jun 3, 2011 - Circular sent to Rangers shareholders re Whyte's takeover and certain undertakings given. Among them is that the Group [Whyte's Wavetower] would waive this [Lloyds £18m acquired] debt “if the Club has not suffered an insolvency event within 90 days of the Club’s appeal in relation to the tax claim brought against the Club by HM Revenue & Custom.” Since insolvency happens before them, never applied in practice, but has the effect that the club still heavily indebted until eventual liquidation.

Description:

Craig Whyte issues a circular on behalf of “The Rangers Football Club Group Limited” (formerly called Wavetower Limited) to RFC shareholders, providing them with information on the takeover and future commitments. One of those commitments is specified as

“The Rangers FC Group is to contribute to the Club the amount required to meet a liability owed by the Club to HM Revenue & Customs in relation to a discounted option scheme tax;”