February 14, 2012 by staff
Rangers Administration, Her Majesty’s Revenue and Customs (HMRC) will apply for the Court of Session to place Rangers into administration. The court will now have to decide whether the administrator is appointed by the club, or by HMRC.
On Monday, Rangers confirmed they had filed legal papers to the Court of Session, notifying an intention to declare an administrator. They are awaiting a verdict in a tax tribunal with HMRC that could land the club with a bill of £49 million.
The tribunal is centred on the use of employee benefits trusts put in place before chairman Craig Whyte took over from Sir David Murray last May.
Whyte has taken to the club’s official website to declare the case for administration. “From my early days as chairman I saw that administration was a very real option to enable the club to address these challenges and make a fresh start,” he said.
“Frankly, the case for administration in pure financial terms was compelling but I was acutely aware that such a great institution as Rangers could not be viewed exclusively in financial and business terms.
“We have filed a notice of intention to go into administration and we will do that in the next couple of weeks unless a sensible arrangement can be made with HMRC. We have been working very very hard to try to come up with an arrangement to avoid this and so far we have been rejected by HMRC.
“It’s a slim possibility that something could be resolved in the next two weeks but I think it’s more likely that we will go into administration and come out of it a fitter and stronger business and be in a better position to move forward in football terms.
“Any other business would have been in administration long before now and I know that there were discussions previously about putting the club into administration before I came on the scene.
Please feel free to send if you have any questions regarding this post , you can contact on
Disclaimer: The views expressed on this site are that of the authors and not necessarily that of U.S.S.POST.