Rangers entered administration in 2012 because they owed money which they could not afford to repay. Some of this money was owed to HMRC (Her Majesty's Revenue and Customs) as Rangers had not paid the tax they should have. Rangers asked HMRC if they would take only some of the money owed to them, called a Company Voluntary Arrangement (CVA) however HMRC demanded the full amount and Rangers were closed. The people who owned Rangers have set up a new company ('newco') and bought Ibrox stadium, the training buildings and other things. This 'newco' was forced out of the SPL moved to the Scottish Third Division from the 2012-13 season.