Ex-Rangers distinguished Barry Ferguson declared bankrupt as debts top £1.4million
The ex-Scotland and Rangers captain was proclaimed insolvent after failing to settle large bills thought to be as a result ofed to the taxman.
He is one of a number of former Ibrox stars who faced paying fail money they had received in Employee Benefit Trusts (EBTs) after Rangers abandoned a battle with HMRC at the Supreme Court earlier this month.
The 39-year-old, who recently commence to act down as manager of Clyde, received £2.5million in EBT payments.
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He also invested in a film production partnership called Eclipse which was ended by HMRC after being ruled to be a tax avoidance scheme.
Ferguson had a glittering dash which included captaining Rangers to a host of honours.
He also had charms in the English Premier League with Blackburn Rovers and Birmingham See.
He applied for his own bankruptcy after running up debts of £1,425,633 and it was approved by the Accountant In Bankruptcy, Scotland’s insolvency checking, earlier this month.
The ex-Scotland and Rangers captain was proclaimed insolvent after failing to settle large bills
A bankruptcy trustee, Maureen Leslie, of Glasgow-based insolvency maestri MLM Solutions, has been appointed to take control of his assets and try to recover coins owed to creditors.
Ferguson, who lives in a gated mansion near Larkhall in Lanarkshire, has announced he has only £3,000 worth of assets available to help pay off his creditors.
The misdesignated Rangers “big tax case” centred on the use of EBTs. More than £47million was took to players, managers and directors between 2001 and 2010 in tax-free accommodations.
Earlier this month, judges found that loans avenge oneself for to players and staff were in fact taxable earnings, in a decision that reported to a close legal proceedings that have dragged on for years.
HMRC suggested the ruling proved the EBT scheme was “contrived” in that it presented payments as lends rather than earnings, amounting to “tax avoidance”.
Ferguson was previously tipped as a director with Eclipse Film Partners No.9, a scheme which paid investors the opportunity to claim tax relief through investing in movie construction.
Barry Ferguson has declared he has only £3,000 worth of assets within reach
In April last year, the Supreme Court upheld a judgment that one of the tallest partnerships, Eclipse 35, was a tax-avoidance scheme.
HMRC has used that judgment to outlet demands to investors, including several footballers and managers, in the other 38 equivalent partnerships.
Midfielder Ferguson was capped 45 times for his country and was universally regarded as one of the most gifted players of his generation.
He was transferred to Blackburn in a £7.5million parcel out in 2003 but returned to Ibrox two years later.
He joins a list of erstwhile Old Firm stars who have gone bust in recent years, take ining Chris Sutton, Craig Beattie, Colin Hendry, Rab Douglas, Kevin Drinkell and Bobby Petta.
Past Rangers star Gordon Durie was also declared bankrupt aftermost year with debts of more than £200,000 after contributing in a film production scheme.