Former Bolton Wanderers striker Dean Holdsworth has resigned as a director of all group companies of the Championship club.
The 48-year-old's resignation comes nine days after his company Sports Shield BWFC Ltd was liquidated.
Sports Shield, along with chairman Ken Anderson's Inner Circle Investments, took over the Trotters in March 2016.
A winding-up petition was lodged against Sports Shield by BluMarble Ltd in relation to an unpaid £5m loan.
The loan, which is thought to be closer to £7m because of accumulated interest, was secured against assets of the club.
Prior to the takeover, Bolton sold a car park close to their Macron Stadium home as well as their training ground at Euxton in order to avoid administration.
The club, who are without a win in five league games so far this season, said they would offer no comment.