Creditors to vote on series of proposals

Rangers administrators Duff and Phelps are to present a report to the club’s creditors today and will ask them to vote on a series of proposals.

All creditors will have the opportunity to vote on the proposals, with a deadline of noon on 20 April set for votes to be cast.

The administrators stressed that it was part of standard administration procedure and that the report and proposals are not a creditors’ meeting at which a Company Voluntary Arrangement (CVA) will be put forward, or any other form of exit from administration determined.

Paul Clark, joint administrator, said in a statement: “As administrators we are obliged, as part of our statutory duties, to put forward our initial report and statement of proposals to creditors by 5 April. The report will be uploaded to the Rangers Football Club website (www.rangers.co.uk) from that date.

“All creditors will have the opportunity to vote on the proposals. In essence, the proposals consist of a set of legal and technical resolutions which relate to routine housekeeping matters, for which the Joint Administrators are required to seek creditors’ approval.

“The proposals, if approved, will allow the Joint Administrators to continue the administration process until an appropriate exit from administration can be found. The meeting is to be held solely by correspondence in accordance with Rule 2.28 of the Insolvency (Scotland) Rules 1986. This is not a creditors’ meeting at which a Company Voluntary Arrangement will be proposed, nor will any other form of exit from administration be determined at this juncture.”