Former Premier League star James McFadden has been declared bankrupt with his debts totalling over £2.5million. The Sky Sports pundit recently applied for bankruptcy after his debts hit a staggering £2,594,192.
The 42-year-old was declared insolvent having failed to settle large tax bills – just seven years after avoiding a similar fate. The ex-Everton and Birmingham City is the latest Scotsman to suffer a crash crisis following in the footsteps of Barry Ferguson and fellow TV pundit Chris Sutton.
McFadden is thought to have found financial difficulties after investing in UK film production partnerships. The aim was to secure sizeable tax breaks in the early 2000s, though similar schemes have been declared as a form of tax avoidance, according to HM Revenue and Customs.
A trustee of insolvency specialists Opus, based in Edinburgh, has been appointed to try and recover cash owed. However, the ex-forward has stated he does not have any assets available with his bankruptcy application approved in December by Accountant In Bankruptcy
An Opus spokesman has since said: “We can confirm that James McFadden has voluntarily entered sequestration in Scotland.
“This follows losses connected to historic property and film investment schemes from the early 2000s and associated tax matters. All appropriate legal processes are being followed.”