1 - So why does Rangers chairman Dave King want to resurrect the oldco?

Because it would be “a good thing to do” apparently.

2 - But why does it matter? After all, isn’t it the same club anyway?

Please, let’s not go there. According to King, it would silence the snipers who claim that Rangers died when the oldco was placed into liquidation back in 2012 and please the supporters who are fed up hearing about that from fans of rivals clubs. He believes it is ultimately “unimportant economically”. But he thinks it would be “nice”.

3 - Would it be a straightforward process?

Nothing much regarding Rangers is straightforward. King has looked into the possibility of taking the oldco out of liquidation and placing Ibrox stadium and other assets back into its ownership. After receiving expert professional advice, he is convinced it would be “practically and legally feasible”. But you would imagine the ongoing legal cases surrounding the Craig Whyte takeover in 2011, the subsequent administration process involving Duff and Phelps and the Charles Green-led buyout of the assets in 2012, not to mention the HMRC appeal against the outcome of the so-called "Big Tax Case”, will need to be resolved satisfactorily before it happens. Indeed, the chairman and major shareholder has admitted it would be an impossible move to carry out at the moment. “We can’t do it while all this stuff is being sorted out,” he has confessed.

4 - So what else has to happen for the oldco to be resurrected?

All debts would have to be settled. The creditors have to be squared up. There is a possibility they could be repaid in full. But if that is unrealistic they could agree to accept a compromise deal which is put on the table by liquidators BDO. King has speculated that they could accept an offer of 50p or 60p in the pound. All of the liquidators' fees and associated legal costs would have to be met too. It would be surprising if HMRC accepted anything less than 100p in the pound. That was why the proposed company voluntary arrangement failed three years ago. So their legal challenge against the outcome of the “Big Tax Case” - which an announcement is expected on before the end of this year – will have to be rejected. Even if it does, it is not inconceivable the tax authorities won't relent. They have come this far. As King himself has conceded, there are “a load of complications”.

5 - What if HMRC win their appeal against the outcome of the “Big Tax Case”?

Then there is almost no chance of the Rangers oldco being resurrected. The amount owed to creditors would increase substantially, by tens of millions of pounds, and there would not be enough money in the pot to reimburse them. Nobody else is likely to put their hands in their pockets to settle that.

6 - What other issues need to be resolved?

Law Financial Ltd, a company linked to former owner Whyte, has made a claim against the £18 million creditors’ payout pot in its entirety. It insists it holds security over Rangers oldco RFC 2012 plc. If successful, it will make them the only secured creditor and put them first in line, ahead of HMRC, Ticketus and other unsecured debtors, to take the available money. It is likely to be vigorously contested. But it has already meant that a £10 million interim payout to creditors, which was due to be paid in July, has been delayed.

7 - But Mike Ashley currently holds security over all of Rangers’ assets apart from Ibrox. How can they be transferred back to the oldco?

Indeed. Sports Direct tycoon and Newcastle United owner Ashley currently has security over the Albion Car Park, Edmiston House, Murray Park and the registered trademarks. He received that in return for agreeing to loan the club £10 million, only £5 million of which was drawn down, back in January. The new regime have stated they have no intention of repaying the interest-free loan any time soon because there is no legal obligation for them to do so. Could Rangers transfer the assets from the newco to the oldco without the say-so of the second largest individual shareholder in the club while he still holds security over them? It could be another complication.

8 - Doesn’t seem like there is any chance of oldco being resurrected?

Well, a lot will have to fall into place for it to occur certainly. But stranger things have happened. Speaking before there was a change of regime at the club at an EGM back in April, director Paul Murray revealed he was optimistic that creditors would one day be repaid in full. Murray said: “There is a very genuine possibility there will be a very significant recovery of the debts which oldco Rangers had. I would love to see a position whereby a lot of creditors were repaid in whole. There might be a point in time where they’re paid 100p in the pound.” It is, though, not going to happen next week. It could take several years before it comes to pass. A court would also have to agree to halt the winding up process and allow the company to trade once again. That is extremely rare. But it does happen.