The case for due diligence
I have been reading the press coverage on Rangers' administration. It made me think once again of just how important it is to know what you are buying. I am not suggesting for one moment that proper due diligence was not undertaken on the last acquisition of the football club.
But any buyer can come across issues. In any instance when buying a business proper due diligence - accounts, commercial and tax - needs to be undertaken. If you are looking at buying a business with tax issues you need to know not only the worst case position and the likelihood of that becoming reality, but also the likely time and hassle involved in dealing with HMRC. The recent media coverage indicates that the Rangers issues are more about legal costs and uncertainty than actual tax numbers.
Date: 2nd March, 2012
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