SCOTLAND LEGEND TURNS TO FAMILY IN BID TO STAY SOLVENT
FOOTBALL FINANCES TURMOIL Whyte fund firm in £18m claim to liquidators
BY CRAIG ROBERTSON THE firm used by Craig Whyte to fund his takeover of Rangers have upped the ante in their bid to obtain money from the club’s liquidation.
Wavetower, who previously listed Whyte as a director, have put in an £18million claim to the Oldco Rangers liquidators.
That’s on top of a £2.8million claim, which is at the centre of a Court of Session case.
The Wavetower claim is based on an argument they should be first in line for assets from Oldco Rangers as they paid off the £18million debt to Lloyds Bank when Whyte took over in May 2011.
Oldco liquidators BDO have already rejected the first claim which has led to the court battle.
But in an update, BDO said Wavetower’s cash claim had been upped.
It is being driven by Henderson & Jones, who buy legal claims to pursue through the courts.
They’ve also threatened to have “administrative receivers” imposed on BDO, which would force the liquidators to pay out the money.
In an update to creditors, BDO said: “Following a series of protracted correspondence and meetings, HJL intimated that Wavetower would seek to increase their claim to £18million and consider appointing administrative receivers over the firm.
“The Joint Liquidators took steps to avoid such an eventuality and obtained an interim interdict in favour of the company which precludes Wavetower from making a receivership appointment.”
BDO have £30million in assets left in Oldco Rangers which are due to a host of creditors. SCOTLAND legend James McFadden has turned to his family for financial help as he bids to avoid bankruptcy in a battle with the taxman.
The ex-Motherwell and Everton striker, 35, faces the threat of going bust if he fails to reach an agreement with HMRC over unpaid debts.
McFadden has revealed he is seeking help as he attempts to raise the funds he needs to stay solvent.
He had previously claimed to be close to agreeing a deal with tax officials, which will see him hand over 80 per cent of the money he owes but talks are still ongoing.
A sequestration hearing at Hamilton Sheriff Court heard