Rangers have been hit with a 12-month transfer ban after being found guilty of bringing Scottish football into disrepute.
An independent Scottish Football Association panel found that the club, who were also fined £160,000, had violated six regulations.
Paul Clark, of administrators Duff & Phelps, has said that the club intend to appeal the decision.
"All of us working on behalf of the club are utterly shocked and dismayed by the draconian sanctions imposed on Rangers in respect of these charges," said Clarke.
"A ban on signing players will seriously undermine the club's efforts to rebuild after being rendered insolvent. Furthermore, we do not know how bidders for the club will react to these sanctions and what effect they will have on their proposals.
"The club has asked for full written reasons for these decisions and intend to appeal."
Disgraced owner Craig Whyte has also been fined £200,000 and banned from Scottish football for life.