PFA Scotland chief Fraser Wishart insists Rangers’ players will have the right to rip up their contracts if the current business they are employed with is liquidated to form a newco.

The Ibrox side are currently in administration, with a number of parties in negotiations to take over the ailing club.

With Wishart and administrators outlining they believe the best option would be for creditors to be paid using a CVA, the possibility remains for debt to be shed by forming a new company, purchasing the club’s SPL member share and asking to inherit their Scottish FA membership.

If such an eventuality came to pass, Wishart believes that employment law would dictate every player would move from the old company to the newco.

Under TUPE regulations, he says every employee would have the option to refuse to complete the switch if they wished.

"There has been a lot of chat about possible transfer from old Rangers to a newco and discussions about the implications in terms of creditors and football regulations, points penalties and financial penalties," Wishart said.

"One of the things that has been forgotten about is our members. It's not necessarily the case, in our opinion having taken legal advice, that the players have to go across to a newco.

"Should a newco be formed the players do not have to go across."

Wishart, who stated he had not yet spoken to the Scottish FA over the matter of players' registrations, added: "They have the right to object to that transfer. There may well be complications in terms of FIFA regulations and football regulations.

"I don't think the football authorities have any right to force someone to go and work for a new company should they not wish to.

"And it will be a new company, whatever it is dressed up as. Our position I think will be supported by the football authorities."

TUPE regulation 4 (7), which Wishart referred to when speaking on Thursday, states: "[the regulations] shall not operate to transfer the contract of employment and the rights, powers, duties and liabilities under or in connection with it of an employee who informs the transferor or the transferee that he objects to becoming employed by the transferee."

Speaking at the launch of the PFA Scotland Player of the Year awards, Wishart made clear no Rangers players had stated to him they wished to exercise their right to quit if a newco was formed.

"If players do go across their contracts are protected," he continued. "The newco would have to take their whole contract, wages, terms and conditions. They may all wish to go across.

"The players are aware of their individual rights but none of them have come back to me. I don't think anyone is actively searching for a way out.

"But we are hitting real tight time deadlines. In three weeks' time the season finishes, players go on holiday.

"They don't know whether they are coming back, some of them who are out of contract. They don't know what state Rangers are going to be in.

"There is a lot of talking to be done and the players are getting frustrated. I think it's so important, given the size of the debts Rangers have, that someone is given exclusivity as soon as possible."