BDO have issued a statement which could delay Charles Green’s proposed £20m Sevco share issue.
With the First Tier Tribunal in the big tax case finally delivered BDO are ready to begin their task of identifying how the club crashed out of business- and recovering the best possible deal for creditors.
The BDO statement promises to recover all possible monies for creditors.
While there are a number of areas that they will have to forensically investigate the £5.5m sale of the club assets to Green’s consortium is likely to come under scrutiny particularly with Green going on record claiming that the new club have assets rated at £80m.
In a statement for the Daily Record, Malcolm Cohen, the company’s business restructuring partner and Joint Interim Liquidator, said: “As Joint Interim Liquidators, our main objective is to maximise returns to creditors.
“By investigating the reasons for the company’s failure, we will better understand the avenues available to enable the recovery of all possible monies for the creditors.
“Only after we evaluate all the options available to us will the Joint Interim Liquidators be able to comment on what approaches we may pursue.
“This is a complex case with many potential areas for us to investigate.
“Throughout the liquidation, and once our appointment is ratified, we will be working closely with the Liquidation Committee and the appropriate bodies to assist us with our investigation.”
Green announced his intention to raise £20m from a share issue on October 12 but has so far failed to publish a prospectus.
It’s likely that any question mark or investigation into the ownership of the assets would need to be stated in the share prospectus.
CLICK HERE for Murray hits out at BBC
Follow Video Celts on Twitter and Facebook
I wondered why there was indecent haste by Green to get his share issue into the public domain.
I would encourage all in Scotland to get the truth out against the shocking Scottish MSM, who all of a sudden seem ready to report on the Rangers Tax situation now that they won their appeal of the BTC. What is true is they were not “killed” for nothing and David Murray has not been vindicated as he is spewing to every Hack who will print his sob story! The TRUTH is despite that case they still withheld tens of millions from HMRC as well as now being all but found guilty of dual contracts not registered with the SFA, not to mention all the hundreds of companies the they also snubbed! Further, the numerous FC’s that they still owe for players the used to win false championships! This ‘all of a sudden’ need for the MSM to clear POOR Rangers as being falsely killed has got to be challenged! Rangers still got exactly what was coming to them, they have nobody to blame but themselves and if they had of cooperated with the investigation in the first place and released documents that mysteriously STILL haven’t been brought forward, maybe they’d have a leg to stand on! This dirty team died for a reason!
Totally agree with you Jim.
They (Now defunct) were guilty of tax avoidance, mis-appropriated the money to entice better talents than they could actually afford. No matter how the MSM try to dress it up….they have been found guilty on at least 30-35 cases. Anyone of which is enough to cost them tainted titles dependant on how often the illegally registered player appeared.
Lord Nimmo, already has sufficient evidence to find the former club guilty, now he has the added proof of the HMRC case. The acts of denying the very existence of the side contracts, the shredding of factual documentation, the attempts to pay players wages via a false trust fund.
The legality of any such fund is immaterial, they cannot deny they paid players…loans / wages whatever. Players received monies and these were NOT reported to the SPL / SFA as per rule. Dressing them up as loans doesn’t alter the fact …money changed hands and was NOT reported.
The fact it came via a 3rd party makes the offence even worse for the former club, another breach of rules.
The SPL / SFA must take all such cases into account, not just those that are due to repay tax. EVERY side contract makes EVERY player illegally registered…this will have massive consequences for the now defunct club – They have collected SPL Prize money & CL Monies which was illegally won and SHOULD be re-imbursed. As Chico has already accepted any penalties which may be forthcoming to gain a licence….this now falls on his new club to stump up or go under.
The removal of tainted titles should be a formality….so tell me again what did they actually WIN ????
Totally agree – cheats must NEVER prosper.
What is Cambell Ogilvie’s role in all this?