The formation of a new Rangers is emerging as an increasingly likely scenario as administrators accelerate sale attempts after raising fears over their ability to finish the season.
Duff and Phelps made the dramatic warning on Wednesday that the club would not fulfil their Clydesdale Bank Premier League fixtures unless one of three scenarios developed quickly.
They are still in talks with players over a wage cut deal but will spend Thursday and Friday meeting interested parties in a bid to achieve a quick sale. The alternative will be "severe" redundancies in order to meet their target of £1million monthly savings.
A quick sale of the business as it stands now - the Rangers Football Club formed in 1873 - would be problematic for numerous reasons, including the difficulty in securing a creditors agreement and uncertainty over the outcome of the tax tribunal into the use of Employee Benefit Trusts.
Director Dave King has claimed liquidation is inevitable and administrators appear to be preparing fans for the possible formation of a new company.
Joint-administrator David Whitehouse told Rangers TV: "What we don't want to do is mix the terminology here and start to portray liquidation as a process which creates the cessation of the business.
"The liquidation will wind up a business following the sale of the business activities into a newco.
"So in any scenario we would still envisage that Rangers Football Club could play football and operate as a football team. We have always said that liquidation is a possible scenario.
"The preferred scenario from our perspective both in terms of the return to creditors and a platform for retaining an ongoing continuous business is through a CVA.
"That would take time to deliver and in the event that we can't bridge this funding gap which we have at the moment, then we would have to look at alternative strategies."