and £525 to £615 for Partners. In a case I know of they wanted to charge in excess of £650k for a company with a turnover of £5m, whose affairs were uncomplicated (no dealings with complex HMRC cases or press conferences) and the name of the eventual buyer of the company was given to them on day one. The whole process took just six weeks. 3 years later and not a penny has been paid out to unsecured creditors despite all secured creditors being paid off in full from book trade debts, achieving almost full value for the sale of stocks, and actually making a profit on the sale of the fixed assets of the company compared to the Net Book Value. They also made a trading profit in the six weeks that they were in charge of running the company in admin.

 

[Penk Wolf]

Ok, well make any majority creditor on that scale responsible for appointing an administrator, or at least have the option to.

That said a company would be silly to let someone run up such debts to them - HMRC don't really have any choice in the matter.

Maybe the Government should use a public sector administrator for all administration cases and only charge £x amount per hour and then distribute the rest correctly.

 

[Deutsch Wolf]

Maybe the Government should use a public sector administrator for all administration cases and only charge £x amount per hour and then distribute the rest correctly.

That would make sense. And if they did a really shit job (like in the cases of Pompey/Rangers) they would forfeit their fees and be struck off from the list of approved public administrators.

 

[Penk Wolf]

3 Years ago Administrators fees started from £155-£265 per hour for assistants or support staff, £290 to £440 per hour for managers and £525 to £615 for Partners. In a case I know of they wanted to charge in excess of £650k for a company with a turnover of £5m, whose affairs were uncomplicated (no dealings with complex HMRC cases or press conferences) and the name of the eventual buyer of the company was given to them on day one. The whole process took just six weeks. 3 years later and not a penny has been paid out to unsecured creditors despite all secured creditors being paid off in full from book trade debts, achieving almost full value for the sale of stocks, and actually making a profit on the sale of the fixed assets of the company compared to the Net Book Value. They also made a trading profit in the six weeks that they were in charge of running the company in admin.

The other thing that is wrong is the creditors can't write off the debt until the conclusion, which means they can't claim the V.A.T. back or put it against profits.

 

[lemonjelly]

Maybe the Government should use a public sector administrator for all administration cases and only charge £x amount per hour and then distribute the rest correctly.

That is a really, really good idea.

 

[Kenny]

Elgin v Rangers postponed due to safety concerns. Elgin have no idea how many tickets they have sold for the game!!

 

[FrankMunro-371]

Elgin v Rangers postponed due to safety concerns. Elgin have no idea how many tickets they have sold for the game!!

Surely they only have tickets for the ground capacity, which I think is about 4,500. So how on earth have they ended up selling about 6,000 tickets?

 

[Penk Wolf]

Elgin v Rangers postponed due to safety concerns. Elgin have no idea how many tickets they have sold for the game!!

I heard it was something to do with Rufus Brevett.

 

[Deutsch Wolf]

Ah, the glory days of reporting the daily goings on at Borough Briggs. They worked us out quicker than any other team!

 

[Paddingtonwolf]

Southend were pretty much on the pulse as well, but they loved us!

 

[Deutsch Wolf]

I think I accidentally broke that one. In between linking Denes Rosa to them every single day, I called the keeper "Aaron Flahavan" rather than Daryl. Aaron of course being deid. Ooops.

 

[FrankMunro-371]

Rangers refusing to take up their ticket allocation for the cup tie at Dundee United.

http://www.bbc.co.uk/sport/0/football/20595802

 

[Tredman]

Rangers refusing to take up their ticket allocation for the cup tie at Dundee United.

http://www.bbc.co.uk/sport/0/football/20595802

Yes, because it's Dundee utd's fault they borrowed all that money and didn't pay their taxes.

Wankers.

 

[FrankMunro-371]

I think that Rangers blame Dundee United for being the Club that were most vocal in their opposition to Rangers continuing in the SPL.