pounds 5m Duff and Phelps rake in fortune; Duff & Phelps' fortune.Byline: Scott McCulloch Scott McCulloch (b. 29 November 1975, Cumnock, Scotland) is a Scottish footballer, who currently plays in defence for Stenhousemuir in the Scottish Third Division. External links
RANGERS Rapidly deployable airborne light infantry organized and trained to conduct highly complex joint direct action operations in coordination with or in support of other special operations units of all Services. administrators Duff & Phelps have run up a massive bill of pounds 5million at Ibrox, it emerged yesterday.
And that means creditors could well end up with just three pence back from each pound the club owes.
The remarkable bill run up by Duff & Phelps was contained in the proposal published yesterday for CVA agreement to take the club out of administration.
Administrators' staff costs - at an average of more than pounds 450 an hour - plus fees for lawyers consulted by the firm have reached pounds 5.5m, the draft CVA revealed.
And that means that once Duff & Phelps and various legal firms have taken their money, there will be only pounds 3m left in the pot for other creditors under would-be owner Charles Green's plans.
Creditors are owed, on current figures, a combined pounds 55m. That could lead to a derisory payment of - at best - around six pence for every Turn to Page 58
From Back Page pound owed. And the payout could be as little as three pence in the pound if the Big Tax Case whacks Rangers with a new multi-million pound debt liability.
Meanwhile, the club has run up another pounds 3.63m in losses since administrators took over in February.
Duff & Phelps say more money might come into the creditors' pot from legal actions against a firm of lawyers - Collyer Bristow - used by disgraced ex-owner Craig Whyte. But there is no guarantee that will happen.
As a result creditors will be asked at a meeting next month to approve the CVA (Company Voluntary Arrangement) without knowing what exactly they will get.
The CVA will only go through if it gets the backing of creditors owed 75 per cent or more of the club's debt.
That means that HMRC HMRC Her Majesty's Revenue and Customs (UK)
HMRC Health Management Research Center (University of Michigan)
HMRC Helicopter Multi-Role Computer
HMRC Hierarchical Maximal Ratio Combining hold the whip hand - and if HMRC, owed pounds 21.5m - reject the deal, then it will not go ahead.
Similarly, if finance firm Ticketus (owed pounds 26.7m) votes against, the deal will fall - sending Rangers into likely liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts.
A type of proceeding pursuant to federal Bankruptcy .
SANCTIONS And news of the proposal comes just hours before SPL (1) (Systems Programming Language) The assembly language for the HP 3000 series. See assembly language for an SPL program example.
(2) (Structured Programming Language) See structured programming.
1. members meet at Hampden again today to debate possible sanctions for any club facing liquidation in the future.
Green said yesterday: "I have great sympathy with creditors, particularly small local businesses in the community around Ibrox, who have suffered in the lead up to administration.
"I hope creditors will approve this proposal and we can begin the task of rebuilding Rangers in earnest."
He insisted in Record Sport on Saturday he has verbal agreement from the taxman for a CVA. But it was far from clear last night whether HMRC will actually back the proposal.
Last night administrator Paul Clark Paul Clark may also refer to:
Clark said: "We have received sufficient funds. We are moving forward knowing we have funding to carry on. And it's not envisaged that players will have to be sold."
From Back Page pound owed. [...]
FEES* Duff & Phelps' Paul Clark