As far as I can guess there can be no creditors meeting before the FTT reports back as the amount of debts in total rangers have, and there for who - if any - creditors (HMRC/Ticketus) have the veto. They can't offer a p in the £ deal until this is decided either as they don't know the total value of debts.
This CVA will include the Big Tax Case debts if they lose as well as the small tax case debts and the recent unpaid taxes. All are down on the creditors document.
The revenue will certainly have the big say, I hope their priority is getting as much tax as possible, if that is liquidation then not much debate to be had.
But if they consider putting Rangers out of business to make a point as more important and are actually happy to get less money than they would from a CVA then the moral side of this would probably go out the window for me, how is it in the taxpayer's interest to get less tax for the sake of making an example?
Whatever happens HMRC are not going to get everything they believe they are owed from Rangers, it just isn't possible including in a liquidation fire sale.