In full: Rangers administrators statement

Paul Clark, joint administrator, said: “We are pleased Martin Bain has, in light of the present situation at Rangers, offered to drop his action for damages following his dismissal by Craig Whyte whilst Chairman.

“Mr Bain has also agreed to release to the Club a significant proportion of the sum that was arrested as part of this action. He has made plain the litigation was a response to the actions of Craig Whyte and not Rangers FC and given developments he now wishes to end the litigation action and do what he can to support the Club in these difficult times.

“Duff & Phelps have agreed to settle the litigation with Mr Bain thereby avoiding the unnecessary costs of continuing with this court action.

“On other litigation matters, on 23 March the High Court in London ordered that in addition to the current proceedings regarding the £3.6m that was transferred into the safekeeping of the administrators’ lawyers, Taylor Wessing, the parties with claims against Collyer Bristow (the former lawyers to Craig Whyte and Rangers FC) should bring their claims by 16 April 2012.

“This has widened the court proceedings because we have substantially larger claims against Collyer Bristow, which we wish to bring as soon as possible. The original trial dates of 30 March - 4 April are now not being utilised as the wider claims are still being formulated. A further hearing will take place as soon as possible after the deadline for claims against Collyer Bristow of 16 April.

“As regards the general administration process, we, as the Club’s administrators, would like to pay tribute to Rangers supporters for their continuing oustanding efforts to support the Club at this time.

“We appreciate greatly the contributions made to the Rangers Fighting Fund and welcome the fact that those who are administering the fund have taken the decision to release funds which will offset some of the debts owed by the Club to other clubs.”