The bankruptcy was first ordered on 21 July, according to Accountant in Bankruptcy (AiB), Scotland’s main insolvency service.
In his AiB declaration, Ferguson claimed £1,425,633 of debt with only £3,000 of assets.
The Scotsman reported that the former football star was one of many forced to pay back a large sum gained from employee benefits trusts (EBTs), during his time at Rangers FC.
Ferguson debuted for Rangers straight from school in the 1996/7 season and, after a few years plying his trade in England, he returned to Rangers and played between 2005 and 2009.
During his career he played in the English Premier League, with both Blackburn Rovers and Birmingham City.