article_snippet.sent: Rangers had raised a little known legal provision stating that because I was a director of Rangers oldco within 12 months of Rangers liquidation that I must obtain court sanction before becoming a director of RIFC because the word “Rangers” is in both company names.
article_snippet.sent: ‘A court would not grant leave to an applicant unless A court is satisfied that the circumstances warrant such approval.
article_snippet.sent: Any affected party, eg the liquidator or an aggrieved creditor of the previous company, has the right to be heard at such a hearing.
article_snippet.sent: ‘The liquidation of Rangers oldco and the formation of Rangers Newco were not conducted clandestinely but in the full glare of publicity.
article_snippet.sent: However, being aware of a little known legal provision stating that because I was a director of Rangers oldco within 12 months of its liquidation that I must obtain court sanction before becoming a director of RIFC because the word “Rangers” is in both company names, I sought leave of the Court to accept my board appointment.