RANGERS' former ex-commercial director has failed to ring fence cash at the Ibrox club ahead of a court case in which he is seeking a £500,000 payout.
Imran Ahmad, whose employment at Rangers was terminated last year, maintains that he is due a bonus payment in an action being opposed by the Glasgow club.
His lawyers sought to freeze the cash, arguing that Rangers Football Club Ltd is trading insolvently and would be unable to pay if he won his claim.
But Lord Tyre rejected the motion for arrestment after an opposed hearing.
A four-day hearing of evidence and submissions is due to begin in the case at the Court of Session in Edinburgh on April 1.