The Scottish businessman has held an interest in a number of ventures including the Glasgow football club.
The venture capitalist took over the Ibrox club in 2011 when he bought the controlling interest in Rangers from majority shareholder Sir David Murray for pounds one.
But the club was plunged into administration the following year following moves at the Court of Session in Edinburgh and later went into liquidation before a consortium led by Charles Green was able to buy out the business.
Whyte (43) is now facing an action at the same court by a Government department over his fitness to be a company director.
The move under Company Directors Disqualification legislation could result in him being banned from holding directorships in firms for no less than two years and no more than 15 years if it is successful. Whyte is understood to have lodged legal answers to contest the move.
The action has been brought by the Secretary of State for Business Innovation and Skills.
An initial hearing in the case is expected to take place next week before one of the court's commercial judges, Lord Tyre.