Anyone else read the latest BDO report published today?

Bearsden Bear

Bearsden Bear

Well-Known Member
This was in respect of the liquidation of the previous holding company of the Club dating back to 2012.

Rather than publish the whole report here, the following paragraph is probably worth noting:-

"The Joint Liquidators expect to pay the final dividend in the next 6 months and subsequently be in a position to close the case on consignment of any unclaimed dividends. Therefore, it is likely that the next report to the creditors in this matter will be the final report."

All this is after paying HMRC a total of 56 million pounds to settle monies owed from both the old EBT case and the subsequent mismanagement of the Club's finances by Craig Whyte.
 
As an ex Bond Holder, I’ve had at least two cheques, total I can’t remember, but if we receive a third dividend, I’m fairly certain we will be in the 20p to the £ bracket, that’s much more than the CVA was offering and it shows, if proper financial due diligence was carried out, an agreed repayment plan over a 10 year period then very few people would have lost out on anything.

I’m not counting Europa money or the recent transfer fees in this. The player value at the time and blue pound would have seen this achieved.

This further underlines the illegal practices that were applied to our club by those yet to be legally identified.

The sooner the criminal elements of the Whyte case are concluded, the sooner the public inquiry can start.
 
okbear said:
As an ex Bond Holder, I’ve had at least two cheques, total I can’t remember, but if we receive a third dividend, I’m fairly certain we will be in the 20p to the £ bracket, that’s much more than the CVA was offering and it shows, if proper financial due diligence was carried out, an agreed repayment plan over a 10 year period then very few people would have lost out on anything.

I’m not counting Europa money or the recent transfer fees in this. The player value at the time and blue pound would have seen this achieved.

This further underlines the illegal practices that were applied to our club by those yet to be legally identified.

The sooner the criminal elements of the Whyte case are concluded, the sooner the public inquiry can start.
Click to expand...
The total will be between 14 and 15 pence in the pound, not 20 as you suggest.

I agree with the rest of your post though.
 
okbear said:
As an ex Bond Holder, I’ve had at least two cheques, total I can’t remember, but if we receive a third dividend, I’m fairly certain we will be in the 20p to the £ bracket, that’s much more than the CVA was offering and it shows, if proper financial due diligence was carried out, an agreed repayment plan over a 10 year period then very few people would have lost out on anything.

I’m not counting Europa money or the recent transfer fees in this. The player value at the time and blue pound would have seen this achieved.

This further underlines the illegal practices that were applied to our club by those yet to be legally identified.

The sooner the criminal elements of the Whyte case are concluded, the sooner the public inquiry can start.
Click to expand...
When the next payment comes it will take us to 14.3p in the pound in total mate. Confirmed in Section 5 of the report linked above.
 
Valley Bluenose said:
When the next payment comes it will take us to 14.3p in the pound in total mate. Confirmed in Section 5 of the report linked above.
Click to expand...

Presumably HMRC getting the same 14.3p in the pound on the agreed settlement - so they're ending up with about £8m?
 
So the 100 odd million hmrc claimed we owed them between both tax cases and the Craig white stuffed ended up about half that . They will end up with around 8 million I assume. If they had enter negotiations they could have got so much more . Still to this date feel someone at hmrc st the highest level simply refused to enter negotiations
 
okbear said:
As an ex Bond Holder, I’ve had at least two cheques, total I can’t remember, but if we receive a third dividend, I’m fairly certain we will be in the 20p to the £ bracket, that’s much more than the CVA was offering and it shows, if proper financial due diligence was carried out, an agreed repayment plan over a 10 year period then very few people would have lost out on anything.

I’m not counting Europa money or the recent transfer fees in this. The player value at the time and blue pound would have seen this achieved.

This further underlines the illegal practices that were applied to our club by those yet to be legally identified.

The sooner the criminal elements of the Whyte case are concluded, the sooner the public inquiry can start.
Click to expand...
As a bond holder, I have never had any cheque. When were they received?
 
okbear said:
As an ex Bond Holder, I’ve had at least two cheques, total I can’t remember, but if we receive a third dividend, I’m fairly certain we will be in the 20p to the £ bracket, that’s much more than the CVA was offering and it shows, if proper financial due diligence was carried out, an agreed repayment plan over a 10 year period then very few people would have lost out on anything.

I’m not counting Europa money or the recent transfer fees in this. The player value at the time and blue pound would have seen this achieved.

This further underlines the illegal practices that were applied to our club by those yet to be legally identified.

The sooner the criminal elements of the Whyte case are concluded, the sooner the public inquiry can start.
Click to expand...
I was a bond holder along with my recently departed best pal, we never asked for a penny back, rightly or wrongly I’m still not sure
 
Valley Bluenose said:
Hopefully this works @mdingwall

Click to expand...
The legal fees published are eye watering.
And they agreed our final HMRC bill to be 56m. It's a far cry from the 100+ million figure once being touted.
I'm also surprised the administrators lost the case brought against them by the liquidators. 4.7m that cost Duff & Phelps. If I remember correctly Charles Green bought Rangers off the administrators for just over 5m!
 
sammy1872 said:
So the 100 odd million hmrc claimed we owed them between both tax cases and the Craig white stuffed ended up about half that . They will end up with around 8 million I assume. If they had enter negotiations they could have got so much more . Still to this date feel someone at hmrc st the highest level simply refused to enter negotiations
Click to expand...
I always suspected that timmy had snuck into the corridors of power
 
Marty101 said:
Presumably HMRC getting the same 14.3p in the pound on the agreed settlement - so they're ending up with about £8m?
Click to expand...
I assume they get the same rate as every other creditor @Marty101.

