Revealed: Rangers winding-up petition

After some days of often feverish online speculation, I am now able to clarify the situation regarding the winding-up order which may soon be served against the Rangers Newco over a contract for services prior to the recent share offer.

Orlit Enterprises, based in Singapore, is seeking to petition the Scottish Court for a winding-up order against Rangers. Sources close to this legal action have spoken exclusively to Channel 4 News today.

This claim arises from the club’s alleged failure to pay two of the four invoices issued by Orlit. The outstanding sum is £400,000.

The source has clarified to Channel 4 News that Orlit Enterprises was contracted to source and introduce the investors who provided seed capital in order to acquire the club from the administrator and to secure the June 2012 payroll.

Orlit did not participate in either the pre-IPO equity fundraising or the IPO itself.

My sources indicated to me that there has been no satisfactory answer from the club as to its non-payment despite several requests. In the circumstances, the application for a winding-up order of the Rangers Football Club Limited – being the trading company obliged to pay the debt – is, my sources say, their only option left. Sources close to Orlit say they now have no other option than to embark upon winding up proceedings.

[UPDATE AT 18.24 BELOW]

Despite our best efforts it took Rangers several hours to respond to today’s developments. The club has just 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.

“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.”