BDO liquidators appointed to Rangers

by Rachael Singh

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05 Nov 2012

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Rangers

BDO LIQUIDATORS have been appointed to Rangers Football Club.

Malcolm Cohen and James Stephen, both partners at BDO, were appointed joint interim liquidators of RFC 2012 on 31 October.

Paul Clark and David Whitehouse, joint administrators from Duff & Phelps, have handed over to the interim liquidators.

Cohen and Stephen will remain interim liquidators until they are granted a formal appointment at the first creditor meeting. A creditor meeting must take place within 42 days of their appointment – however, the liquidators are trying to speed this process up.

Cohen said: "As joint interim liquidators, our prime objective is to maximise returns to creditors. By investigating the reasons for the company's failure, we will better understand the avenues available to enable the recovery of all possible monies for creditors.

"This is a complex case with many potential areas for us to investigate, which we will do thoroughly in accordance with our duties and powers. Our investigations will, of course, include the conduct of those responsible for the financial affairs of the company in previous years."

As part of the insolvency process, liquidators have more powers to investigate the reasons behind the collapse of a company than administrators. This is the main reason HM Revenue & Customs vetoed a rescue deal known as a CVA earlier this year. 

The interim liquidators have said they will continue any legal proceedings already initiated by the administrators.

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