On 13 May it was reported that Whyte sold his controlling interest in The Rangers Football Club Plc for £2 to a consortium led by Charles Green. Green offered the creditors a settlement, in the form of a company voluntary arrangement (CVA), in an attempt to exit administration. On 12 June 2012, it emerged that HMRC would reject the CVA put forward by Green. Green's takeover of the club depended on the CVA being accepted by HMRC, which would have seen £8.5m of the total debt repaid. The formal rejection of the CVA, two days later, meant that The Rangers Football Club plc entered the liquidation process. The company's business and assets were sold to a company called Sevco Scotland Ltd, a consortium led by Green, in a deal worth £5.5m. Sevco was subsequently renamed The Rangers Football Club Ltd at the end of July 2012.