Rangers have appointed administrators Duff and Phelps after meeting a deadline set at the Court of Session in Edinburgh.
The defending SPL champions had been set a time of 3.30pm on Tuesday by when they had to name an administrator under their own petition.
They met that cut-off point and therefore disappointed the HM Revenue and Customs (HMRC), which had itself lodged a petition against Rangers' notice of administration.
On Monday, Rangers themselves first gave notice to go into administration over a tax bill which could reach £75million, but, 24 hours later, HMRC countered with a notice of its own.
In courtroom developments on Tuesday, Rangers announced they would be prepared to immediately go into administration - and suffer a 10-point penalty from the SPL which as good as hands the title to Celtic - if they were allowed to choose their own administrator.
The court accepted and the Ibrox club will now, in theory, have greater control of the insolvency process.
The wrangle comes on the same day as Rangers owner Craig Whyte met with the club's players at their Murray Park training ground.
Discussions were held regarding Rangers' current financial plight and obvious fears over the long-term future have been raised.
But Whyte had on Monday insisted administration is the first step in the club's recovery, as he told Sky Sports News: "This was the best way to take the club forward and end the uncertainty that's surrounding Rangers at the moment.
"What we've done today is the start of a road to recovery. Rangers will always be around, Rangers will always be here at Ibrox and this is the start of the healing process.
"We will get over this and we will come out fighting and come out stronger, there's no question about that."