Michael McIndoe: Former Wolves star appoints top lawyer ahead of bankruptcy case

Michael McIndoe is being represented by James Crighton of Rollingsons Solicitors ahead of a bankruptcy hearing expected in the coming weeks.

Professional footballers who lost 'colossal amounts' of money when the scheme collapsed in 2011 have questioned how the ex-winger can afford such prestigious legal representation after being declared bankrupt.

And sources close to the investigation say it is believed the 36-year-old has been spotted in Spain.

"We are just gobsmacked that he has been able to attract such a well-respected and regarded legal firm." said one ex-Wolves teammate speaking under the promise of anonymity.

"How does a bankrupt suddenly find the money to presumably pay the fees demanded by London's top lawyers?

"There is a lot of bad feeling about this – a lot of people lost colossal amounts of money."

It is believed Mr McIndoe, who played 27 times for Wolves, has told insolvency experts that 'a friend' is helping him with his legal fees.

And sources said he had spotted living in Spain in recent weeks.

Mr McIndoe was declared bankrupt in October 2014.

He then told a bankruptcy hearing last year that he had no money or bank accounts despite having formerly lived a lavish lifestyle with multiple properties and expensive cars.

At least five Wolves players lost £2.6 million in an investment scheme headed by McIndoe.

Another bankruptcy hearing is expected looking at possibly extending the number of years he will be subjected to strict financial restrictions.

Footballers were attracted to the scheme that promised 20 per cent interest per month on investments. News of the investments spread throughout the football world and initially players received their payments. It was at its height during 2010 but by the end of 2011 the money dried up and the payments stopped during the same season Wolves were relegated from the Premier League.

It is believed up to 100 top footballers may have been affected – many who are reluctant to speak out about it.

At a bankruptcy hearing at the Royal Courts Of Justice lawyers employed to protect creditors' interests and help gather money owed questioned the ex-player. They indicated that he had been loaned money to invest in companies.

It was previously revealed that 17 men are owed nearly £3.5m according to a list prepared for the official receiver of McIndoe's bankrupt estate.

They include former Molineux goalkeeper Matt Murray who is reputedly owed £1.6m. Former Walsall midfielder David McDermott lost around £140,000.

Scottish-born winger McIndoe also owes Wolves keeper Carl Ikeme £290,000, former striker Freddy Eastwood £275,000 and ex-forward Andy Keogh £67,000.

A source close to the club said a consortium of Wolves players gave McIndoe more than a million pounds in cash in a single payment into his scheme in 2011.

There is no suggestion that any of those paying money into the scheme were anything other than genuine investors.

The Metropolitan Police has also been looking at the investment scheme following a complaint.

No arrests have been made and no wrongdoing is implied.

Rollingsons Solicitors were not available for comment.