Specialists dealing with the Rangers’ financial collapse have been paid a fee of about £ 25 million, while the club’s creditors are set to lose £ 90m.
Lawyers and accountants handling the club’s financial crisis have been paid a level of compensation that some lenders have called “unbelievable”. Herald’s report.
It has been reported that only 5 5 million remains in the commemorative fee, which will result in thousands of lost money being handed over.
The bankrupt firm BDO, which disbanded Rangers, has so far reportedly paid m 3m to those who owed money.
This means that there is no outstanding legal claim, that lenders will now receive only one-third of what Gers’ melt handlers took.
The massive cost spans ten years since dealing with the financial crisis since the club’s former owner, Craig White, took over.
White paid just £ 1 to buy the club from Sir David Murray in 2011, promising to pay off گ 18 million in debt to Glasgow.
However he acknowledged that their numbers were not enough to defeat the club.
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Law firms have raised a whopping .6 13.6m for the club’s liquidators – up from دسمبر 6.13m in December.
Prior to the BDO’s liquidation in 2012, Duff and Phelps raised £ 3.4 million in fees and an additional £ 1.6 million in legal expenses over an eight-month period when they were co-managers.
His legal bill includes a لڑ 353,757 unsuccessful fight in the Supreme Court to discuss the use of Employee Benefit Trust to pay staff and the players had debts that were not liable to taxes.
The Rangers did not resign after losing Connor Goldson because Stuart Robertson spoke openly about the status of the deal.
The final bankruptcy loan report is less than £ 100m – with thousands of lenders running out of cash.
These include global companies such as Coca-Cola, whose face painter, Susan Thompson, owes £ 40.
The BDO says it has received £ 1.5 million in claims, only 20% of what was expected.
Bondholders were told by liquidators in February 2020 that they could not make further claims because their time had expired.
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One lender told the Herald that the fees were being paid at the expense of those who owed the money.
He said: “It may not be right for those who owe money to either run out or get some pence for every pound owed, but lawyers and consultants seem to get their hands on it. I’m sure that’s allowed to happen. “
Documents show that £ 8.4 million went to London’s lawyers, Stephenson Harwood – mostly suing another London-based firm, Collier-Bristow, which was held by Rangers in White’s possession.
Liquidators allegedly received £ 24m from the claim.
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According to Liquidators, the Collier-Bristow fee of £ 5.4 million was raised because the firm must “direct” on a win, unconditional fee.
The agreement meant that Stephenson Harrow would be entitled to 75% to 100% of additional firm costs to cover the risk of a lawsuit failure.
Other legal costs include Edinburgh firm Shepherd and Weatherburn, which had خرچ 1.5m costs, while Brody’s attorneys added another £ 1.5m fee and £ 685k. Levy and Macri have collected £ 84k in fees and expenses of just over £ 17k.
The BDO reportedly said it had withdrawn £ 4.8m from Rangers’ joint administrators who would go into a vessel to repay the creditors.
This came after a senior judge ruled that there was a “breach of duty” when he did not sell club assets such as Ibrox and Murray Park when the club collapsed.
Rangers icon Barry Ferguson has admitted that he will coach the club’s under-11s if that means he can work for the Light Blues.
Further compensation was paid by the club for missing out on the sale of player Steven Nesmith, who had been the victim of several bids during the administration, and other players.
Lord Tire ruled against Paul Clarke and David White House of Duff & Phelps for allegedly failing to raise funds for those who had lost cash due to the Rangers’ financial crisis.
Despite the court ruling, the payment was only part of the £ 47m BDO that the organizers were claiming to deal with the crisis.
The White House and Clark were appointed by the Court of Sessions after the taxman sued the Glasgow Club for more than £ 18 million in unpaid taxes.
The couple sold the old company’s business and assets to Charles Green for 5 5.5 million.
He defended the operation – claiming that the BDO was expecting a Rangers fire cell.
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He claimed that the sale of scams, players and assets would deter potential buyers.
However, the BDO argued that the regulators had failed to reduce costs and should have raised more money for lenders.
The White House, Clark and Green were indicted on charges of club fraud. The case was later dropped in June 2016.
Last year, the White House and Clark won a multimillion-pound lawsuit to prosecute police and prosecutors. The prosecution also admitted that Charles Green was wrongly taken to court and that the prosecution was malicious.
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