Former Exeter directors Mike Lewis and John Russell have pleaded guilty to various charges in relation to their running of the club between May 2002 and May 2003.
Both Lewis and Russell pleaded guilty to intending to defraud creditors, while Russell also admitted guilt to a charge of a gaining a pecuniary advantage by deception which relates to his entry to the boardroom on the back of claims of substantial funds.
The defence has petitioned for charges to be dropped against Russell's wife, Gillian, a former club employee. Sentencing has been adjourned for six weeks, with the judge not ruling out a custodial term.