Greg Halford has called for the tightening of ownership legislation to prevent other clubs repeating Pompey’s mistakes.
The 27-year-old moved to Nottingham Forest last week, bringing an end to a Fratton Park association stretching back to October 2010, when he initially arrived on loan.
It was a period which saw the Blues purported to be liquidated on the weekend of his second match, Halford subsequently grabbing the winner in the 2-1 win at Hull.
After seeing out that 2010-11 campaign with Portpin at the helm, Halford became one of the first buys under owners Convers Sports Initiatives last summer.
That regime also turned sour, with administration followed by more threats of the club being wound up.
Halford, who made 77 appearances and scored 12 goals during his time at Fratton Park, remains angry over how the club have come full circle in two years.
And he wants the fit and proper persons’ test tightened to avoid more clubs running into such grave financial problems.
He said: ‘I think the Football League and the Premier League need to maybe have a look at their test. It needs to be done properly to avoid teams like Pompey being put into jeopardy.
‘You look back and they have given the go-ahead to some owners that pretty much have turned out to be ghosts.
‘You would like to think everyone can learn from these mistakes and it never happens again – but it always seems to.
‘The ownership system needs to be looked at. These people have to be put under the microscope more.
‘I remember that Hull weekend when we were told that could be it.
‘Now it’s happening again.
‘It is a hard time with the way the world is at the moment in terms of financial problems.
‘Everyone thought football wouldn’t be affected but it has turned out not to be true.
‘I just don’t think any more clubs should be allowed to go through what Pompey are.’