23 sept 2011 año - During the case of Bain vs Rangers (Martin Bain's
claim re: termination of his contract with
Rangers) information is laid bare relating to the
perilous financial position at the Ibrox club and
the possibility of insolvency.
Descripción:
1. that the “healthy balance sheet depended on the valuation of the company’s stadium and training facilities;
2. that the accounts did not provide for the potential tax liability of £49 million in respect of the “big” tax case;
3. that Mr Ellis relied on the terms upon which Wavetower Limited, controlled by Mr Whyte, had purchased the holding of 85 per cent of Rangers’ shares (further referred to below);
4. that there was the “small” tax case, where HMRC had arrested £2.3 million in a bank account of Rangers and where Rangers had accepted its liability to pay £2.8 million and that it disputed only amount of the interest and penalties;
5. that Rangers had paid a debt of about £35,000 to its former solicitors, Levy & McRae, only after they had sued when faced with delaying tactics; and
6. that Mr Whyte had given an interview reported in an article in the Daily Record on the day of the hearing (13 September 2011) in which the reporter recorded Mr Whyte as stating that Rangers faced cuts in expenditure because it faced a £10 million black hole in its annual running costs.
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