Scottish Football Association chief executive Stewart Regan has described the prospect of Rangers going into liquidation as “a disaster”.
Administrators last night accelerated attempts to sell the club after failing to finalise a consensus on wage reductions among the playing staff following several days of talks.
Duff and Phelps also warned that Rangers would not finish the season unless they achieved a quick sale or made severe cost-cutting measures.
Those developments came after Ibrox director Dave King said in a statement yesterday that he believes it is "inevitable" the club will go into liquidation.
Regan told the BBC: "(The administrators) are sending out a message that if they are not able to reach an agreement then the club is facing liquidation. That would be a disaster.
"It is a pretty desperate time for Rangers Football Club.
"Having had the club go into administration on 14 February, it would appear that there's a succession of negative pieces of news emerging almost on a daily basis.
"Last night the news that the club is running out of cash and may be unable to fulfil their fixtures is the final piece of news that will send Rangers fans into despair."
Regan was speaking as the SFA's own investigation into the running of Rangers, and whether there have been any potential breaches of their Articles of Association, neared a conclusion.
The football governing body announced the inquiry on February 17 - three days after the Scottish champions were forced into administration - and a statement on their findings may be made later today.
Asked if he was sure that Rangers would be able to play their remaining matches, Regan said: "I don't think you can say with total confidence that that will happen.
"All we can do is work with the administrators. They are dealing with a massive issue.
"They are trying to put fires out on a number of different fronts.
"There are a number of investigations going on, they are trying to sell the club, take costs out of the business and there is also the threat of not being able to compete in Europe next season.
"It is a really, really difficult time for the club and I'm sure the administrators will be working around the clock to come up with a solution."