Friday 17 August 2012

Rangers again: gratuitous alienations and the notion of value

The sale of Ibrox Stadium may yet raise issues about the meaning of words and concepts used in insolvency law that don't appear to have been considered by the courts before, at least not in the precise context in which the ongoing Rangers saga presents them. In this post, we look in some detail at the various reports and statements issued by the club's administrators and wonder: what is an asset like a football stadium actually "worth"; how do you assess what is an "adequate" price for it; is "adequate" a notion that depends wholly on the circumstances of the particular sale; and, if so, does the word connote anything meaningful or give any useful guidance at all, particularly in the context of administration?