Ex-Rangers administrators David Whitehouse and Paul Clark in £21m settlement

[the gunslinger 3,366]

the real issue here is how did we end up here when the parties were so clearly guilty. 

 

green freely admitted he always knew he would win the bidding to buy the club. Whyte freely admitted he had put in D&P to give him control back post admin. We have tapes of the collusion between green and whyte. We have BDO suing D&P for mishandling the admin and there evidence consists of stating the bleeding obvious. 

 

How do you get from that to paying out tens of millions. The incompetence of the prosecutors is hard to fathom such is it's scale. 

 

 

[RANGERRAB 3,680]

On 10/06/2021 at 10:53, the gunslinger said:

the real issue here is how did we end up here when the parties were so clearly guilty. 

 

green freely admitted he always knew he would win the bidding to buy the club. Whyte freely admitted he had put in D&P to give him control back post admin. We have tapes of the collusion between green and whyte. We have BDO suing D&P for mishandling the admin and there evidence consists of stating the bleeding obvious. 

 

How do you get from that to paying out tens of millions. The incompetence of the prosecutors is hard to fathom such is it's scale. 

 

 

For whatever reason, it’s always seemed to me, the prosecution didn’t seem to have enough evidence 

[Uilleam 5,948]

The professional negligence cavalcade continues, and it is 'negligence' that BDO pursues here. 

The assertion is that BDO did not maximise the return to creditors, and that it should have raised much more than the £5.5M which, if memory serves, was the final selling price. 

Yet, when we consider that D&P were Whyte's Administrators of choice, Green's boast that he knew he would get to buy the Company and assets, etc, out of administration, Green's other boast that he had 'shafted' Whyte (via the Sevco (Scotland) manoevre, i i r c), and that £5.5M was by all measures, and accounts,  'light', then we might, naively, and without prejudice, come to think that there was more than mere negligence involved.

 

We are all reasonably conversant with 'Constructive Dismissal'; is there such a thing, in the world of Insolvency,  as 'Constructive Negligence'?

 

 

Whitehouse and Clark made Rangers ‘nearly unbuyable’, court told

James Mulholland

Saturday June 19 2021, 12.01am, The Times

 

https://www.thetimes.co.uk/article/whitehouse-and-clark-made-rangers-nearly-unbuyable-court-told-n6r7ph967

 

A pair of financial experts made Rangers “nearly unbuyable” during their attempts to save the club from ruin, a judge has been told.

Kenny McBrearty QC claimed at the Court of Session that “negligence” was a common theme of attempts made by David Whitehouse and Paul Clark to rescue the football club.

He told Lord Tyre that the two men were incompetent after their appointment as administrators at Ibrox in 2012 and asked for a ruling in favour of his client, BDO, the club liquidators. The financial services company is seeking £56.8 million in compensation from Whitehouse and Clark.

 

The two men, who worked for the financial consultants Duff & Phelps, were given the responsibility of saving the club after it landed in financial trouble. McBrearty said that they had failed to give proper consideration to making players redundant, selling stars to other clubs, and ensuring that the club’s wage bill was reduced.

He referenced evidence given to the court by Simon Shipperlee, a colleague of Whitehouse and Clark, and emails presented to the court, which he said showed that the two men did not follow correct procedures.

He added: “What we have said is that a common hallmark of negligence is a failure to take specialist advice from people experienced in the business of the company.”

He said that there was a “failure to take advice about selling players outside of the transfer window, we have an alleged failure to take advice in relation to brand, we have an alleged failure to take advice in relation to take advice in relation to the disposal of the heritable property. So it is a theme that runs through in the case as a whole.”

McBrearty said that the back-and-forth decision to reduce wages or make redundancies was a “chaotic process”.

BDO believes that Whitehouse and Clark did not cut costs sufficiently well enough after they were drafted into the then ailing club. Lawyers for the company claim that the pair could have raised more money for the club by selling on players and selling club assets such as Ibrox and Murray Park.

Whitehouse and Clark, who deny allegations of negligence and are contesting the claim, were appointed as administrators after HM Revenue & Customs took Rangers to court for £18 million of unpaid tax in February 2012. They sold the business and assets to a consortium led by the businessman Charles Green for £5.5 million before BDO were appointed to liquidate the company.

 

The three men were among seven indicted over fraud allegations relating to Rangers; the case against them was dropped in June 2016. Whitehouse and Clark raised a multimillion-pound action against the police and prosecutors last year. Prosecutors admitted the case against the duo was “malicious” and conducted “without probable cause”. They both received multimillion-pound settlements.

Prosecutors admitted that Green, who was arrested during the investigation and eventually acquitted, was wrongfully taken to court and that the prosecution against him was malicious.

 

Yesterday McBrearty said that Whitehouse and Clark should have sold players but refrained because it would have made the club less attractive to prospective buyers.

He added: “The irony of it is this — the day to day is that they are retaining the fabric of the club to make it more attractive for bidders, and we have had direct evidence from one of the bidders that it made it more unattractive.”

The hearing continues.

[compo 7,055]

2 hours ago, Uilleam said:

The professional negligence cavalcade continues, and it is 'negligence' that BDO pursues here. 

