Rangers’ administrators try to claw back funding
Duff & Phelps administrators hope to retrieve £3.6m from club's former purchaser's lawyers
RANGERS’ administrators are a step closer to securing £3.6m in funding following a High Court case.
Paul Clark and David Whitehouse, partners at Duff & Phelps, were appointed joint-administrators to the Scottish club on 14 February.
As part of the financial recovery process, the administrators made a High Court application to obtain £3.6m from law firm Collyer Bristow who acted on behalf of the purchaser.
Following the Court hearing Collyer Bristow transferred the funds to the administrators’ lawyers Taylor Wessing to be held until the High Court decides whether or not it belongs to the club.
“If we are successful in retrieving these funds that will help the recovery process of the Club and will be an important step towards the Club emerging from administration,” said Whitehouse.