Former director McIntyre bids to freeze £300,000 of Rangers’ assets

Former finance director and company secretary Donald McIntyre has also launched a bid to ring fence money at the Scottish Premier League champions ahead of his compensation claim being heard.

Lawyers acting for McIntyre went to the Court of Session in Edinburgh yesterday in an attempt to freeze £300,000 of assets at Rangers.

The club’s former chief executive Martin Bain, who has raised a £1.3 million claim against Rangers alleging breach of contract, secured a £480,000 arrestment against Rangers Football Club PLC last month.

Lord Hodge granted Bain the order after deciding that there was “a real and substantial risk of insolvency” at Rangers if a major tax appeal went against the club.

The same judge heard a move yesterday by McIntyre’s counsel, Jonathan Brown, to secure an arrestment in his case for £300,000 – the same sum he is suing Rangers for in an alleged breach of contract action. The Ibrox club was not represented at the hearing and the motion, which was heard with the press excluded from proceedings, was continued until next week.

McIntyre has resigned as finance director at the Old Firm club five months after the club suspended him, along with Bain.

Bain went to court against the club following the takeover at Rangers by venture capitalist Craig Whyte from former owner Sir David Murray in a share purchase for £1.

He maintains that Rangers repudiated his contract of employment as chief executive by acts amounting to a breach of duty not to undermine trust and confidence between employer and employee and after Whyte stated “there was no way back” for him in a newspaper interview after he had been suspended.

Rangers are contesting the action raised by Bain and have lodged a counter claim against him for damages alleging breach of fiduciary duty, which he denies.

During the move to freeze assets at Rangers ahead of Bain’s claim against the club Lord Hodge was told that it was facing two tax claims – one for £2.8 million and a larger claim of £49 million, comprising £35 million of tax and a further £14 million in interest and penalties, which is under appeal. The tax hearing was adjourned earlier this year, and it could be several months before the outcome of the appeal is known.

Last month, Whyte admitted that the club faces the prospect of administration if the appeal is lost and Rangers are hit with a multi-million tax bill which cannot be paid.

In granting Bain an arrestment for £480,000 the judge said: “I am satisfied that there is a real and substantial risk of insolvency if the tax appeal were to be decided against Rangers.”