Thursday, 1 November 2012

Lord Hodge approves liquidation of former Rangers FC

At the Court of Session in Edinburgh, the sad Rangers saga continued as Duff & Phelps, the clubs administrators sought to bring the administration process to an end and hand over the remains of the club to liquidators BDO.

Controversy, however, continues over allegations that a conflict of interest existed when Duff & Phelps were appointed as administrators in February this year.

BBC investigations in May and more recently in October have suggested that a senior partner of Duff & Phelps knew of Craig Whyte's controversial plan to fund his purchase of the club by selling 3 years of advanced season ticket sales to Ticketus.

Should this prove to be the case, it raises questions about the probity of administrative proceedings. Such is the concern relating to this matter, an investigation into this issue is being undertaken by the Insolvency Practitioners Association.

Meanwhile in the midst of this controversy, Paul Clark, joint administrator of Rangers says "As administrators, our primary function was to keep the business going and effect a sale of the club in order that it could continue, whilst maximising the return for creditors.  These objectives were achieved. It will now fall to liquidators to realise any further potential funds that may go to creditors"

As far as the the outcome for creditors are concerned, one could say job done…or being done, however, this case certainly appears to be a game of two halves and it is far from over.....yet!

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