Bankruptcy order lifted but Rangers legend still owes £1m
Trustee takes control of Ferguson’s assets
FORMER Rangers star Barry Ferguson has had his bankruptcy order over debts of more than £1million lifted.
The ex-Scotland captain was declared insolvent last year after failing to settle large bills owed to the taxman.
Records from Accountant in Bankruptcy, Scotland’s insolvency service, show Ferguson, 40, was discharged from his bankruptcy on July 21 after co-operating with his trustee.
It means restrictions on his ability to apply for credit and a ban on him being a director of a company have been lifted.
However, the process of recovering money owed to creditors continues.
Ferguson’s debt has been recorded as £1,094,083 with assets totalling £500,000.
Bankruptcy trustee Maureen Leslie, of MLM Solutions, was appointed to take control of his assets and try to recover the money owed.
Ferguson, who lives in a gated mansion near Larkhall, Lanarkshire, was previously a director with Eclipse Film Partners No.9, who allowed backers to claim tax relief through investing in the production of movies.
In 2016, the Supreme Court upheld a judgment that a similar partnership was a tax-avoidance scheme.
HMRC used that ruling to issue demands to investors in 38 such schemes.
Earlier this year, Ferguson said tax issues had put a number of ex-footballers in “difficult situations”.
Meat and porridge
Fresh steaks, liver and fish was among the contraband smuggled into HMP Thorn Cross, Cheshire, last year– along with the more usual mobile phones and cannabis.