Ibrox Stadium

Next Game

Rangers v Inverness

Tuesday, 16 September 2014, 19:45

Scot Comm'ties Lge Cup Second Round

Last Game

Raith 0 - 4 Rangers

Friday, 12 September 2014, 19:45

Scots Champ

Rangers administrators cleared

The firm which acted as administrators of Rangers last year has been cleared of a conflict of interest.

Last Updated: 23/05/13 at 18:37 Post Comment

Rangers Football Club: Went into liquidation in the summer in 2012

Rangers Football Club: Went into liquidation in the summer in 2012

More of the games that matter

2 years free Sky Broadband Unlimited for Sky Sports customers

The Insolvency Practitioners Association launched a probe following complaints that Duff and Phelps should not have taken the role when the club went into administration in February 2012.

The complaints were lodged because Duff and Phelps' partner David Grier had occupied an advisory role in Craig Whyte's May 2011 takeover of Rangers.

The probe was launched one year ago and the firm was absolved on Thursday of wrongdoing over the issue.

A statement read: "The Investigation Committee of the Insolvency Practitioners Association has advised complainants of the outcome of the disciplinary investigation into Paul Clark and David Whitehouse, partners of Duff and Phelps and the former joint administrators of Rangers Football Club Plc.

"The complaints centred on whether the insolvency practitioners were in breach of the insolvency profession's code of ethics when accepting their appointment.

"The Investigation Committee, made up of independent practitioners and lay members, has, over the past 13 months, carried out a thorough investigation of the administration of Rangers Football Club and the actions of the joint administrators in agreeing to accept the appointment and has concluded that the practitioners complied with the relevant guidance and legislation."

Duff and Phelps said last year that the probe was launched following a request from the BBC following evidence revealed in a documentary that Grier was aware of a potential deal between Whyte and Ticketus ahead of the takeover.

Duff and Phelps confirmed that fact but stressed that Grier did not know how much money Whyte intended to borrow against future season ticket sales and was unaware that the capital, initially £24.4million, would be used to pay off the club's bank debt and thus complete his £1 buy-out.

Rangers were consigned to liquidation in June last year when Her Majesty's Revenue and Customs rejected an offer to creditors.

Duff and Phelps agreed a deal to sell the club's business and assets to a consortium fronted by Charles Green, who quit as Ibrox chief executive last month amid claims from Whyte that he was behind the firm set up to purchase the assets.

Those allegations are the subject of a club-commissioned investigation performed by Deloitte and law firm Pinsent Masons.

Whyte's takeover remains the subject of a police investigation and liquidators

BDO are examining the events which led to the club's financial collapse.

More of the games that matter

2 years free Sky Broadband Unlimited for Sky Sports customers

Related News

Most Commented

Readers' Comments

Y

ou spend £200 million in one year and you say 3 years to win the title, I don't think the Man U board signed you to win the title in 3 years after shelling out that sort of cash. Spending that sort of money you should be challenging for the title in this season, not getting an early excuse in to try appeasing the fans and board.

chelseablue_no1
Van Gaal has lofty ambitions

E

verything looks pretty when, for a short while, the sun shines through the dark clouds. For a brief moment you can forget about your last tonking or the many more to come.

godzilla
Van Gaal welcomes 'new start'

I

guess Storey was able to cancel his planned trip to the shops this weekend. He won't need to buy any food for a while because he's really dining out on those Angel/angel puns. It's going to be a long season.

ted, manchester
Forget Falcao, United Loving Angel Instead

Footer 365

Premier League: Chelsea striker Diego Costa knows goals will dry up

Chelsea striker Diego Costa has paid tribute to his team-mates for his flying start, but concedes his goals will dry up.

Premier League: Steve Bruce feels Hatem Ben Arfa will bounce back with Hull City

Steve Bruce is confident he can bring the best of out of Hatem Ben Arfa after bringing him to Hull City on deadline day.

Louis van Gaal sets out ambitions to quickly win Premier League with Manchester United

Louis van Gaal is keen not to make Manchester United supporters wait too long for the return of the Premier League title.

Mail Box

Fixing The Mess At Old Trafford

Plenty of conclusions on United's win over QPR and their missing link(s), more Ozil frustration, how Liverpool are like lasagne, as well as a word on Diego Costa's temperament...

A Lousy Day At The Office For Liverpool

We have some excellent thoughts on Arsenal's draw and Liverpool's woeful loss, plus praise for Villa, Diego Costa, Philippe Senderos and the 'final' word on hitting the post...

© 2014 British Sky Broadcasting Ltd. All Rights Reserved A Sky Sports Digital Media property