Rangers ‘oldco’ creditors will be offered less than FOUR PENCE in the pound according to reports – as liquidators and law firms rake in over £12million
The 2012 Gers financial crisis saw money owed to a string of small firms, including £567 to a corner shop, £70 to a florist and £40 to a face painting company
OLDCO Rangers creditors will be offered less than 4p in the pound, according to reports.
The Daily Record claims to have seen documents revealing unsecured creditors have been told “they may get” an interim dividend of just 3.91p in the pound.
That has sparked outrage among some who are furious law firms and liquidators have been paid over £12million since the 2012 financial crisis of ‘oldco’ Gers.
One small creditor told the Record: “It is a feeding frenzy for lawyers and accountants while the small creditors get a tiny fraction of what they are owed, and it has still not been paid.”
A 2012 list revealed 276 creditors owed as much as £134million.
The Ibrox side owed money to a string of small companies, including £567 to a corner shop, £70 to a florist and £40 to a face painting company.
Legal firms - London laywers Stephenson Harwood and Edinburgh's Brodies solicitors among them - have pocketed £9.2million since the demise of 'oldco' Gers.
Meanwhile over £3.3million has been paid to liquidators BDO.
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