Pride Park Stadium

Next Game

Derby v Rangers

Saturday, 02 August 2014, 13:00

Friendly Match

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

The Open Championship

We're paying 8 places! Plus get a free £50 matched bet

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.

The Open Championship

We're paying 8 places! Plus get a free £50 matched bet

Related News

Most Commented

Readers' Comments

H

e made his power play to try and get Sheikhy to raise his wages or trade him to PSG. PSG were probably not interested and he is stuck with no cake and no vacation. @Jay_D> Surely you jest about FFP being real, right? All Platini is doing is making billionaries pay measly fines, so he and his cronies can get rich. If a fool can pay 50 mil for David Luiz, he will happily pay some fine to UEFA. FFP has failed as for it to succeed UEFA had to take it...

Synergy
Toure: I am staying with City

G

uess we can expect Toure's explanation of his behaviour around the same time Pete Townshend publishes his book then.

ceeps
Toure: I am staying with City

D

amn you Yaya, don't scare me like that! I only ate the icing. I didn't eat the soft and scrumptious middle - I will buy you another cake!

MCFC87
Toure: I am staying with City

Footer 365

World Cup: FIFA corruption findings delayed until September

The report into alleged corruption of the 2018 and 2022 World Cup bids has been delayed for several weeks.

Transfer news: Hearts sign striker Osman Sow on two-year contract

Hearts' eighth summer signing Osman Sow is looking forward to getting them back into the Scottish Premier League.

England: Former manager Sven-Goran Eriksson hails the retiring Steven Gerrard

Former England manager Sven-Goran Eriksson believes Steven Gerrard’s international retirement is a huge loss.

Mail Box

Defending Spurs' Transfer Spending...

Liverpool have been accused of 'doing a Spurs' this summer, but one Spurs fan argues that the club's business last year shouldn't be viewed in a negative light...

Setting United Up Like The Netherlands

One Mailboxer is getting excited about how Louis van Gaal may set up United, whilst we have thoughts on Lahm, Zaha, Chelsea, the new season and 'winning the window'...

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