Rangers have failed in their attempt to offer creditors a pence in the pound deal after HM Revenue and Customs (HMRC) today indicated it would reject it.
The Ibrox club had offered those owed cash a reduced payment deal funded by an £8.5m loan from a consortium led by Charles Green.
On Tuesday, administrators Duff and Phelps confirmed they now expected HMRC to refuse the deal at a company voluntary arrangement (CVA) vote on Thursday afternoon.
The news means that Rangers is now heading for liquidation. Is there any future for Rangers beyond that?
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