 On 1 June 2012, after four months in administration, a failure to reach a CVA agreement with creditors led to The Rangers Football Club plc (since renamed RFC 2012 plc) entering the process of liquidation.The administrators completed a sale of the business and assets to a new company, Sevco Scotland Ltd (which later renamed itself The Rangers Football Club Ltd), though most first-team players refused to transfer across.The new company failed to secure the transfer of Rangers' previous place in the Scottish Premier League, but were later accepted into the Scottish Football League.