“Mr Watson will be required to attend for interview in the coming weeks. Following the interview, the trustees will be able to determine the full scale of [his] debts and assets,” said Purkiss.
It is still unclear if creditors will receive a distribution, as the handover from the official receiver only recently took place, but they will receive regular updates as the case progresses.
However, Purkiss said it is likely that the bankruptcy investigation will take a number of months.
Watson holds the distinction of being the youngest person to play for Newcastle United, debuting at the age of 16.
Making over 250 appearances for the club, “Watto” played in some of the team’s most notable victories over the likes of Manchester United and Barcelona.
Following his stint at the club, he went on to play for Premier League sides Aston Villa, Everton and West Bromwich Albion, before closing out his career at Championship side Sheffield Wednesday.