Tuesday, 12 June 2012

HMRC to reject Rangers CVA

HMRC have announced that they will reject the CVA proposal for Rangers at the meeting on Thursday.  Effectively the offer of 9p in the £1 was not enough to persuade them to vote in favour.  As HMRC has a casting vote Rangers will in effect go into liquidation with a "newco" taking over the assets.

The HMRC is no friend to the football clubs as they see the football creditors rule as unfair especially as these clubs seem to rack up huge tax debts. 

Charles Green said; ""I can understand HMRC deciding that football clubs which do not pay their taxes need to be punished, but by effectively banning Rangers from Europe for three years all that will happen is that there will be less revenue generated by the club and consequently less money paid over to the taxman."

Just because something is better than nothing does not mean that it will always be accepted by the creditors.

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