BDO sue Duff & Phelps

[craig 5,199]

Creditors will be lucky to get 5p between them no matter how many tens of millions are won at civil court.

BDO I'd assume will be taking their cut and from past experience these guys don't come cheap.

Or maybe I'm just a glass half-empty type.

 

My experience of liquidations - thankfully only a handful over the years - has been that the creditors get more than 5p in the pound. That obviously depends on each individual situation.

 

We can complain about how much BDO make till we are blue in the face. However, do any of us believe that we would still be in a liquidation event had BDO been our administrators ? In the insolvency world you really do "get what you pat for". BDO are absolutely MILES more professional and knowledgeable than Duff & Phelps could ever have hoped to have been. BDO are a multi-national network of Chartered Accountancy firms - the reputational risk of them doing anything "shady" simply wouldn't have been worth it to them.

 

Further.... They have already obtained a judgement/settlement of 24 million from Collyer Bristow and they may very well win this suit against Duff & Phelps too (though I am skeptical they will - depends on the evidence they have I guess) and if they do then they will have realized almost 50 million pounds of funds into the creditors pot that wouldn't have been expected. Their fee may indeed be 20% of that - but even at 10 million, if they have brought in an additional 50 million then they are well worth it.

 

I haven't checked the numbers recently but, unless mistaken, that 50 million would have covered every single creditor other than the EBT case. If your "5p between them" is accurate then you are suggesting that BDO will be taking as much as 50 million in fees. That is highly unlikely to happen.

 

I, for one, only wish we had BDO as our original administrators (and I say that as someone who had a "Give Duff & Phelps a chance" philosophy - how wrong I was there.....). I suspect (based on nothing) that BDO would have managed to have gotten us a CVA and we would have emerged with oldco intact and no need to have sevco.

[RANGERRAB 3,266]

I thought HMRC refused to consider a CVA because of Whyte. Wouldn't matter who the administrators were

[forlanssister 3,050]

I can't remember what was on the tapes precisely but I doubt he would be telling anyone he was just a puppet for the puppet-master. Especially someone he was just about to screw. I am not saying for definite it is a fact but why would Green all of a sudden just step aside and be the dogs tail in place of the dog. It just does not add up to me that Green was ever the main man.

 

Green was the frontman for Whyte, as Green said to Whyte " You are Sevco." Hence the switch from Sevco 5088 to Sevco Scotland when Green f*&ked over Whyte.

[Uilleam 5,444]

Of course, we should remind ourselves that Duff and Phelps, a multinational consultancy, of repute, as far as I know, had the bad luck, or bad judgement, to buy a UK accountancy mob, the name of which eludes me, the directors of which included Whitehouse and the other bloke who "handled" Rangers' administration. (Due diligence? Wtf is that?)

It wasn't Duff and Phelps which had enjoyed a long, cosy, and profitable relationship with the corner boy, Whyte. Of course, it now carries the can.

[Uilleam 5,444]

Green was the frontman for Whyte, as Green said to Whyte " You are Sevco." Hence the switch from Sevco 5088 to Sevco Scotland when Green f*&ked over Whyte.

 

A shift which Whitehouse and colleague were more than happy to accommodate, without, it would seem, consulting their old friend and client, the chiseller Whyte.

Such a parcel of rogues, eh?

[forlanssister 3,050]

Of course, we should remind ourselves that Duff and Phelps, a multinational consultancy, of repute, as far as I know, had the bad luck, or bad judgement, to buy a UK accountancy mob, the name of which eludes me, the directors of which included Whitehouse and the other bloke who "handled" Rangers' administration. (Due diligence? Wtf is that?)

It wasn't Duff and Phelps which had enjoyed a long, cosy, and profitable relationship with the corner boy, Whyte. Of course, it now carries the can.

 

Menzies Corporate Restructuring (MCR).

 

Was it a stroke of luck or misfortune that they employed David Grier who just happened to sign the floating charge over RFC plc's assets on behalf of the then Bank of Scotland?

Edited February 9, 2017 by forlanssister

[forlanssister 3,050]

A shift which Whitehouse and colleague were more than happy to accommodate, without, it would seem, consulting their old friend and client, the chiseller Whyte.

Such a parcel of rogues, eh?

 

Despite them having a binding irrevocable deal (or so we were told) to sell to Sevco 5088 too.

[pete 2,499]

If BDO win this case and Oldco could be brought back, would it be possible to shut down Newco cancelling all the contracts that have been signed. Or is that too much of a dream.

[forlanssister 3,050]

If BDO win this case and Oldco could be brought back, would it be possible to shut down Newco cancelling all the contracts that have been signed. Or is that too much of a dream.

 

Too much of dream that one.

[the gunslinger 3,366]

I can't remember what was on the tapes precisely but I doubt he would be telling anyone he was just a puppet for the puppet-master. Especially someone he was just about to screw. I am not saying for definite it is a fact but why would Green all of a sudden just step aside and be the dogs tail in place of the dog. It just does not add up to me that Green was ever the main man.

He was paid. Thats why he does everything