Whyte’s firm prepares for administration
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The financial mysteries at Ibrox deepened yesterday as The Rangers FC Group prepared an ‘Administration restoration application’.
The company used to be known as Wavetower Limited which was the company used to buy out David Murray for £1 in May 2011, a week after that transaction the company changed name.
Since Whyte was cleared of fraud in June there has been a number of developments behind the scenes with the lack of a NOMAD adding to the confusion.
What the flippin heck’s going on with the former owner of the former Rangers? pic.twitter.com/FxuUjrCHJy
— David Low (@Heavidor) July 20, 2017
It means they’re trying to get their affairs in order and claim they are preferred creditors of old RFC in Liquidation and entitled to £18m. https://t.co/KvUpGuiIlN
— David Low (@Heavidor) July 21, 2017
While Whyte used twitter to deny a claim that he was in line for a £5m payout from the liquidation of the club he could be expecting a pay out for a different amount.
HMRC thought that they had secured the bulk of the liquidation pot when they won their battle at the Supreme Court but since then Whyte has made a claim through his ‘floating charge’.
When he paid off the Lloyds Bank debt in 2011 Wavetower (Whyte) took on the floating charge which effectively put Wavetower at the front of any creditors queue.
CLICK HERE for Companies House filing history.