Liquidation very much means the end!
You are trying to conflate Administration, with Liquidation.
Hearts (see previously) and Rangers both entered Administration. Hearts agreed a restructuring with their creditors and then came out of Administration - which you can do - and carry on as before.
Rangers did NOT agree a restructuring with their creditors, and thus then when the debts were called in were unable to pay their debts and so went into Liquidation - which is something you can't get out of. You're deid!
The reason the new club, not Rangers but The Rangers, are along with their fans known as the Huns is because most of their fans looking around for some team to follow decided the next best thing was to follow a tribute act, based in the same stadium, and wearing the same regalia, which would feed off the old fan-base in a mutually beneficial bond.