Paul Dounis

Mr McFadden has been declared bankrupt with debts of nearly £2.6 million and assets of £0, according to details published by the Accountant in Bankruptcy.

Mr Dounis is a partner in the Opus’ Edinburgh office and has over 35 years’ experience advising distressed clients.

In a statement, Mr Dounis 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 and Opus is supporting the sequestration in line with statutory requirements.”