Oldco Rangers formally enter liquidation
The liquidation of oldco Rangers has been made formal after the move was approved by a senior judge.
Last Updated: 01/11/12 10:05am
Insolvency firm BDO has been appointed to wind up the company, now known as RFC 2012 plc.
The move brings to an end the period of administration by Duff and Phelps, which began in February this year.
The Glasgow club went into administration after the taxman lodged a petition over the non-payment of tax to the tune of millions of pounds.
Liquidation was given the green light by judge Lord Hodge at the Court of Session in Edinburgh, after a day-long hearing on the issue.
Duff and Phelps had gone to the court themselves, seeking an order to end the firm's time as administrators and asking for the oldco to be handed to liquidators.
The court heard that the move, opposed at this stage by lawyers Collyer Bristow, would involve the handover to liquidators of £1.7m in cash and other assets.
Paul Clark, joint administrator, said in a statement: "We are pleased that the Court of Session has approved the completion of our duties as administrators at Rangers, and the process of liquidation will begin.
"As administrators, our primary function was to keep the business going and effect a sale of the Club in order that it could continue, while maximizing the return for the creditors.
"These objectives were achieved. It will now fall to the liquidators to realise any further potential funds that may go to creditors.
"We have worked closely with the liquidators over the last few months to ensure an orderly transition."