Ibrox Latest: Rangers are facing a financial collapse that could result in liquidation, as a new tax case has emerged.

The supporters who purchased bonds to support and finance the renovation of Ibrox will lose out,

according to liquidators BDO, as their claims will be legally time-barred.

Only £1.4 million of the money owing to individuals who are still outstanding has been received thus far.

One expenses expert called the payout details over the course of seven years “staggering.”

However, out of a fund that is currently only worth £7.4 million,

BDO has plans to pay out an additional £3.242 million.

It still implies that the utmost amount of money creditors may currently receive—assuming their unresolved legal claims are successful—would be less than half of what those in charge of managing the Rangers’ debacle received.

The liquidators of RFC 2012 plc, BDO,

have received over £11 million from law firms since the oldco went into administration under former owner Craig Whyte in February 2012.

As of October 2019,

the liquidator’s bill was approximately £5.3 million.

According to DO, the reason for £5.4 million of the Collyer Bristow fees was that the company was “necessary to instruct” on a conditional fee arrangement basis (i.e., “no win, no charge”).

Under the terms of the agreement,

Stephenson Harwood would receive its expenses plus a further 75–100% to “compensate them for the risk that they would not get paid if the litigation failed”.

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