Rangers will finally publish their CVA proposal tomorrow- three and a half months after going into administration.
The much awaited document has been subject to several delays and will be eight days behind the schedule given by Charlie Green when he was given preferred bidder status by Duff and Phelps.
Green is believed to be offering around £8.5m for the creditors with the fees for Duff and Phelps deducted before being split amongst the creditors.
The exact total of debt is unknown with a huge question mark over the potential liability of the big tax case which could amount to £50m plus if Rangers are found guilty of using the EBT scheme in conjunction with contracts.
HMRC are believed to be owed £15m from last May with ticket agency Ticketus owed around £25m. Both creditors have the power to reject the CVA plunging Rangers into liquidation.
Announcing tonight’s breakthrough Paul Clark of Duff and Phelps said: “A formal notice of the CVA meetings will be sent to all creditors and shareholders of the Club tomorrow providing further details of the CVA process.
“The proposal will offer the best return for all stakeholders given the position the Club is in. If approved by the creditors, the CVA proposal will rescue the Company and finally enable it to exit administration.
“Details of the CVA proposal have been finalised today and there has been additional consultation with certain stakeholders. We had hoped the results of this consultation would have enabled us to publish the proposal today but administrative alterations mean the document will be published tomorrow.
“Rangers supporters should be reassured the CVA process is on track. The creditors’ meeting to consider, and hopefully approve, the CVA will be held on Thursday 14 June.”
On Saturday Green optimistically claimed that he had received a nod of approval from HMRC for the proposed CVA but that idea was quickly dulled down by Duff and Phelps.
In the unlikely event that the CVA is backed by more than 75% of the creditors there will be a 28 day cooling off period before the CVA is activated.
Rangers still face a number of footballing charges ranging from their inability to produce audited accounts for an SFA licence and failure to provide an SPL enquiry with documentation into secondary payments.
Last week the SFA upheld the decision to impose a 12 month transfer ban on the club. Rangers currently owe money to clubs in Scotland, England, Sweden, France, Italy and Austria for transfers dating back two years.
CLICK HERE for Duff and Phelps dismiss Green’s HMRC ‘nod’
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I hope they have printed it on toilet paper as that’s the only place this CVA is going right down the pan.
About time they saved creditors some money..Duff & Dumber must have raked in about £ 2-3m in fee’s plus losing £ 1.5m / month for 4 months is another £ 6m and that’s BEFORE they should have started saving money ….a couple of jokers.
I don’t know if anyone is paying attention, but the dates of all these “meetings” and “decisons” are so that the tough calls are made BEFORE the information is all in! The details of last years audited accounts from rangers won’t be available till June 15th but the meeting to decide their fate is on the 14th. A little odd don’t you think?
I think we all know the SFA are giving in to this lot. the smoke and mirriors game is up.
JoeG
There is practically no chance that audited accounts will be produced on 15 June. That just seems to be Donkey playing for time.
If HMRC agree to give Rangers a 97% discount on tax due then the Public Accounts Committee will take them apart
This seriously sucks. Watch this space. IA return
squeeky clean ready for 2012/2013 I hope not. Dimmer and dimmest have kept IA going and seen the season out much to the satisfaction of the SPL/SFA. When will d and d address creditors and not the cause?