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Duff and Phelps seek end to 'old Rangers' administration BBC evidence sought by judge in Rangers administration case
(about 5 hours later)
A court will be asked later to approve moves for the former Rangers Football Club to be handed to liquidators. BBC Scotland allegations of a conflict of interest by Rangers administrators Duff and Phelps are to be examined at the Court of Session.
Duff and Phelps took over running of the club when it entered administration on 14 February over unpaid tax bills. Lord Hodge has asked to see the BBC reports and may seek a court order to get hold of the evidence behind them.
Earlier this month, the administrators said the club's creditors had approved an end to the administration. Administrator Duff and Phelps is seeking the judge's permission to end its role and hand over to liquidators.
Duff and Phelps is seeking formal approval at the Court of Session in Edinburgh, paving the way for the appointment of BDO as liquidators. The process is being held up by a last-minute challenge from Collyer Bristow, former lawyers to Craig Whyte.
The petition is due to be heard before Lord Hodge on Wednesday morning. The law firm, which is also one of the creditors of the old Rangers, is being sued for about £25m damages by Duff and Phelps over its role in Mr Whyte's takeover of the club last year.
The old club, which was formed in 1872, was forced into administration by HM Revenue and Customs (HMRC) in February, over non-payment of tax totalling about £14m. Ticketus deal
'Potential investigation' The administrators are seeking to retrieve money, alleging conspiracy and breach of undertakings.
HMRC subsequently blocked a proposal for a CVA (creditors agreement), which would have allowed the old club to continue by paying creditors a fraction of what was owed. A hearing at the Court of Session on Wednesday has gone into detail about the administration process.
Rejecting the CVA in June, HMRC said: "A liquidation provides the best opportunity to protect taxpayers, by allowing the potential investigation and pursuit of possible claims against those responsible for the company's financial affairs in recent years." In June, Lord Hodge asked for a report into BBC allegations that Duff and Phelps had a conflict of interest, as one partner of the firm knew about the controversial Ticketus deal to use advance sales of season tickets to pay off the club's debt to Lloyds bank.
Following this decision, Duff and Phelps oversaw a sale of assets for £5.5m to the Charles Green-led Sevco consortium. More evidence that Duff and Phelps was aware of the funding deal at an early stage was broadcast by BBC Scotland last week, including excerpts of a secretly-recorded conversation.
Shareholders in the old Rangers then gave their approval for Sevco to change its name to The Rangers Football Club Limited. Lord Hodge said: "I have asked the BBC to provide me with a DVD of their allegations in May and October and may be requesting them to give a transcript of the entire telephone conversation so that I can see it in context.
The former club, which remained in administration, has since been known as RFC 2012. "I may have to make a court order and if I do, I will give the BBC a chance to be represented.
The Scottish Football Association later approved the transfer of the licence held by the old club to the new club started by Mr Green's consortium. "There may be a good answer to these allegations, but allegations are being ventilated which call into question the probity of proceedings."
It has since started life in the Scottish Third Division. It also emerged during the court hearing that the administrators have £1.7m in cash.
Meanwhile, the means of agreeing their £3.1m bill for fees and expenses has been questioned by Lord Hodge.
The process of winding up administration is being further complicated by legal action in English courts against Collyer Bristow by Duff and Phelps and by others.
The case continues into Wednesday afternoon.