Former Rangers Owner Craig Whyte Declared Bankrupt
Former Rangers owner Craig Whyte has been declared bankrupt.
The 44-year-old was confirmed as insolvent in the wake of a High Court battle with Ticketus, which accused him of luring it into a deal on false pretences.
The ticketing firm obtained a judgment in its favour relating to allegations of a misrepresentation by Whyte during a ticket purchase agreement involving Rangers Football Club.
The bankruptcy petition was filed after Whyte failed to pay a judgment debt currently worth some £20.8 million, including interest and legal costs.
It was alleged that Whyte had agreed to sell three years' worth of season ticket sales to the company for £25 million, some of which, it is also alleged, he used to fund his takeover of the Ibrox club in May 2011.