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£56,000,000- HMRC finally settled The Rangers tax bill with BDO

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BDO have reached agreement with HMRC that Rangers went into liquidation owing Her Majesty Queen Elizabeth £56,000,000.

Years of tax scams and ‘disguised remuneration’ came to an end in June 2012 when Her Majesty rejected the offer of a CVA to send the club into liquidation.

Ally McCoist’s side had led the SPL by 15 points in November 2011, three months later they went into administration with their final match a 0-0 draw at St Johnstone in May 2012, a fortnight after their final defeat from Celtic, a 3-0 loss at the home of the champions.

When HMRC rejected the CVA a list of 276 creditors was drawn up including newsagents, florists, tax firms, Glasgow City Council, Police Scotland and a face painter.

In the latest Creditors Report from BDO dated 7 December they announced:

We are pleased to advise that since the last report, we continued extensive and collaborative discussions with HMRC to reach a negotiated resolution in relation to the remaining elements of the claim.

After significant input from BDO’s Tax Dispute Resolution team, together with our legal advisors, we were able to reach a composite settlement of £56m for the whole of the HMRC claim. Formal settlement documentation will ensure that HMRC will not raise any further claims in the liquidation.

The agreed settlement with HMRC reflects the outcome of the Supreme Court decision in 2017. This composite settlement represents an agreed reduction to HMRC’s initial submitted claim in the liquidation.

As a result, all other unsecured creditors should receive dividends totalling approximately 5.3p in the £ more than they would have otherwise received. It also negates the need for further protracted litigation which could have been costly to the liquidation estate.

The Joint Liquidators have been in consultation with the Committee and it was agreed that the composite settlement of £56m was a positive outcome for the creditors.

With the HMRC bill settled the final payout should soon be made to creditors to finally wind up the demise of a Glasgow football club.

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  • Graeme Stein says:

    56 right enough, eh?

  • John Copeland says:

    Is that the green light for the clumpany to conduct their business and financial game plan as it previously did ? The Rangers are broke ! They are relying on a £23million overdraft/loan from their deputy chairman ! Their attitude will be ,that its only money and we are the Establishment ,no one can touch us …. EBT ‘s for Christmas ,with side letters at Easter …Happy days ..

  • UlyssesGunt says:

    Seems like 55 was never likely to be enough … ?. 23/24 season should make our 54 a joint Scottish league record … best part being the other club will never be able to add to this .. only Celtic can go to 55 .. 56 .. Heinz !!

  • Scud Missile says:

    That’s been some week for the new klub with their AGM shenanigans and now bad news haunting them about the previius occupiers at the BIGOT dome.

  • Scud Missile says:

    Lol jumped on to FF for a scream there they have a thread on Simon Jordon from Talksport giving it some straight talk about the new manager Mr Bean,oh he certainly didn’t miss him and the klan ain’t best pleased
    Apparently it was a brilliant station when hhe presenters on there left our club without a name and the klan fan base was full of praise for them for this.
    Now after Jordan’s outburst today and put down of the klan manager they are screaming that the station is the worst anyone could listen to,lol no doubt there will be some serious protests to be done by the klan to get it shut down.

  • Bob (original) says:

    Can’t wait to read Keith Jackson’s legal opinion on this settlement!!! 🙂

  • Joseph Mcaleer says:

    The same Glasgow city council, who invited the Ibrox club to a 150 year old celebration at the city chambers, obviously at the tax payers convenience.

  • Andrew mcdowall says:

    Why is oldco & newco not paying theses poor people who trusted them & the tax man anyone else would be in jail newco claim to be oldco the SFA are protecting them they should pay there debts I do so why not them ???

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