Ex-Rangers owner Craig Whyte has bankruptcy order lifted

Craig Whyte leaves Glasgow's High Court after a preliminary hearing
Craig Whyte leaves Glasgow's High Court after a preliminary hearing
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Former Rangers owner Craig Whyte has had his bankruptcy order over multi-million pound debts lifted.

Whyte, 45, was made bankrupt at the High Court in London last year over a debt of more than £20 million owed to ticketing firm Ticketus.

Records from the Insolvency Service show that Whyte was discharged from his bankruptcy on 29 October after co-operating with his trustee.

The discharge means restrictions on Whyte’s ability to apply for credit have been lifted. However, he cannot act as the director of a company and the process of recovering money owed to creditors could go on for several years.

Whyte described himself to his trustee as “unemployed” and his address was recorded as “unknown”.

Louise Brittain, one of Britain’s leading bankruptcy experts, was appointed as the trustee to probe Whyte’s finances.

Ms Brittain, the head of Contentious Insolvency at London accountancy firm Wilkins Kennedy, has built a fearsome reputation while dealing with some of the country’s most high-profile bankruptcy cases.

Previous bankrupts she has handled have included disgraced Tory MPs Jonathan Aitken and Neil Hamilton, TV presenter Michael Barrymore, historian David Irving, singer Kerry Katona and former Rangers captain Colin Hendry.

Speaking last year, she said her job would be an “information gathering” exercise to see if Whyte had any money or property which could be sold off.

She said: “Creditors can ask for a bankruptcy trustee to be appointed to deal with the bankruptcy and that’s why I have been appointed.

“This can be done for various reasons, such as estate being held abroad, and it is not unusual in a bankruptcy of this kind. This is not a normal consumer credit bankruptcy.

“My role is to interview the debtor and investigate their assets by looking at their bank accounts for example.

“I will then make any payments that are possible to the creditors.

“The process can take anything from 18 months up to five or six years.

“The debtor will be discharged from their bankruptcy after one year but that can be extended if there is non co-operation.”

The bankruptcy petition was filed at the High Court in London over debts worth £20.8m.

Ticketus provided cash to help Whyte purchase Rangers in 2011. The agreement was later terminated when the club entered administration in February 2012.

Whyte also faces criminal charges over his part in the Rangers takeover and is due to go on trial next year.