 :Hi Britishwatcher. You are missing the point about 'the club existed before 1899 and therefore could exist afterwards - it could if it hadn't gone bankrupt! Rangers FC started as an unincorporated body, and then chose to become an incorporated body. The club, that now happens to be an incorporated body, is being liquidated. Perhaps I should ask you to think of it this way: if Rangers FC had not adopted company status but had merely continued trading as an unincorporated body, the only difference today would be that individuals could be pursued for the club's debts, but company status has limited the liability for the club's debts to the shareholders, and even then, only to the extent of the value of the shares they own. Rangers the club, which happens to be an incorporated organisation, has debts it can't pay and is being liquidated. Regards   