Paul Murray, the former Ibrox director who is hoping to be elected onto the board at an EGM on March 4, has expressed hope many creditors of the oldco Rangers will be repaid in full.

Businesses and individuals were left tens of millions of pounds out of pocket when HMRC rejected

the terms of a proposed CVA and the Glasgow club's parent company was placed into liquidation on June 14, 2012.

Murray, who advised Sir David Murray against selling Rangers to Craig Whyte in 2011 and then led a consortium that attempted to buy the assets of the club the following year, has assisted BDO with the liquidation process.

He revealed there is a "very genuine possibility" there will be a "very significant recovery" of the oldco company's debts in the future and is optimistic many creditors will receive all of the money owed to them.

"The first stage of the liquidation process was to recover £24 million from Collyer Bristow, who were Craig Whyte's lawyers," said Murray.

"There's proceedings now being taken against Duff & Phelps (oldco administrators) and there will be proceedings against other people.

"And, of course, there's also the Big Tax Case, which will hopefully come to a conclusion later this year.

"There is the possibility, a very genuine possibility, that at the end there will be a very significant recovery of the debts that oldco Rangers had.

"I personally, as a former director, would love to see a position whereby a lot of those creditors were repaid in whole.

"There might be a point in time where they're paid 100p in the pound, which would be great."

Murray is hoping to be elected onto the Rangers board along with fellow oldco director Dave King

and brewery boss John Gilligan at a general meeting in the Millennium Gloucester Hotel in London next month.

Rangers announced the date of the EGM on Friday in a lengthy statement that warned there could

be an "adverse impact" on the company's listing on the AIM Stock Exchange if King is appointed as a director.

The Johannesburg-based businessman was convicted on 41 counts of breaching the South African Income Tax Act in 2013 and was required to pay unpaid tax totalling around £40 million.

However, the Scot has revealed he has been "astonished" at the lack of governance at Rangers and warned club directors and Nomad WH Ireland that they should be "very concerned" if he succeeds in his bid to topple the current regime.

He said: "There's been a lot of stuff happening behind the scenes and if I was on the board of the company or if I was the Nomad, I would be very concerned about what might be coming my way in the future."

Meanwhile, King has predicted there is a "good chance" of being able to tear up the agreements between Rangers and Sports Direct if he receives enough backing from shareholders at the EGM.

Supporters of the SPFL Championship club have been deeply concerned at the deals which have been struck with the nationwide chain of sports goods stores run by Newcastle United owner Mike Ashley.

But Rangers chairman David Somers threatened to terminate the agreement in an email to a legal representative of Sports Direct that was leaked last month.

King said: "The only interpretation I can have of the David Somers' e-mail - and I've looked at it very carefully - is that he believed there was sufficient information to possibility void the contract."