Duff and Phelps are finally on their way out of Scottish football. The arrival of BDO as liquidators at Ibrox is imminent.
However, let us not let D&P leave without noting some things they are good enough to have published for us all to see.
The last report Rangers – Progress Report – 24 August 2012 makes clear where the money raised for creditors has gone. Remember that D&P consider that they have, despite a £4 million trading deficit, succeeded in fulfilling the second goal of administration, namely to have achieved a better outcome for creditors than would have been achieved through liquidation without administration.
Compare the August Report with the one in July Duff Phelps Report July 2012
Amongst the details we see the costs paid by D&P to outside agents, advisers etc.
Taking them in financial order, we can see the huge sums disappearing out of the administration, all, of course, incurred in the interests of the creditors… Continue reading