We weren’t wound up for £12m. See below
RANGERS were today finally liquidated - inside just eight minutes.
The CVA proposal tabled to rescue the stricken football club has been formally rejected by creditors at a quickfire 10am meeting at Ibrox Stadium.
The Glasgow club will now be reformed as a 'newco' inside the next 24 hours and that will be called The Rangers Football Club.
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Just 30 of the creditors owed money by the troubled Ibrox club attended in person or were represented by lawyers acting on their behalf, with others sending proxy votes
The result of the meeting was, of course, already a fait accompli given that major creditor, Her Majesty's Revenue and Customs, confirmed on Tuesday that it would reject the £8.5million Company Voluntary Agreement package tabled by Charles Green, the man who is attempting to take over the club which has been in administration since February 14, forcing liquidation of the existing plc.
HMRC, currently owed £21million out of a £55m debt pile – with the possibility of being owed up to a further £75m pending the outcome of a First Tier Tribunal appeal into the club's use of Employment Benefit Trusts to pay players – refused to accept a payment that would have seen little more than £1.9m being returned to the taxman.