Ibrox Stadium

Next Game

Rangers v Cowdenb'th

Saturday, 28 March 2015, 15:00

Scots Champ

Last Game

Hibernian 0 - 2 Rangers

Sunday, 22 March 2015, 12:45

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

Upgrade in minutes or watch with a NOW TV Day Pass.

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

Upgrade in minutes or watch with a NOW TV Day Pass.

Related News

Most Commented

Readers' Comments

G

ood grief. Someone guessed that the form English player at the moment might be in his national side with some other players? And that's espionage? Now if they discovered that Emile Heskey was going to be in the starting line up.... at right back.... THAT would be espionage. Give it a rest Roy.

RogerRedHat
Hodgson hits out at Kane leak

H

e may get away with if Liverpool can swap the video with one of Skrtel dancing or something, but if they review the one shown on TV he's screwed.

hump3.
Skrtel denies violent conduct

G

ive him 10 crosses and he'll head 8 of them over the bar.

tk421
Where Does Giroud Rank In Premier League?

Footer 365

Liverpool striker Daniel Sturridge suffers hip 'muscle tear'

Daniel Sturridge could be out of action for a month after Roy Hodgson revealed the Liverpool striker had suffered a ‘slight muscle tear’.

Chelsea defender John Terry signs new one-year contract

Chelsea defender John Terry has signed a new one-year contract to stay at the club until summer 2016.

Roy Hodgson confirms Harry Kane will make England debut

Harry Kane's "incredible season" will reach a new high with an England debut in the next week, Roy Hodgson has confirmed.

Mail Box

Cry Me A River, Diego Costa...

There's little sympathy for Diego Costa, while one mailboxer has had enough of football by numbers. There's also an invitation to visit Colombia and an ode to Woan...

England Handicapped By Natural Pessimism

The England team will never achieve anything unless we all lighten up. Also, last season was simply Joe Hart's 'Frog Chorus', and 80 per cent was a conservative estimate of turds in the Liverpool punchbowl...

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company