On 13 May, it was reported that Whyte had sold his controlling interest in The Rangers Football Club Plc for £2 to a consortium led by Charles Green.[118] Green offered the creditors a settlement, in the form of a company voluntary arrangement (CVA), in an attempt to exit administration.[118] On 12 June, 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.[119] Sevco was subsequently renamed The Rangers Football Club Ltd at the end of July 2012.[120]
Ten of the other eleven SPL clubs voted against allowing Rangers to transfer their SPL membership share to a new company on 4 July, leaving the club applying for a place in the Scottish Football League.[121][122] On 13 July, 29 out of 30 SFL member clubs voted to give Rangers associate membership, but 25 of them also voted to place the club into the Third Division of the Scottish Football League from the start of the season.[123]
The above (lifted from Wikipedia, admittedly) seems to contradict what you say. Rangers oldco entered liquidation, the assets sold to newco which subsequently changed its name to Rangers. This is an entirely different legal entity despite the same name (although plc =/= ltd) and to that end had to apply for membership of the SFL. Call them Rangers 1 and Rangers 2 if you like, if it makes it clearer. They're not the same entity and so had to start from scratch.
Nobody voted Rangers out, and nobody relegated them. 3 votes were taken, one which went against newco Rangers' bid to enter the SPL where oldco once were, and a 2nd to allow newco to join the SFL, and a 3rd for newco to enter the SFL in the third division.
Ultimately fundamentally different situations and an irrelevant comparison.