Loyaljohn said:
As a bond holder, I have never had any cheque. When were they received?
Click to expand...
You had to register as a Creditor way back at the start of this whole process. First payout was in late 2017, the second around Spring 2020 and the third, and final one, due in the next 6 months. For example, if you had a single bond at £1000 you would have received about £70 so far, with about another £74 to come.

Too late to claim now I’m afraid.
 
Loyaljohn said:
As a bond holder, I have never had any cheque. When were they received?
Click to expand...
It tells you in the report, first one was November 2017, second one was March 2020.

The report also outlines the unbanked payments, so presumably yours is part of that.
 
sammy1872 said:
So the 100 odd million hmrc claimed we owed them between both tax cases and the Craig white stuffed ended up about half that . They will end up with around 8 million I assume. If they had enter negotiations they could have got so much more . Still to this date feel someone at hmrc st the highest level simply refused to enter negotiations
Click to expand...
Add onto that the cost of failed prosecutions
 
Bearsden Bear said:
This was in respect of the liquidation of the previous holding company of the Club dating back to 2012.

Rather than publish the whole report here, the following paragraph is probably worth noting:-

"The Joint Liquidators expect to pay the final dividend in the next 6 months and subsequently be in a position to close the case on consignment of any unclaimed dividends. Therefore, it is likely that the next report to the creditors in this matter will be the final report."

All this is after paying HMRC a total of 56 million pounds to settle monies owed from both the old EBT case and the subsequent mismanagement of the Club's finances by Craig Whyte.
Click to expand...
So the final number was 56 million to the hrmc,?
 
Where did BDO get the £56m etc to pay off HMRC. I’m almost certain that the spivs who took over us initially didn’t pay in that sort of money, it didn’t come from our assets i.e players/stadium.
 
TN8 said:
Has this not already been confirmed, that they were never going to negotiate? It was always their intention to take it all the way to get their "legal precedent" on EBTs?
Click to expand...
Yeah, so they could go after all these hundreds of others clubs for similar EBT's
How did that pan out? Never heard another peep about it after us.
 
sammy1872 said:
So the 100 odd million hmrc claimed we owed them between both tax cases and the Craig white stuffed ended up about half that . They will end up with around 8 million I assume. If they had enter negotiations they could have got so much more . Still to this date feel someone at hmrc st the highest level simply refused to enter negotiations
Click to expand...
Murray offered HMRC a £10m settlement early doors.
 
So the bottom line was?
Final total owed at point of entry to process?
Total recovered and paid out by BDO to creditors?
Total paid out to administrators, lawyers and BDO?

Result a total sham I expect.
 
TerryMunro said:
Where did BDO get the £56m etc to pay off HMRC. I’m almost certain that the spivs who took over us initially didn’t pay in that sort of money, it didn’t come from our assets i.e players/stadium
Click to expand...
Will they not get only a small percentage of that like all the other creditors.
 
g/hillger said:
Tbh im surpised we still have a stadium and a team on the park after murrays stitch up. They bastards wouldve sold the last blade of grass if king and the supporters hadnt stopped them.
Click to expand...
I think you mean Lloyds tsb if not you should have as it is well known now they sought the players like Ennis and CW! They threatened Murray's business if he didn't sell us to their man CW whom they also helped get ticketus cash upfront to pay the full 18m we owed them the bank!

They did this by promising CW they would get him to be next chairman but he would have to use ticketus money to pay the loan back and that they would then give him an overdraft for same amount as admitted by CW however as soon as the bank got their money they did a runner and left us to CW rest is history!
 
TN8 said:
Has this not already been confirmed, that they were never going to negotiate? It was always their intention to take it all the way to get their "legal precedent" on EBTs?
Click to expand...
That was certainly reported, yet here we are a decade down the line and still the only club to have faced this type of action from HMRC, despite being far from the only club to use EBT's. It stinks to the high heavens. Always has done.
 
sammy1872 said:
So the 100 odd million hmrc claimed we owed them between both tax cases and the Craig white stuffed ended up about half that . They will end up with around 8 million I assume. If they had enter negotiations they could have got so much more . Still to this date feel someone at hmrc st the highest level simply refused to enter negotiations
Click to expand...
What's the Craig white stuff?
 
sammy1872 said:
So the 100 odd million hmrc claimed we owed them between both tax cases and the Craig white stuffed ended up about half that . They will end up with around 8 million I assume. If they had enter negotiations they could have got so much more . Still to this date feel someone at hmrc st the highest level simply refused to enter negotiations
Click to expand...
They did and with leaks it was obvious there was an underlying hatred to damage us at any cost which with the exaggerated amounts they leaked and was spun was a lot less but this affected the chance of a buyer coming in!

Even worse you add the police keystone investigation and the figure of over 100m compensation and other has become a reality not because of us but because hmrc didn't want a deal therefore their exaggeration became a reality with the exception it was not us that cost the taxpayer dearly it was HMRC handling and not accepting a deal or plan that has led to public services suffering yet not one word from mass football fans wave of criticism towards us has turned the real culprits within the HMRC!

Fact is they failed to kill us then failed the taxpayer even with an unjust retrospective change to the legit tax loophole hell mend em!
 
You must log in or register to reply here.

Share this page

Latest posts

Back
Top