RANGERS boss Ally McCoist will now have to establish if he faces losing his entire first-team squad for nothing.
HMRC's decision to reject a possible CVA from the Charles Green consortium this morning has thrown the club into chaos.
The decision will undoubtedly have massive consequences off the park – the Ibrox club have effectively been liquidated and will now have to return in the form of a newco – which will bring a three-year ban from European football.
Furthermore, the club will now have to seek permission from the SPL to retain their status in the top flight and it has already been mooted many clubs could vote against them. Rangers require an 8-4 vote in their favour.
However, the most devastating immediate effect could be the contract situation and that is what McCoist will be seeking clarity on as quickly as possible.
PFA Scotland have claimed existing player contracts will be effectively rendered invalid, allowing the players to walk away.
This, of course, has been challenged by administrators Duff and Phelps. But with the club in turmoil and a European ban, it is difficult to see why players would want to continue their careers at Ibrox under such circumstances.
Leading players such as Allan McGregor, Steven Davis, Steven Naismith, Steven Whittaker and Maurice Edu are likely to explore the possibility of becoming free agents as a result of today's announcement.
Having agreed to take wage cuts last season to keep the club alive, the players have become more and more frustrated at the off-the-field situation and the lack of progress being made by various groups attempting to gain control of the club.
Under normal circum-stances, captain Davis would probably command a transfer fee upwards of £5million.
It's believed there is a clause in his deal allowing him to go for around £2m as part of his wage cut agreements but now Rangers might not even get that. And it is the same story for the rest of the players. PFA Scotland are now likely to be asked to operate on behalf of the Ibrox dressing room.
There will, however, be some players who will have no desire to leave the club for nothing. Midfielder Lee McCulloch has already declared he will stay by the club and it is likely a lot of the up and coming players will see this as a chance to play first-team football for Rangers as opposed to quitting the club.
McCoist will almost certainly have to turn to the most promising talents to emerge through the Murray Park ranks to fill out his squad if they stick around.
It could give the likes of Rhys McCabe, Jamie Ness, Kyle Hutton and John Fleck the chance to shine in the first team and Rae is confident the youngsters have the quality to cope in our top flight.
Former Ibrox midfielder Alex Rae said: "I'm just back from the Hong Kong Sevens and the Rangers kids were a credit to the club, they were a different class.
"Rangers have produced good players in recent years and I am sure they will continue to do so.
"Rhys McCabe looks a cracking prospect. I think he will turn out to be a very good footballer.
"It wasn't a great season for Ally, but Rhys coming through and showing what he did will be a wee positive for him.
"I have seen a few of the kids over the last few months and I have been impressed. The experience thing is the most important factor for them. It is tough at Rangers, the fans expect a lot and you have to stand up and be counted.
"I am sure the fans will be understanding with the younger players if they are given games.
"Jamie Ness got back in the team before the end of the season and Kyle Hutton and John Fleck are coming back after being out on loan.
"There could be a real chance for these guys to come in and play."