When Rangers FC was hit by business insolvency, all eyes were on whether the club could be saved – and in the years since, the Glasgow-based team has already started to climb back up through the Scottish league.
But now the Insolvency Service has announced the sanctions to be imposed on former club chairman Craig Whyte, who has been disqualified from serving as a company director for 15 years.
Mr Whyte will be 58 before he is able to serve as a company director again – the maximum period of disqualification that was available under the current proceedings.
The ban – which lasts until October 20th 2029 – relates partly to the incident involving Rangers FC, and also to the winding-up of Tixway UK Ltd, of which Mr Whyte was also a director.
Business minister Jo Swinson said: “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.”
The outcome is an important lesson to company directors in all industries of the importance of acting appropriately, and of seeking professional administration advice when things go wrong.