Duff and Phelps put Green's 'nod' in it's place over HMRC deal

Duff and Phelps have issued a firm denial to Charlie Green’s claim that HMRC have given him a nod of agreement for his CVA proposal.

Green’s deal is believed to be worth around £8.5m but the costs of administration through Duff and Phelps have to be taken off.

That would leave around £5m to be split amongst creditors which can be rejected by HMRC or Ticketus.

The prospect of HMRC accepting around 10p in the pound for income tax from last years seems remote but that didn’t stop Green telling the Daily Record about the nod he had received with the CVA proposals expected tomorrow- a week later than Green had claimed.

Responding to reports of agreement from HMRC Paul Clark of Duff and Phelps explained: “There has been an ongoing dialogue with HMRC and we wouldn’t have got to such an advanced stage if we didn’t feel there was more than a strong possibility of a CVA being approved. But there is no deal and that can’t happen until there is a meeting of the creditors.

“We’re on track. Relative to other football admins, there’s been a good amount of swift progress.

“It’s very rare these things are resolved in three or four months. Getting the CVA proposal is a major milestone and that will happen on Monday.”

Green has an agreement with Craig Whyte to purchase his 85% shareholding for £2 provided that the CVA is accepted.

If the CVA is rejected Green has plans to form a newco with the assets of the existing company but that option is riddled with problems.

A number of legal cases are ongoing relating to the Rangers crisis with the club currently under an SFA transfer embargo and uncertainty over the ownership of Ibrox and Murray Park.

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