SIR David Murray's conduct as Rangers owner is being examined by insolvency investigators.
The role played by all board directors of the club in the three years prior to its administration is being looked at by the Insolvency Service's Investigations & Enforcement Directorate.
Rangers legend John Greig plus former chief executive Martin Bain and chairman Alistair Johnston will also come under the microscope.
The conduct of Craig Whyte, who put the club into administration, will be looked at.
Administrators Duff & Phelps are understood to have completed the report.
The Insolvency Service's Investigations & Enforcement Directorate has confirmed it is "considering the matter" but the report is likely to be confidential.
The organisation can take action against directors if their conduct has not been satisfactory and this can lead to the disqualification of directors for periods of up to 15 years.
The Insolvency Service was unable to confirm if it was acting on calls by Mr Johnston to investigate Whyte's takeover.
When Whyte bought the club from Sir David for £1 he also wiped off around £18 million of debts to Lloyds Banking Group.
An Insolvency Service spokeswoman said: "We can confirm that, since Rangers has entered a form of insolvency, an insolvency practitioner (IP) is required to report on the conduct of the directors. The IP has reported and so the Investigations & Enforcement Directorate are considering the matter."
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article