Collyer Bristow was involved in the 2011 deal when it advised purchaser Craig Whyte. Since then, however, Rangers has gone into liquidation and a warrant has been issued for the arrest of Mr Whyte. He has been abroad but has recently said that he will be returning to the UK. 

Protracted negotiations

BDO, the liquidators, had originally sought to recover £50m from the law firm but they agreed a settlement of £24m. BDO has now released a statement, saying: 'The joint liquidators are now able to advise that, following protracted negotiations subsequent to a mediation in June of this year, a settlement of the Part 7 claim has been concluded with Collyer Bristow. The joint liquidators consider that the settlement represents an excellent outcome for the creditors of the liquidation estate.' Source: The Daily Record