I've had a look at the SPL Rules and Regs and found the following: Section A6 says the following:
A6.8 Where a Club takes, suffers or is subject to an Insolvency Event that Club shall be deducted 10 points. Where the Insolvency Event occurs during the Season, the points deduction shall apply immediately. Where the Insolvency Event occurs during the Close Season the points deduction shall apply in respect of the immediately following Season, such that the Club starts that immediately following Season on minus 10points.
A6.9 Where an Insolvency Event or in the event that such Insolvency Event is part of an Insolvency Process that process, continues and/or is subsisting for more than one Season then, for each
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such Season, during the whole or part of which such Insolvency Event or Insolvency Process is continuing and/or subsisting, the Club concerned shall be deducted 10 points or, as the case may be, shall start each such Season on minus 10 points.
A6.10 In the event that a Club shall take, suffer or be subject to more than one Insolvency Event during any one Season and the immediately preceding Close Season, which, in the opinion of the Board, are not part of the same Insolvency Process, then that Club shall be deducted 10 points in respect of each such Insolvency Event or, as the case may be minus such number of points, as reflects the number of Insolvency Events which that Club takes, suffers or is subject to during that Season and the immediately preceding Close Season.
So it basically says that a 10 point deduction applies, if a club is still in administration the following season they would start the following season on -10 points. Based on that Rangers could be in adinistration and still come second in the League. The problem they would have they would run into trouble in European Comps at that is their real cash cow.