Taylor Wessing has taken a lead role on the high-profile Rangers FC administration, advising administrators Duff & Phelps on its move to recover money held by law firm Collyer Bristow.
 
Duff & Phelps confirmed last week (2 March) that it had made an emergency application to the High Court in London to secure money held in the client account of Collyer Bristow, which advised Rangers owner Craig Whyte on his purchase of the Scottish football club in May 2011.
 
A total of approximately £3.6m has now been transferred to Taylor Wessing's bank account while the High Court decides whether or not it is Rangers' money.
 
Taylor Wessing confirmed it is acting for the administrators in relation to the London High Court actions, with UK restructuring and corporate recovery head Nick Moser leading the firm's team. The High Court will hear further representations on the administrators' claim to the money and a request for further information from Collyer Bristow later this week (8 March).
 
Duff & Phelps said in a statement: "We can confirm that following the court hearing Collyer Bristow paid approximately £3.6m to our lawyers, Taylor Wessing, to be held securely by Taylor Wessing until the High Court decides whether or not it is the club's money. Collyer Bristow will also disclose to Taylor Wessing details of the payments of funds out of their account on behalf of the club since May 2011."
 
"Since legal proceedings are ongoing we cannot provide further information but this is a positive step in the administrators' investigations into the club's financial affairs."

Separately, it has emerged that Rangers FC company secretary Gary Withey – who advised Whyte on his takeover of the club last year – resigned from Collyer Bristow last Friday (2 March) for personal and family reasons.

His departure from the firm, where he was a corporate partner, is thought to be connected to the media storm surrounding the club's administration.
 
Rangers went into administration on 14 February, with Scots firm Biggart Baillie taking a role to act for Duff & Phelps on the insolvency. Duff & Phelps has since revealed that the club must save £1m per month if it is to be able to save the club.