BDO and other firms have ran up costs of over £20m from the liquidation of Rangers Football Club.
In June 2012 Her Majesty rejected a complex CVA put together by Charles Green to save the club leaving 276 firms holding worthless invoices.
Six thousand fans also discovered that the Club Deck Debenture certificates were officially pointless.
BDO were appointed to chase up money on behalf of creditors but after getting a four pence in the pound payout last year it looks as if the pot is almost empty.
Bizarrely there seems to be more media criticism of BDO than there is for the old club that ran up the debts with Dave Murray the architect before taking a pound coin off Craig Whyte.
The Herald reports:
Since the oldco fell into administration under former owner Craig Whyte in February, 2012, legal firms acting for insolvency firm BDO, the liquidators of RFC 2012 plc have received £10.356 million, while the liquidators bill stood at £4.136 million at April, 2018.
The legal bill includes the £353,757 cost of employing counsel in the failed fight to convince the Supreme Court that the club’s use of Employee Benefit Trusts to pay players and staff were loans that were not liable for tax.
More than £47 million was paid to Rangers players, managers and directors in the EBT scheme administered by the Murray Group, then majority shareholder of the Ibrox club, between 2001 and 2010 by way of tax-free loans.
The current Ibrox club appears to have picked up Ibrox and Murray Park for a knock-down cost of £5.5m.
Had those assets been sold off or even rented out the creditors could have enjoyed annual rent of £3m to cover the losses racked up by the old club that died.