A firm linked to Craig Whyte has stalled the pay-out to 276 creditors of Rangers as they attempt to cash in on their ‘floating charge’ over Ibrox.
BDO have spent six years attempting to salvage money owed to taxi firms, florists, face painters and Her Majesty but have been haunted by the claim from the former billionaire.
Whyte paid Dave Murray £1 in May 2011 for the club but most importantly paid off the £18m owed to Lloyds TSB who held security (floating charge) over Ibrox Park in return for continuing to indulge the ego of Murray.
That security protected the bank in the event of Rangers going into liquidation allowing them to recover something from the sale or lease back of the only asset.
Now the Rangers FC Group, linked to Whyte’s Wavetower that produced the pound coin in 2011 has put their claim to BDO.
Whyte has been prepared to play the long game as he looks to recover some of the losses that he suffered through his association with the inevitable downfall of the Ibrox club.
Picking up on the latest development The Herald reports:
If BDO lose the case, the Rangers FC Group would be the only secured creditor and first in line ahead of the taxman and ticket agency Ticketus and other unsecured debtors to take money from the pot. It would reduce the amount unsecured creditors get back.
BDO has said that after a series of “protracted correspondence and meetings” with London-headquartered claims experts Henderson and Jones which initially sought a much smaller sum of £2.8 million said it would make the £18 million claim and consider appointing receivers.
In the summer of 2012 Charles Green claimed to have bought the stadium from Duff & Phelps for £5.5m but so far John Brown has still to see the deeds.