Wednesday 31 October 2012

BBC news again tells it as it is!!!

Source: http://www.bbc.co.uk/news/uk-scotland-glasgow-west-20141946

Duff and Phelps seek end to 'old Rangers' administration

Ibrox StadiumRangers was forced into administration over unpaid tax bills


A court will be asked later to approve moves for the former Rangers Football Club to be handed to liquidators.
Duff and Phelps took over running of the club when it entered administration on 14 February over unpaid tax 
bills.
Earlier this month, the administrators said the club's creditors had approved an end to the administration.
Duff and Phelps is seeking formal approval at the Court of Session in Edinburgh, paving the way for the appointment of BDO as liquidators.
The petition is due to be heard before Lord Hodge on Wednesday morning.
The old club, which was formed in 1872, was forced into administration by HM Revenue and Customs (HMRC) in February, over non-payment of tax totalling about £14m.
'Potential investigation'
HMRC subsequently blocked a proposal for a CVA (creditors agreement), which would have allowed the old club to continue by paying creditors a fraction of what was owed.
Rejecting the CVA in June, HMRC said: "A liquidation provides the best opportunity to protect taxpayers, by allowing the potential investigation and pursuit of possible claims against those responsible for the company's financial affairs in recent years."
Following this decision, Duff and Phelps oversaw a sale of assets for £5.5m to the Charles Green-led Sevco consortium.
Shareholders in the old Rangers then gave their approval for Sevco to change its name to The Rangers Football Club Limited.
The former club, which remained in administration, has since been known as RFC 2012.
The Scottish Football Association later approved the transfer of the licence held by the old club to the new club started by Mr Green's consortium.
It has since started life in the Scottish Third Division.

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