Duff & Phelps administrators cleared over Rangers investigation

ADMINISTRATORS from Duff & Phelps have been cleared of any conflict of interest issues at collapsed club Rangers FC.

David Whitehouse and Paul Clark, (pictured) both from Duff & Phelps, were appointed joint administrators of Rangers on 14 February last year.

An investigation by their regulator, the Insolvency Practitioner’s Association (IPA) was launched in May 2012.

The investigation centered around whether the administrators were conflicted in their role because a partner at the firm was understood to have advised the owner of the club on a deal to buy it.

It was alleged in a BBC programme that Duff & Phelps partner David Grier knew about a deal which would see the club hand over three years’ worth of ticket sales to a company called Ticketus.

It was uncovered during the administration that former club owner Craig Whyte had promised the ticket sales to Ticketus in a deal that would enable him to buy the club.

In May last year Grier said he “categorically” denied any knowledge of the deal between Whyte and Ticketus adding the accusation was “highly defamatory and betrays a lack of understanding of the facts”.

Following a “thorough” investigation the IPA has cleared the two administrators Whitehouse and Clark of any conflict issues during the administration.

In a statement, the IPA said: “The complaints centred on whether the insolvency practitioners were in breach of the insolvency profession’s code of ethics when accepting their appointment.

“The investigation committee, made up of independent practitioners and lay members, has, over the past 13 months, carried out a thorough investigation of the administration of Rangers Football Club and the actions of the joint administrators in agreeing to accept the appointment and has concluded that the practitioners complied with the relevant guidance and legislation.” 

BDO liquidators Malcolm Cohen and James Stephen were appointed to Rangers FC in September 2012.

Duff & Phelps declined to comment.