The ex-director of Rangers FC, Craig Whyte, has been disqualified from acting as a company director for the maximum period of 15 years.
Whyte was disqualified for “failing to avoid conflict of interest in the running of the club, following proceedings brought by the Insolvency Service”.
The Rangers Football Club plc (RFC) entered administration in February 2012 and was wound up the following October.
Whyte was found to have failed to act in accordance with directorship duties and avoid conflicts of interest, including:
“causing RFC to enter into an agreement to effectively fund the purchase of its own shares; conducting the affairs of RFC without reference to other board directors, preventing RFC from being subject to proper corporate governance; causing RFC to fail to comply with its tax obligations.”
He was also a director of Tixway UK Ltd, which was wound up by in July 2012. Whyte was also found to have failed to maintain proper accounting records for Tixway.
Business minister, Jo Swinson, said: “The court has disqualified Craig Whyte for 15 years for the harm he caused to Rangers Football Club, and to the many football fans who believed in his promises.
“Mr Whyte bought a much-loved club, and promised fans that he would provide further cash to bring success. However, he caused the club to use this money to fund the purchase of its own shares, reducing funds for investment. He also failed to consult other directors on important decisions meaning that his behaviour went unchallenged.
“Such blatant lack of regard for proper corporate behaviour and control does not have a place in modern society.”