FORMER Rangers director Paul Murray has welcomed news that a probe is to be launched into all those involved in the running of the club in the years leading up to yesterday's liquidation.
The investigation, by HMRC-appointed liquidator BDO, is almost certain to include Craig Whyte and Sir David Murray and could also look at the actions of administrators Duff and Phelps.
HMRC could pursue the current and former owners through the courts in a bid to recover unpaid taxes.
Other former and current directors may find their actions and decision-making under scrutiny.
Murray, whose Blue Knights consortium failed in a bid to buy the club, said: "Obviously it's a very sad day for the club.
"But one of the very few good things that might come from this is that BDO as liquidators have significant powers of investigation and it's to be hoped that a detailed investigation will take place into everyone involved, particularly Craig Whyte and Duff and Phelps."
Liquidators BDO have powers to examine the governance and administration of the club before its insolvency and report any issues it feels are relevant.
Their powers include the right to apply for a court order to examine, under oath, people involved with the company.
HMRC, whom Rangers are listed as owing more than £21million, believe their decision allows them to pursue individuals in the courts.
The tax authority forced Rangers into administration in February over millions of pounds of unpaid tax under Craig Whyte and could also pursue former owner Sir David Murray over a tax case, which could result in a £75m bill.
A statement from the tax authority read: "A liquidation provides the best opportunity to protect taxpayers, by allowing the potential investigation and pursuit of possible claims against those responsible for the company's financial affairs in recent years.
"A Company Voluntary Arrangement (CVA) would restrict the scope of such action. Liquidation will enable a sale of the football assets to be made to a new company, thereby ensuring that football will continue at Ibrox.
"It also means that the new company will be free from claims or litigation in a way which would not be achievable with a CVA.
"Rangers can make a fresh start."
Rangers administrators Duff and Phelps said Charles Green's consortium would move to acquire the club's assets immediately after the CVA is formally rejected at a meeting of creditors tomorrow.
HMRC'S decision means Green's CVA will fail to achieve the 75% backing needed from creditors.
Green will now push ahead with plans to buy the club's assets for £5.5m in the coming days with both HMRC and Ticketus, the other major creditors, not expected to challenge the newco purchase deal he has struck with administrators Duff and Phelps.
A 'newco' Rangers would not be allowed to play in Europe for three years.
Joint-administrator Paul Clark said: "It was with HMRC's approval that a proposal was placed before creditors for consideration.
"However, it is the commercial view that the level offered within the CVA was not enough to merit departure from their normal policy of seeking a detailed investigation via a liquidator.
"However, we have been left in no doubt by HMRC the fundamental reason for the rejection of the CVA proposal is the historical non-compliance with tax liabilities by the former owners and directors of the club."
Ticketus, which is owed almost half of the club's £55m confirmed debt, had not decided on its approach to the CVA before yesterday's announcement but it plans to pursue Whyte for the shortfall.
It is expected that less than £1m will be shared between unsecured creditors under a newco with most of the money going to administrators' fees and legal costs.