Rangers Football
club had offered those owed money a reduced payment deal via a Company Voluntary Arrangement, funded by an £8.5m loan from a consortium led by Charles
Green. Administrators Duff and Phelps confirmed on Tuesday they now expect HMRC
to refuse the proposal at a vote on Thursday afternoon.
Mr. Green said:
he was “hugely disappointed” by the rejection of the CVA proposals by HMRC, whose
debt currently stands at around £21m in unpaid VAT and PAYE.
Rangers are
currently awaiting an outcome to the First Tier Tribunal in a case over the
illegal use of an employee benefits trust to pay players and staff between 2001
and 2010 that could result in the club being served with a tax bill of
approximately £75m.
HMRC had
previously agreed with Duff and Phelps to appoint neutral insolvency firm should
Rangers have to be liquidated. This came after the administrators had asked creditors
to appoint them as liquidators should the CVA fail.
