HMRC appoint their Rangers liquidator

The crisis at Rangers deepened last night as HMRC appointed their liquidator to prevent an asset sale to a newco in the event of Charlie Green’s CVA proposals being rejected.

With more than 25% of the club debt HMRC- and Ticketus- have the power to veto Green’s plan which would see creditors receive a maximum of nine pence in the pound.

Duff and Phelps have already paved the way for a £5.5m sale of the club assets, mainly Ibrox Stadium and Murray Park, to Green if the CVA fails with the former Sheffield United chief ready to go to the SPL to plead for the transfer of the share held by the 1872 version of Rangers.

With the assets of Rangers recently valued at over £100m HMRC have appointed insolvency specialists BDO to step in if the CVA fails.

The move by HMRC was uncovered by STV News and throws the plans of Green, working hand in hand with Duff and Phelps,  into chaos.

Yesterday Duff and Phelps confirmed the move by HMRC in a statement sent to creditors who will meet on Thursday June 14 to vote on the CVA proposal.

Duff and Phelps have already nominated themselves as liquidators of Rangers but the move by HMRC to bring in BDO will ensure an auction of assets to raise as much money as possible to be split among the creditors.

Rangers have over 300 trade creditors, including football clubs in Scotland, England, Italy, France, Sweden and Austria.

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Although all creditors have a vote the success of the CVA will boil down to the votes of HMRC and Ticketus- if either of them veto the plan BDO will be brought in to liquidate the business.

News of the involvement of BDO comes fresh on the heels of a statement from Dave King urging creditors to reject the CVA.

Exiled director King has also urged supporters not to renew season tickets because of his concern over the plans of Duff and Phelps as well as Green’s intentions for the club.

CLICK HERE for Green accuses King of breathtaking arrogance

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