THE taxman took a "principled stand" in rejecting an offer of 9p in the pound for Rangers' debts running into tens of millions, pushing the club to inevitable liquidation.

HM Revenue & Customs (HMRC) appointed insolvency experts BDO, who are expected to start an investigation into the club's downfall. A police investigation may be launched if any evidence of criminality is uncovered.

It could make directors of Rangers personally liable for any financial misdemeanours discovered over the past two decades, with claims made under the Insolvency Act 1986.

The investigation would examine whether the deal that saw former chairman David Murray sell the club to Craig Whyte for £1 in May last year was legal.

Whyte's regime is expected to be investigated over "wrongful trading", with investigators looking at whether debts continued to be incurred at a time when he should reasonably have known the club could not avoid going into liquidation.

It is also likely to look at Rangers' use of Employee Benefit Trusts to pay players. In 2010, HMRC issued Rangers with a bill for £35m in unpaid tax and interest, and £14m in penalties which Rangers challenged at the Court of Session in Edinburgh, but the verdict has not been announced.

HMRC appointed BDO to investigate the club's liquidation after being offered £1.9m of a debt perceived by the administrators to run to £21m, without taking into account the "big tax case".

The move will mean that the creditors' pot currently available in a newco will be £3m less than through a company voluntary arrangement (CVA), as part of the deal negotiated by the consortium led by Charles Green, the Yorkshire-based businessman.

An HMRC source said: "The liquidation provides the best opportunity by allowing the potential investigation and pursuit of possible claims against those responsible for the company's financial affairs in recent years.

"Liquidators are required by regulatory best practice to undertake an investigation into the actions of the directors of the company in the run up to its liquidation.

"The scope open to the liquidators is to look to see whether in fact any civil irregularities have taken place, and if there are criminal irregularities they would be duty-bound to bring that to the attention of the court.

"They may reveal legal actions that only liquidators can take whereby directors can be ordered by the court to compensate the company in respect of any wrongdoing."

Asked why the principled stand could not have been revealed earlier, the HMRC said: "It's only at the point when someone says we are going to do a CVA that we can we say 'no', even though we may have been considering 'no' all the way.

"Motherwell, Livingston, Airdrie and Dundee have gone through this situation. The only difference with Rangers is that we are clearly one of the major creditors and have some control over it."

HMRC admits it does not know how much, if anything, it will get back from any future litigation.

Experts with experience of clubs in administration say the move is to make an example of Rangers, and send a warning to other sides, and companies.

One source said: "Whether anything comes out of it financially at the other end is an issue, but then I suppose when there is taxpayers' money involved, it is political. You have to be seen to be doing the right thing, even though you may not get a result.

"It is unusual to go after directors personally on criminal actions – you have to have very strong evidence. The element of proof is very difficult, which is why a lot of white-collar crime goes unpunished.

"Since 1986, when the legislation came through about wrongful trading, there has only been a handful of cases that have gone through the courts. They are complex.

"What has happened is the HMRC have made the mistake of allowing the debt to be run up in the Craig Whyte era. Now they have run it up, they are cutting their nose off to spite their face because probably it would have been better to take some dividend. They feel clearly this is a matter of public interest."

Jon Pritchett, partner of US trucks tycoon Bill Miller who pulled out of buying Rangers after examining the books as preferred bidder, said yesterday's events were "no surprise".

He said: "This was clearly predictable. As such, the asset purchase agreement should have been done and the newco should already be up and running. The club didn't have the luxury of wasting more time and money on this inevitable process."

Mr Green, who became the current preferred bidder with an £8.5m loan to buy the club, criticised HMRC for its rejection of the CVA.

"To see them today saying this is a 'policy decision' leaves me speechless. If that's the case, is that a policy that was invented this week?" he said.

"If not, why weren't we told that in February or March? We could have gone into a newco then and saved a huge amount of money and time.

"It would also have removed the false hope from Rangers fans. There is no possible way that this is better for creditors."

Paul Murray, the former Rangers director who fronted the failed Blue Knights bid, said: "Obviously, it's a very sad day for the club. It's to be hoped that a detailed investigation will take place into everyone involved."