ian1964 10,724 Posted June 9, 2014 Share Posted June 9, 2014 .....as bill for winding up oldco Rangers continues to soar. Jun 09, 2014 12:26 By Keith Jackson THE staggering figures are revealed in the latest six month report from insolvency experts BDO - which shows more than £1m has been spent on legal fees and outlays ACCOUNTANTS and lawyers have raked in a staggering £2m in 12 months as the bill for winding up oldco Rangers continues to soar. The mind blowing figures have been detailed in the latest six month report from insolvency experts BDO who were appointed as liquidators of the Rangers Football Club PLC after it failed to emerge from administration following Craig Whyte’s ruinous 10 month reign. And the unfathomable strategy adopted by Whyte is further highlighted by the fact that almost half of this latest £2m bill has been covered by the final instalment of the £4.5m deal which saw Nikica Jelavic sold off to Everton just two weeks before the club was plunged into financial chaos in February 2012. The BDO report, which was completed at the end of last month, reveals that a cheque for £975k is expected to arrive from the Goodison Park club ‘shortly after 31 May 2014’. But that windfall won’t come close to covering th.e spiraling costs of the on-going liquidation process - as BDO gear up for a potential multi-million pound courtroom battle with Collyer Bristow, the law firm who advised Whyte during his takeover in 2011. In total, more than £1m has been spent on legal fees and outlays with more than £650,000 of it going to solicitors Stephenson Harwood, who are preparing the case against Collyer Bristow. The report says that a trial date is ‘currently set for the beginning of 2015’ but it is anticipated that a deal could be negotiated and an out of court settlement agreed. BDO are also carrying out a probe into the conduct of administrators Duff and Phelps, who sold the club’s assets to Charles Green for a knock-down £5.5m. But the report stresses: “Due to the highly sensitive nature of certain aspects of these investigations, we consider that it is not appropriate to provide full details in respect of our investigations to date,”. BDO reveal that the creditors pot has been boosted by a payment of £75k ‘in relation to the transfer of Charlie Adam’. But, while they are attempting to claw together as much cash as possible for those who suffered from the Rangers collapse, their own running total for remuneration stands at more than £1m which, the report says, has already been drawn down. BDO expect more money to trickle into the account through from a sell-on clause triggered by Jelavic’s January move from Everton to Hull City, possibly as much £187,500 so long as the Croat helps keep his new club in the Premiership next season. But one creditor who has received this latest update from BDO told Record Sport last night: “The fact that Everton still owe almost £1m from the initial Jalvic deal defies belief. It’s good new for the creditors but it makes you wonder what on earth Whyte was thinking about when he did that deal, just a fortnight before placing the club in administration. “He sold the club’s best player for a snip and yet he didn’t even demand that the money was paid up front. It’s incredible as, for that matter, are the sums of money involved in this on-going process. The collapse of Rangers has made an awful lot of money for an awful lot of people.” But another source said: "BDO are doing a highly professional job in going after as much money as possible for the creditors. The fact they are ploughing so much into the legal cases is an indication of where this thing is headed. "There should be a lot of very worried people out there because BDO are going after them like a dog at a bone." BDO admit, two years into the process, there is no sign of it coming to a conclusion any time soon. Not only is the court action against Collyer Bristow still to be settled but an ongoing dispute with HMRC over the club’s use of the controversial EBT scheme also continues to rumble on. The report says: “If HMRC are successful in the appeal their potential claim in the liquidation could be significant and have a material impact upon any dividend that may ultimately be payable to unsecured creditors,”. And it ends: “Due to the significant issues to be resolved in the liquidation, the joint liquidators do not expect to be in a position to bring this case to a conclusion for some considerable time. Further reports will be circulated to creditors within six weeks of each six month anniversary of the date of liquidation.” http://www.dailyrecord.co.uk/sport/football/football-news/revealed-accountants-lawyers-rake-2m-3665381 0 Quote Link to post Share on other sites More sharing options...
Hildy 0 Posted June 9, 2014 Share Posted June 9, 2014 All it takes is one dodgy owner, just one, although some would argue that Rangers have had several. Just look at the costs and damage done. It is quite conceivable that Rangers will never recover from this - and it could happen again. Back bigger and stronger? Dream on. 0 Quote Link to post Share on other sites More sharing options...
Guest NGLF Posted June 9, 2014 Share Posted June 9, 2014 No chance they would bring the gravy train to a conclusion. 0 Quote Link to post Share on other sites More sharing options...
26th of foot 6,082 Posted June 9, 2014 Share Posted June 9, 2014 Haw Chuck, Craig, Sandy, Graham, .............. etc, turn the rotisserie, the roast is dripping again, it's ready for another slice to be cut. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 9, 2014 Share Posted June 9, 2014 their is a list of people i would love to see jailed over this. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,625 Posted June 9, 2014 Share Posted June 9, 2014 Money going to accountants? Well spent, I say!!! 0 Quote Link to post Share on other sites More sharing options...
26th of foot 6,082 Posted June 9, 2014 Share Posted June 9, 2014 Money going to accountants? Well spent, I say!!! Burning the bean, grinding the bean, , baking the bean, ............ etc - all worthwhile pursuits. However, counting the bean .......................................zzzzzzzz 0 Quote Link to post Share on other sites More sharing options...
Ser Barristan Selmy 222 Posted June 9, 2014 Share Posted June 9, 2014 All it takes is one dodgy owner, just one, although some would argue that Rangers have had several. Just look at the costs and damage done. It is quite conceivable that Rangers will never recover from this - and it could happen again. Back bigger and stronger? Dream on. Which owner(s) you talking about ? 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,671 Posted June 9, 2014 Share Posted June 9, 2014 Interesting article from Jackson. Almost makes him look like a journalist.Pity he once described Whyte's wealth as 'off the radar' though.Irreparable damage. However the bit towards the end about BDO putting 'so much into the legal cases as an indication as to where this thing is headed' is what we need to be aware of. Unless,of course, you still believe SDM willingly sold to Whyte. 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,671 Posted June 9, 2014 Share Posted June 9, 2014 All it takes is one dodgy owner, just one, although some would argue that Rangers have had several. Just look at the costs and damage done. It is quite conceivable that Rangers will never recover from this - and it could happen again. Back bigger and stronger? Dream on. The only dodgy owner we've had was Whyte. Whether you liked or disliked CG's consortium is was all above board and properly-funded 0 Quote Link to post Share on other sites More sharing options...
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