From the BBC. If Rangers qualify for Europe next season, will they be allowed to play in European competition?
That depends. If they come out of administration as the same entity, their license to compete in Uefa competitions would be issued by the Scottish Football Association, provided they had exited administration by the end of March.
Failure to exit administration by then would mean they would not have a license and wouldn't be able to compete in Europe next season.
If they come out of administration as a different entity, their license would lapse and they would have to apply for a new one. It would then be up to the SFA and Uefa to decide if a new license can be granted............
For my money the powers that be will pull out all the stops and make sure administration will be as painless as possible for Rangers ,and that includes playing in europe.