The Saint Valentine’s Day Administration.

This morning HMRC decided that by close of business Rangers Football club would be in Administration.


The revelation that the club was behind in £9 million PAYE payments since Mr Whyte took over the club should not come as a surprise to readers of this site.

The game plan for Mr Whyte is to get the Administrator to put in place a Creditors Voluntary Arrangement (CVA).

This requires the creditors who are owed at least 75% of the total liabilities to agree a deal with the company.

This will not happen as HMRC are owed enough money to block such a deal.

Hector wants Administration to remain in place until the First Tier Tax Tribunal delivers the death blow to Rangers.

Once more for the new reader the bill will be £24 million plus £12miilion in interest.

The £18 million in penalties will be ruled on by a future tribunal.

The problem for Mr Grier the Administrator is to keep the company going until that £36 million bill crystallises.

I am informed that the best legal advice strongly suggests that HMRC would win a court case were they to oppose a CVA.

Although there is some spinning going on tonight that the wily Mr Whyte has somehow bested the taxman in court with the appointment of “his” guy.

However the facts are that there are strict rules laid down for how an administrator operates.

The bottom line is that this morning Hector wanted Rangers in Administration by the close of play.

Now who do think is happier tonight?

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