The assertion is that BDO did not maximise the return to creditors, and that it should have raised much more than the £5.5M which, if memory serves, was the final selling price. 

Yet, when we consider that D&P were Whyte's Administrators of choice, Green's boast that he knew he would get to buy the Company and assets, etc, out of administration, Green's other boast that he had 'shafted' Whyte (via the Sevco (Scotland) manoevre, i i r c), and that £5.5M was by all measures, and accounts,  'light', then we might, naively, and without prejudice, come to think that there was more than mere negligence involved.

 

We are all reasonably conversant with 'Constructive Dismissal'; is there such a thing, in the world of Insolvency,  as 'Constructive Negligence'?

 

 

Whitehouse and Clark made Rangers ‘nearly unbuyable’, court told

James Mulholland

Saturday June 19 2021, 12.01am, The Times

 

https://www.thetimes.co.uk/article/whitehouse-and-clark-made-rangers-nearly-unbuyable-court-told-n6r7ph967

 

A pair of financial experts made Rangers “nearly unbuyable” during their attempts to save the club from ruin, a judge has been told.

Kenny McBrearty QC claimed at the Court of Session that “negligence” was a common theme of attempts made by David Whitehouse and Paul Clark to rescue the football club.

He told Lord Tyre that the two men were incompetent after their appointment as administrators at Ibrox in 2012 and asked for a ruling in favour of his client, BDO, the club liquidators. The financial services company is seeking £56.8 million in compensation from Whitehouse and Clark.

 

The two men, who worked for the financial consultants Duff & Phelps, were given the responsibility of saving the club after it landed in financial trouble. McBrearty said that they had failed to give proper consideration to making players redundant, selling stars to other clubs, and ensuring that the club’s wage bill was reduced.

He referenced evidence given to the court by Simon Shipperlee, a colleague of Whitehouse and Clark, and emails presented to the court, which he said showed that the two men did not follow correct procedures.

He added: “What we have said is that a common hallmark of negligence is a failure to take specialist advice from people experienced in the business of the company.”

He said that there was a “failure to take advice about selling players outside of the transfer window, we have an alleged failure to take advice in relation to brand, we have an alleged failure to take advice in relation to take advice in relation to the disposal of the heritable property. So it is a theme that runs through in the case as a whole.”

McBrearty said that the back-and-forth decision to reduce wages or make redundancies was a “chaotic process”.

BDO believes that Whitehouse and Clark did not cut costs sufficiently well enough after they were drafted into the then ailing club. Lawyers for the company claim that the pair could have raised more money for the club by selling on players and selling club assets such as Ibrox and Murray Park.

Whitehouse and Clark, who deny allegations of negligence and are contesting the claim, were appointed as administrators after HM Revenue & Customs took Rangers to court for £18 million of unpaid tax in February 2012. They sold the business and assets to a consortium led by the businessman Charles Green for £5.5 million before BDO were appointed to liquidate the company.

 

The three men were among seven indicted over fraud allegations relating to Rangers; the case against them was dropped in June 2016. Whitehouse and Clark raised a multimillion-pound action against the police and prosecutors last year. Prosecutors admitted the case against the duo was “malicious” and conducted “without probable cause”. They both received multimillion-pound settlements.

Prosecutors admitted that Green, who was arrested during the investigation and eventually acquitted, was wrongfully taken to court and that the prosecution against him was malicious.

 

Yesterday McBrearty said that Whitehouse and Clark should have sold players but refrained because it would have made the club less attractive to prospective buyers.

He added: “The irony of it is this — the day to day is that they are retaining the fabric of the club to make it more attractive for bidders, and we have had direct evidence from one of the bidders that it made it more unattractive.”

The hearing continues.

I think if the players were sold off we might be seeing an Asda or some other business on the site that was Ibrox 

[RANGERRAB 3,680]

I was no fan of D&P but how could they have sold players after the transfer window closed on jan31( admin began on feb14). ?

[the gunslinger 3,366]

On 19/06/2021 at 10:20, compo said:

I think if the players were sold off we might be seeing an Asda or some other business on the site that was Ibrox 

why they all went for free 4 months later anyway. 

 

When motherwell went into admin the administrator ran them for 3 years and paid of the bills by selling players and brought them out of admin. 

[the gunslinger 3,366]

22 hours ago, RANGERRAB said:

I was no fan of D&P but how could they have sold players after the transfer window closed on jan31( admin began on feb14). ?

it was open again by the time the CVA was put together. Mother were in admin for years without being liquidated. There we more option open than a rush to put green in charge for as little as possible. 

 

 

[der Berliner 3,749]

Quote

The financial services company is seeking £56.8 million in compensation from Whitehouse and Clark.

Wonder what happens when BDO actually gets that amount. Probably filling theirs and the QC`s pockets first, but likewise paying quite a bit of the debts too.

 

[Bill 13,717]

Am I the only one who's sick of hearing about D&P, BDO, the Crown office and the rest of them scrabbling after ridiculous sums of money on the back of the rape of Rangers?

[Gonzo79 15,294]

39 minutes ago, Bill said:

Am I the only one who's sick of hearing about D&P, BDO, the Crown office and the rest of them scrabbling after ridiculous sums of money on the back of the rape of Rangers?

No, you're not.