bennett Posted June 9, 2014 Share Posted June 9, 2014 (edited) 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.” Edited June 9, 2014 by bennett 0 Quote Link to comment Share on other sites More sharing options...
No8. Posted June 9, 2014 Share Posted June 9, 2014 My 3 seats are still unsold Hopefully it stays that way so i can get them when we get these b*****ds out 0 Quote Link to comment Share on other sites More sharing options...
Macshimmy Posted June 9, 2014 Share Posted June 9, 2014 My word. Haven't ventured into Rangers Media for a wee while. It's getting a bit 'Colonel Kurtz' in there: The Khmer Rouge?Flucking hell! 0 Quote Link to comment Share on other sites More sharing options...
No8. Posted June 9, 2014 Share Posted June 9, 2014 Fucking knew it was those 'Red' b*****ds. WRK has to be behind all this with his socialist trade unionist background!!! 0 Quote Link to comment Share on other sites More sharing options...
dave.j Posted June 9, 2014 Share Posted June 9, 2014 Wow, some absolute cracking seats available including one right next to the members box, these are usually like hens teeth. But, like getting front row seats for Bjorn Again, it's not the same. 0 Quote Link to comment Share on other sites More sharing options...
dave.j Posted June 9, 2014 Share Posted June 9, 2014 Aye very good Anyway, looks like you are due me a pint Dave, based on that stadium plan we are well under 50% More than happy to say my estimation of 18k at renewal date seems to have fallen well short. pint owed. 0 Quote Link to comment Share on other sites More sharing options...
Gaz FFC Posted June 9, 2014 Share Posted June 9, 2014 So D&P were dodgy, who knew? Has anyone involved in Rangers/Sevco in the last decade been a respectable trustworthy type? What an absolute clusterfuck of a shambles of a club. 0 Quote Link to comment Share on other sites More sharing options...
WhiteRoseKillie Posted June 9, 2014 Share Posted June 9, 2014 Fucking knew it was those 'Red' b*****ds. WRK has to be behind all this with his socialist trade unionist background!!! Rumbled.... -1 Quote Link to comment Share on other sites More sharing options...
BossHogg Posted June 9, 2014 Share Posted June 9, 2014 My 3 seats are still unsold Hopefully it stays that way so i can get them when we get these b*****ds out 3 seats eh? Is your arse that big! 0 Quote Link to comment Share on other sites More sharing options...
Florentine_Pogen Posted June 9, 2014 Share Posted June 9, 2014 3 seats eh? Is your arse that big! Might he be The Andies Goram ? 0 Quote Link to comment Share on other sites More sharing options...
nsr Posted June 9, 2014 Share Posted June 9, 2014 Maybe he needs somewhere to store all the red cards he's going to be holding up. 0 Quote Link to comment Share on other sites More sharing options...
Ken Fitlike Posted June 9, 2014 Share Posted June 9, 2014 bennett issues a reddie to WhiteRoseKillie for acknowledging a joke...... good grief. 0 Quote Link to comment Share on other sites More sharing options...
bennett Posted June 9, 2014 Share Posted June 9, 2014 bennett issues a reddie to WhiteRoseKillie for acknowledging a joke...... good grief. Pure sectarian n aww rat..... -1 Quote Link to comment Share on other sites More sharing options...
NotfromFifehonest Posted June 9, 2014 Share Posted June 9, 2014 Aye very good Anyway, looks like you are due me a pint Dave, based on that stadium plan we are well under 50% You'd have to hope that oor Keef has tasked some trainee hack/intern with actually sitting and counting the number of seats unavailable/available today from the plan - or is hoping that the DR might actually do something useful just too much to ask?!?! 0 Quote Link to comment Share on other sites More sharing options...
Bloomogganners Posted June 9, 2014 Share Posted June 9, 2014 (edited) You'd have to hope that oor Keef has tasked some trainee hack/intern with actually sitting and counting the number of seats unavailable/available today from the plan - or is hoping that the DR might actually do something useful just too much to ask?!?! 73 sections bet if you listed them in a thread by section 1 to 73 and told folk to count section by their post number you would have a +- 2% figure in under an hour. ps Get Tedi and WRK to agree on final total.................sorted. Edited June 9, 2014 by Bloomogganners 0 Quote Link to comment Share on other sites More sharing options...
mylothedog Posted June 9, 2014 Share Posted June 9, 2014 3 seats eh? Is your arse that big! maybe its one seat each for good no.8, bad no.8 and racist no.8? 0 Quote Link to comment Share on other sites More sharing options...
stonedsailor Posted June 9, 2014 Share Posted June 9, 2014 Agree, if ST sales were anywhere near even 20K the board would be publishing it, I would imagine it is around 13k which would be in my recollection the lowest amount ever at this stage. Still no word on Mr Letham being paid yet either. :lol: You just googled the figure for slowest uptake of tickets and then wrapped it up to look like your guess at the figures was both damning and factual.Your post is 100% biased guess-work and 0% factual. 0 Quote Link to comment Share on other sites More sharing options...
BossHogg Posted June 9, 2014 Share Posted June 9, 2014 :lol: You just googled the figure for slowest uptake of tickets and then wrapped it up to look like your guess at the figures was both damning and factual. Your post is 100% biased guess-work and 0% factual. What! You don't believe that Tedi can recall the complete history of Ibrox ST sales from memory?! 0 Quote Link to comment Share on other sites More sharing options...
stonedsailor Posted June 9, 2014 Share Posted June 9, 2014 You can google that? Thanks Stoney, next time I want to 100% guess something I will make sure and google it 1st. Don't be forgetting to put a biased slant on it. 0 Quote Link to comment Share on other sites More sharing options...
bennett Posted June 9, 2014 Share Posted June 9, 2014 Don't be forgetting to put a biased slant on it. Thats your role on here.... -1 Quote Link to comment Share on other sites More sharing options...
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