Duff and Phelps

[russell]

The administrators of Rangers are paid by the hour.

The progress of the administration of Rangers is being drawn out and taking a long time.

Can anyone connect the sentences.

[MarillionFan]

Rangers. WGAS?

[russell]

Rangers. WGAS?

It's the most exciting thing to happen in Scottish football for decades.

[shaunbhoy]

Rangers. WGAS?

WMFS

[eek]

From the latest news report on Rangers.

Lawyers for the administrators told the High Court in London they had expected to find £9.5m in the account.

But they said there was only £3.6m in the account and several parties are claiming ownership of the money.

They include HM Revenue and Customs, which wants £2.8m.

Merchants Turnaround is seeking £1m and pension fund Gerome is claiming £2.9m.

Could they get on with liquidating the club. It clearly hasn't got the money to pay its debts and I could do with the laugh.

[oscarose]

Could they get on with liquidating the club. It clearly hasn't got the money to pay its debts and I could do with the laugh.

WEEKS

[shaunbhoy]

Is liquidation inevitable?
Eventually, yes- it seems that way. The liabilities amassed by Rangers FC (In Administration) are probably more than the underlying business is worth- even without the Big Tax Case (BTC) liability. Include the likely amounts for underpayment & interest for the BTC, and Rangers’ total debts will probably be in the region of £70m. HMRC would then proceed with the penalty phase. This will add an additional £18m or thereabouts. No one planning on keeping Rangers alive can hope to spend less than £88m before a player is signed or a ball is kicked.
Keeping Rangers alive would also entail dealing with the responsibility for at least a decade of breaking league rules regarding player contracts and other illegal payments (such as those exposed in the Wee Tax Case). In short, Rangers today are an accumulation of time-bombs set years ago as expediencies designed to “win the title now” without regard to the future. They are all exploding together now. It would simply make financial sense to let the club founded by ‘four boys with a dream’ on Flesher’s Haugh in 1872 die and to start again.

[Churchill]

The administrators of Rangers are paid by the hour.

The progress of the administration of Rangers is being drawn out and taking a long time.

Can anyone connect the sentences.

And the administrators get paid before all other creditors - you forgot that bit.

[DodgyAgent]

Are Celtic and other clubs (English ones) in the same situation? we know Portsmouth are.

[shaunbhoy]

Are Celtic and other clubs (English ones) in the same situation? we know Portsmouth are.

Celtic most definitely are NOT. But you are right, a great many others are in financial difficulties.
To be fair to some of them though, they have not arrived at that point in quite the cavalier and gung-ho fashion that Rangers have.
That is why most of them will avoid liquidation.