Duff & Phelps to net £2.7m over Rangers 'oldco'

Duff and Phelps - administrators to beleagured Scottish football club, Rangers FC - has revealed in a report to creditors that it has already received £2.4m for its six-month appointment at Rangers 'oldco'.

It is now asking creditors to sign-off and approve a further payment of £363,389 for work carried out between 30 June and 10 August 2012.

Should it win approval, it would mean the London-based firm had been paid a total of £2.7m for the six months the insolvency firm has operated at Ibrox, some half a million pound shy of the £3.2m it stated as its costs on Monday.

A previous claim for £2.9m was revised down after 'modifications' were made to its demands.

BDO, selected by HMRC, are widely tipped to be imminently appointed to handle the oldco's winding up following its failure to secure a company voluntary arrangement (CVA) with creditors.

Last month, a Scottish QC was appointed to oversee a tribunal into the £50m offshore tax avoidance schemes that played a large part in the demise of Rangers FC from the top of the SPL to a new season in lowly Division 3.

Kenneth Mure is set to preside over the probe with accountancy experts Heidi Poon and Scott Rae.

Employee Benefit Trust schemes were run by the club between 2001 and 2010 during Sir David Murray's ownership.

The club set up the foreign trusts for 87 players and staff - and paid cash into them as well as their regular wages, enabling UK tax to be avoided on the extra money.

Former captain Barry Ferguson earned £2.49m tax- free, while ex manager Alex McLeish netted £1.7m and German keeper Stefan Klos got £2m.

Ex-chairman Murray himself got £6.3m via an EBT, although he says the money went through Murray International Holdings, not the club.

HMRC said the Rangers EBT payments were against the law, a claim Rangers disputed at every stage of the tribunal.

Creditors are set to vote on the Duff and Phelps payment proposals in September.

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