LIQUIDATORS are in talks to try and settle a £18m claim on the collapsed Rangers business by a firm founded by former club owner Craig Whyte.
It has emerged that discussions are being held between liquidators BDO and representatives of Rangers FC Group - the company formerly known as Wavetower that was founded by Mr Whyte - to try and stave off further court proceedings.
Rangers FC Group, which was used by former Rangers owner Craig Whyte to buy the club in 2011, has stepped up its legal claim on the whole of the oldco creditors payout pot.
The collapse of the Rangers business six years ago left thousands of unsecured creditors out of pocket including more than 6000 loyal fans who bought £7.7m worth of debenture seats at Ibrox.
Creditors ranged from giants such as Coca-Cola to a picture framer in Bearsden and a lady called Susan Thomson who runs a face-painting business and was owed £40.
It is understood that continuing fight by representatives of Rangers FC Group is over their belief that they hold a security over the liquidated assets of the oldco RFC 2012 plc.
If BDO lose the argument, those in charge of Rangers FC Group would be the only secured creditor and first in the pecking order ahead of the taxman and ticket agency Ticketus and other unsecured debtors to take money from the pot. It would cut the amount unsecured creditors get back.
READ MORE: Firm bidding for Rangers' assets faces liquidation
It is claimed the security was reassigned to the company from the Lloyds Banking Group after an £18m bank debt was paid off as a condition of Mr Whyte's £1 purchase of Rangers from Sir David Murray in 2011.
It was said to be inherited by Mr Whyte after he paid off the debt using funds raised from the selling off the rights of future season ticket sales to ticket agency Ticketus.
BDO were in June ordered to hand over papers to a judge from a £24 million settlement with law firm Collyer Bristow, who acted for Mr Whyte. Representatives of Rangers FC Group are said to believe that the settlement agreement could help their case.
BDO say that they have stopped a bid to have Rangers FC Group people in control of the in-liquidation oldco through the appointment of receivers by obtaining an interim interdict.
A BDO spokesman said representatives of Rangers FC Group are appealing the liquidators' rejection of the claim and that legal proceedings are still active.
But BDO said that negotiations are underway to try to end the impasse.
The floating charge particulars at the centre of the dispute.
"Certain discussions have taken place between the parties... to establish whether it would be possible to reach a consensual resolution of the dispute without further recourse to the court. These discussions are ongoing..."
The Rangers FC Group legal bid came after Mr Whyte was last year cleared of fraud and financial assistance in the 2011 takeover - seen as by some as the only apparent obstacles in the way of a successful claim.
Mr Whyte, who presided over the Rangers oldco's plunge into administration in February, 2012, has always insisted that the Wavetower company he used to buy the club and pay off the debt – using future season ticket sales – inherited the bank's security over the Ibrox outfit's assets including Ibrox and Murray Park. He resigned as a director of the firm in April, 2014.
BDO have had a series of meetings with London-headquartered claims experts Henderson and Jones which acts as a director of Rangers FC Group and had initially sought a much smaller sum of £2.8 million said it would make the £18 million claim and consider appointing receivers.
It is understood the creditors' payout pot currently stands at under £8 million - following initial payouts to creditors.
A judgement by Lord Doherty last year put off any decision on the rights and wrongs of the Rangers FC Group claim until after Mr Whyte's fraud trial.
Henderson & Jones describe themselves as expert litigators and insolvency professionals who purchase legal claims and endeavour to get money back to creditors by pursuing their legal claims.
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