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Rangers Winding-up Petition

February 07 2013

It seems that Rangers Football Club simply cannot escape the headlines at the moment. After appointing administrators February 2012 the newly formed Rangers Newco is bracing itself for a winding-up order which may soon be served against it over a contract for services.

Singapore based Orlit Enterprises, who were contracted to source and introduce the investors who provided seed capital in order to acquire the club from the administrators and to secure the June 2012 payroll, is seeking to petition the Scottish Court for a winding-up order arising from the club’s alleged failure to pay two of four invoices. The outstanding sum is believed to be £400,000.

Sources close to Orlit say they now have no other option than to embark upon winding up proceedings against Rangers Football Club Limited (the trading company obliged to pay the debt) after the Scottish club’s failure to provide satisfactory responses to its non-payment despite several requests.

The club has since issued the following statement: “With regard to stories circulating about Rangers and Orlit, the sums sought are insignificant and agreement has been reached subject to the necessary paperwork.” The statement goes on to say: “Rangers Football Club is capable of meeting any debts presented legitimately and we would like to stress to our supporters there is no threat to the Club whatsoever.”

Rumours are surfacing of a possible connection between the club’s Mr Green and Orlit as one of the Directors of Orlit is a lawyer called Chan Fook Meng. He in turn is also the director of Nova Resources Limited of whom Mr Green was the chairman until May 2012; when he resigned to pursue “other interests”.

There is no evidence to suggest that Rangers is in financial difficulty and often the threat of a winding-up order is simply a method of forcing payment. Nevertheless it appears that Rangers FC may find itself tied up in controversy once again.

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