Lets put it in perspective, while its still a big deal that Rangers are going to go into administration and will more than likely be liquidated as the current club, they will survive, it might mean a few years of hardship, possibly starting in division 3 if that happens, but they will survive and the fans will just see what life is like for most other football fans for a few years.
Obviously Whyte is trying to force HMRC hand but its also abundantly clear that they wont make a deal and would rather liquidate the company than take 7p in the pound, Whyte has previous with them and they wont cow down to this attempt to get rid of the debt, they will be made an example off almost certainly.