HMRC Reject Rangers CVA Proposal

HMRC Reject Rangers CVA Proposal

HMRC stated today they would vote against the Glasgow Club’s Company Voluntary Arrangement.

Creditors of Rangers are due to meet on Thursday morning to vote on whether to accept an offer from the club to pay off part of their debts.

As HMRC is a major creditor, their decision is enough to all but rule out the possibility that the CVA will be accepted; meaning a liquidation of the football club is now likely.

Prospective club owner Charles Green said: “I am hugely disappointed by the decision of HMRC not to support the CVA proposal and that disappointment will be felt acutely by Rangers fans across the world.”

HMRC are currently owed more than £21 million in unpaid taxes from Rangers.

A statement from the tax office read: “liquidation provides the best opportunity to protect taxpayers, by allowing the potential investigation and pursuit of possible claims against those responsible for the company’s financial affairs in recent years.”

Liquidation will force the club into forming a new Company, which would then have to be voted back into the Scottish Premier League by the other member clubs. A no vote could force a new Rangers entity into the lowest division of the Scottish League.

Ricky Steedman

Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.

His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.

Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.

Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.