RANGERS were today finally liquidated - inside just eight minutes.
The CVA proposal tabled to rescue the stricken football club has been formally rejected by creditors at a quickfire 10am meeting at Ibrox Stadium.
The Glasgow club will now be reformed as a 'newco' inside the next 24 hours and that will be called The Rangers Football Club.
Just 30 of the creditors owed money by the troubled Ibrox club attended in person or were represented by lawyers acting on their behalf, with others sending proxy votes
The result of the meeting was, of course, already a fait accompli given that major creditor, Her Majesty's Revenue and Customs, confirmed on Tuesday that it would reject the £8.5million Company Voluntary Agreement package tabled by Charles Green, the man who is attempting to take over the club which has been in administration since February 14, forcing liquidation of the existing plc.
HMRC, currently owed £21million out of a £55m debt pile – with the possibility of being owed up to a further £75m pending the outcome of a First Tier Tribunal appeal into the club's use of Employment Benefit Trusts to pay players – refused to accept a payment that would have seen little more than £1.9m being returned to the taxman.
Bang on 10am, Paul Clark and David Whitehouse, joint administrator of Duff & Phelps, emerged to take their seats at the top table alongside a stern-faced Green.
Ally McCoist sat at the back of the room and he wore the look of a broken man as he realised his days at the helm of the Ibrox side were numbered.
Clark opened proceedings by stating: "HMRC have now formally voted against the CVA proposal.
"Given that HMRC have more than 25% of the debt, they have the ability to vote it down. That has happened.
"The purpose of voting today is now academic - unfortunately, this is a failed CVA.
"HMRC believes it will be of a greater benefit to the taxpayer, and the creditors generally, for liquidators to have a full investigation into the running of the company."
Ticketus, the other major creditor which is owed just under £27m, and which was in favour of the CVA, and was represented in the room.
Clark went on: "We have a total of £30m worth of debt in this room, above the HMRC vote that has been made."
He asked for a show of hands on the CVA. There were three rejections, one of which was believed to be Austrian football club Rapid Vienna which is owed around £1m after selling striker Nikica Jelavic to Rangers back in August 2010.
Green will now pay £5.5m to the old Rangers Plc for the company's assets – Ibrox Stadium, Murray Park and the Albion car park – and they will be transferred into the newco.
Clark went on: "We expect that sale to be concluded later today, or at worst tomorrow.
"All financial dealings of the new company will now be undertaken by Mr Green.
"We will remain as administrators for possibly a further six to 10 weeks. Only then, after that is concluded, will the liquidators that have been appointed, BDO, come on board.
"We will, of course, co-operate fully with BDO and try to help them get a better understanding of what has happened over our tenure at the club."
Once they arrive at the end of the administration period, BDO will carry out the process of winding up the old company.
That will include a full investigation into why Rangers have ended up in this state, and there could be legal action against former owners and directors, such as Sir David Murray and Craig Whyte.
They will also continue the £25m litigation claim against Collyer Bristow, the legal firm that advised Whyte throughout his takeover just over a year ago, that has already been started by the administrators
Green has already moved to put in place a new board for the newco. Fund manager Malcolm Murray, a lifelong supporter, will be made chairman, Green will assume the chief executive role.
Imran Ahmad, who has been advising Green on financial matters, will be corporate finance director. It is believed Ahmad and Green met through Nova Resources, a Singapore mining investment firm where Green had a spell as chairman, and Ahmad was an advisor.
Brian Stockbridge, a businessman, will also be brought on board as a finance director.
He was invited to comment this morning by Clark, and would only say: "I can confirm that the company we have been using will change it's name from Sevoc to The Rangers Football Club.
"From my consortium's point of view we have seen a lot of differences that have existed in the last few weeks.
"This is a time for unity; it's a time for everyone to get behind Rangers irrespective of who is running it."
And that was it. At 10.08am the meeting was over.