Rangers appoint administrators and incur 10-point deduction
This article is older than twelve years. Rangers designate administrators,
which results in a ten-point deduction.
This post was written more than a decade ago.
Club was extended by the Court of Session till 3:30 p.m.
Club and HMRC Ewan Murray have not reached a conclusion in their negotiations.
February 14, 2012, at 14:27 GMT
Duff and Phelps have been named administrators by Share Rangers following a legal dispute with Her Majesty’s Revenue & Customs.
The Glasgow Club was granted a 24-hour notice of intent to move into administration in the Court of Session in Edinburgh.
The Scottish Premier League will automatically subtract 10 points for the transaction,
effectively giving Celtic the championship.
Rangers had been given until 3.30pm by the Court of Session to choose an administrator.
If they had failed to do so, Her Majesty’s Revenue and Customs would have challenged the decision to be made at Ibrox.
Rangers announced on Monday that they were be entering administration, and they chose Duff and Phelps as the firms who will help with that.
Before a game on May 10 of last year, David Grier,
a partner in that London-based business, was pictured in the Rangers directors box with Rangers owner Craig Whyte.
Citing provisions from the 1986 Insolvency Act that stipulate that administrators must be appointed after five days’ written notification,
HMRC has contested Rangers’ plans in court.
HMRC wanted the administrator to be chosen by the court because they are in a tax dispute worth tens of millions of pounds with Rangers.
“Duff and Phelps has been engaged by the directors of Rangers Football Club plc [RFC] to assist its negotiations with HMRC and possible restructuring options,
” said a statement from the firm on Tuesday morning.
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