Rangers Enters Administration after HMRC Threat

15 February 2012

After being threatened by a "creditors administration", with HMRC petitioning the Court of Session to ask for an independent administrator to be appointed, Craig Whyte blinked and appointed Duff & Phelps to act as administrators.

So will the ten point deduction hand the league to Celtic!

What about the CVA exit route, will HMRC block any administrators' proposals for a CVA ? A CVA requires 75% of unsecured creditors (by value) to vote in favour. Will there be a "Mexican stand-off" if CVA proposals are put in front of HMRC?

Or will the next step be a sale of the assets or business by the administrators? This is going to be hugely interesting.