Tue, 14 Feb 2012 | ADMINISTRATION
Rangers Football Club has filed legal papers to place itself into administration after an attempt by HMRC to push the club into administration.
It had been announced this week that the 140-year-old club had ten days to make a decision about entering administration. HMRC’s legal action over unpaid tax bills and penalties of up to £49 million made the situation more urgent, however.
HMRC believes the Scottish football club owes money over its use of Employment Benefit Trusts (EBT) to pay its staff over a ten-year period. Using EBTs clubs pay their players’ wages into offshore trusts in order to avoid national insurance. HMRC asserts that the club did not pay its taxes fully or use the scheme properly. Rangers disputes this.
Rangers Football Club could be facing total tax liabilities of as much as £75 million, according to owner, Craig Whyte, who is also believed to be the club's secured creditor.
A creditors agreement that would enable the club to carry on operating is Mr Whyte’s preferred outcome. If HMRC blocks such an agreement, the club could fail.
A pre-pack administration deal is an option that would enable the club to avoid paying it tax liabilities. The assets would be transferred to a new company, leaving the old company with the hefty debts to be possibly wound down.
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