Scottish football club Rangers could be in need of insolvency advice if a tax case goes against them.
This is the view taken by judge Lord Hodge, who yesterday froze almost £500,000 of the Scottish Premier League champions' assets.
The move was the result of a court case in which former Ibrox chief executive Martin Bain requested that authorities act to ensure the club has enough cash to pay out if he wins his £1.3 damages claim for breach of contract.
Lord Hodge said the Glasgow giants face "a real and substantial risk" of insolvency if the HMRC case goes against them.
"Having regard to the structure and terms of the takeover deal, I am satisfied that there is a real and substantial risk of insolvency if the tax case were to be decided against (Rangers) in favour of the revenue in the sums spoken about," Lord Hodge said.
"But in reaching this view, I emphasise I am concerned with a degree of possibility and not the actuality or even the probability of insolvency."
The taxman has two claims outstanding against the club, with one believed to be around £49 million.
Mr Bain's representatives had asked the court to freeze almost £1 million of Rangers' assets, but the judge elected to limit the figure to £480,000.
Rangers have submitted a counterclaim alleging that the former chief executive had breached his fiduciary duties during his tenure.
It is thought the two HMRC claims are for £2.8 million in tax and £1.4 million in interest and fines and £35 million in tax and £14 million in interest and penalties respectively.
Rangers' finances hit the headlines recently when it settled a late £38,000 bill from its former solicitors after Levy & McRae took the club to court.
While the Scottish champions may require insolvency advice in the near future, they sit top of the SPL by one point. However, they face arch-rivals Celtic at home on Sunday.