INSOLVENCY experts say creditors, including the HMRC, would be expected to be hit hard as administrators attempt to find a way to save Rangers.
It is believed the taxman would be resistant to a deal to accept a small amount in every pound to wipe clear the club debt. But it is likely to have no choice, they say.
If an agreement on paying off the creditors is not accepted by those who own at least 75% of the debt, the club would go into liquidation. That would mean selling assets, understood to include Ibrox and the Murray Park training ground. Experts say this would allow owner Craig Whyte to recoup money he claims to have invested.
However one expert says there is a real possibility a new company could be formed which would take the secured assets and leave the unsecured assets to be sold to help pay off debtors.
This would leave creditors hugely out of pocket and angry while Whyte would be expected to either walk away without being out of pocket, or retain control of Rangers.
In 2007, Leeds United were relegated to League One of the Football League after being deducted 10 points for going into administration.
Financial experts KPMG sold the remnants of the club, which racked up huge debts as it chased European football glory earlier in the decade, to a new company led by former Chelsea chairman Ken Bates.
But the expert said: "The new company would not have a registration to compete in the SPL. So it would have to say to the SPL and SFA 'please give us a new registration and if you don't, well, there's no Rangers, Scottish football is dead, the Sky deal would fall' and so on.
"That opens up a can of worms. Other clubs will be saying that there shouldn't be special rules for Rangers.
"Then again, other clubs might not like it if Rangers weren't in existence either. It is all going to get very interesting but very messy."
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