FORMER commercial director Imran Ahmad has been unsuccessful in his attempt to ring-fence cash at Rangers ahead of a bid to secure a £500,000 payout.
Ahmad, who left the Ibrox club’s employment last year, is seeking bonus money that he claims is owed to him by Rangers.
Lawyers for the former director were looking to freeze the cash, arguing that Rangers Football Club Ltd. is trading insolvently and would be unable to pay him if he won the claim.
Judge Lord Tyre at the Court of Session in Edinburgh threw out the motion for arrestment, indicating that he was satisfied that a case at first sight had been made out based on a contractual term, a letter from former Ibrox chief Charles Green, and an acknowledgement of work that had been done.
But he was not satisfied that any insolvency would prejudice the enforcement of any court order, if Ahmad’s claim was successful.
A hearing of evidence and legal submissions due to last four days has been scheduled to begin at the same court on April 1st.
Lord Tyre added that the finances of a company like Rangers were ‘cyclical’, and said that he found no clear evidence that there had been a deterioration in the club’s position since June beyond any normal cyclical effect.
The judge said he felt it unreasonable in all the circumstances to grant a warrant at a time when the club had received a £1.5 million cash injection to take a third of that out of circulation.
Ahmad, who arrived at Ibrox along with Charles Green, had initially been seeking £3.4 million - and the former chief executive had previously been lined up to give evidence in the case.