The on-the-brink-of-insolvency company was begging Washington for a bailout.

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But there are good reasons to keep the European operations out of insolvency while the company restructures in America, says Mark Hyde, a specialist in cross-border restructuring at Clifford Chance, a law firm.

ECONOMIST: Corporate bankruptcy

It "shows an appreciation by Group (Craig Whyte's company) of a risk of insolvency resulting from that claim".

BBC: Whyte had trouble in mind

The statement said proceedings to wind up the company were uncontested and the views of the Insolvency Service had not been found by a court to be accurate.

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Superglass also warned "if for any reason the refinancing does not proceed, it is likely that existing shareholders' ordinary shares would have no value and that the company would likely enter into administration or some other form of insolvency procedure".

BBC: workers at Superglass

Southampton are the fifth Football League team to be deducted points this season - Darlington entered administration, while Luton, Bournemouth and Rotherham were all penalised for coming out of administration without a Company Voluntary Agreement in place, as per the League's insolvency guidelines.

BBC: Penalised Saints face relegation