Duff & Phelps have been preparing a pence in the pound offer since Charles Green agreed a deal to buy Rangers.
"The proposal will offer the best return for all stakeholders given the position the club is in," said Duff & Phelps' Paul Clark.
"If approved, the CVA proposal will rescue the company and finally enable it to exit administration."
However, if fewer than 75% of creditors agree to the CVA, it is likely Green's consortium would attempt to relaunch the club by transferring its assets to a new company.
Green's offer pledged £8.5m with another £3.5m coming from transfer fees due to the club. Legal claims against majority shareholder Craig Whyte's lawyers could provide further funds.
Rangers' debts are estimated at between £55m and £135m, with much of the unconfirmed difference related to an ongoing tax tribunal.
That tribunal and a separate Scottish Premier League investigation concern how Rangers paid their players over a decade-long period.
According to BBC Scotland Ticketus, the firm whose cash advance was used to fund Whyte's takeover of Rangers last year, have received notice of the CVA proposal.
"A formal notice of the CVA meetings will be sent to all creditors and shareholders of the club tomorrow [Tuesday] providing further details of the CVA process," added Clark.