Former Scotland and Premier League star declared bankrupt after racking up debts of more than £2.5m

McFadden's insolvency comes seven years after he narrowly escaped a similar financial collapse, having failed to clear substantial tax obligations.

The national agency Accountant In Bankruptcy granted approval for his bankruptcy application last month, reports The Sun.

Despite his financial difficulties, the former forward appeared on screen recently providing commentary for Rangers' Scottish Premiership fixture against Aberdeen.

McFadden's financial woes originate from investments in UK film production partnerships during the early 2000s, when footballers were encouraged to put money into the industry in exchange for tax relief.

However, HM Revenue and Customs subsequently determined that several of these schemes constituted tax avoidance, leaving participants facing significant bills.

A spokesperson for Opus Restructuring confirmed: "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."

Hamilton Sheriff Court was told the former player had approached a family member for assistance in settling his debt.

Paul Dounis from Edinburgh-based insolvency firm Opus Restructuring has been appointed as trustee to pursue recovery of funds owed to McFadden's creditors.

The former Motherwell striker has stated he possesses no assets that could be used to satisfy his debts.

His sequestration order identifies his profession as a commentator and references a business named Sports and Media Consultancy Limited.

McFadden's wife Gillian serves as the sole director of this company, which recorded funds of £25,796 in its most recent financial statements.

McFadden is not alone among former professionals caught up in these film investment schemes.

His ex-Scotland teammate Barry Ferguson was declared bankrupt in 2017 owing £1.4M, while television pundit Chris Sutton also faced financial difficulties from similar investments.

Former Celtic players Darren Jackson and Rab Douglas, along with ex-Dundee United midfielder Billy McKinlay, likewise went bust owing money to the taxman over the schemes.

McFadden earned 48 caps for Scotland and became a Tartan Army favourite, most memorably for his spectacular 30-yard left-footed strike that sealed a famous 1-0 victory against France in Paris during the Euro 2008 qualifiers.

He netted 15 times for his country before hanging up his boots in 2018.