ADMINISTRATORS from Duff & Phelps have been called to the collapse of one of Scotland’s largest clubs, Rangers FC.
Paul Clark and David Whitehouse, both partners at Duff & Phelps, were appointed on Valentine’s day.
The administration follows a petition for the club’s winding up from HM Revenue & Customs following non-payment of about £9m in PAYE and VAT after its takeover in May by Craig Whyte.
Clark said: “HMRC have been working closely with the club in recent months to achieve a solution to the club’s difficulties. However this has not been possible due to ongoing losses and increased tax liabilities that cannot be sustained,”
“We are working together with management and its major creditors including HMRC to achieve a solution to the financial problems which will ensure the ongoing survival of the business, which is of paramount importance to all concerned.”
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies