Sports Sheild BWFC Ltd, a company which owns more than a third of shares in Championship club Bolton Wanderers has been liquidated.
Sports Shield BWFC Ltd, owned by ex-Bolton striker Dean Holdsworth and part of a takeover in March 2016, was wound up at London's Bankruptcy and Companies Court on Monday.
The winding-up petition was lodged by BluMarble Ltd in relation to non-repayment of a £5m loan.
A statement from Bolton Wanderers said: "We welcome the verdict and are currently speaking with our professional advisors."
The EFL wouldn't immediately comment on what the liquidation of Sports Shield, which maintained a 37.5% share in Bolton, would mean for the club.
Sports Shield and Inner Circle Investments, owned by Ken Anderson, saved Bolton from financial collapse when they completed their takeover by taking control of previous owner Eddie Davies' 94.5% share.
In May, Anderson said Inner Circle Investments had acquired approximately 30% of Sports Shield to assist with resolving the matter with BluMarble, leaving Sports Shield with a 37.5% share and Inner Circle with 57.5%.
Monday's hearing had been adjourned by 14 days at the EFL's request, as they considered a proposal from BluMarble's lawyers to resolve the issue, and Anderson said he hoped it would be resolved quickly.
However, counsel for BluMarble, Tom Leary, told Ms Registrar Barber at the hearing: "The settlement has not been forthcoming."