The club entered administration in 2004 with debts of £4m and was saved in 2006 by a local business consortium.
Moves to ban former owner Alex Hamilton from holding any directorship began at the civil court of justice this week.
The case, which is being heard in Manchester and is being brought on behalf of the Business Secretary Lord Mandelson, is expected to last four weeks.
Mr Hamilton is challenging claims of unfit conduct while he was in charge of the football club.
Undertaking
Mr Hamilton took over as chairman of Wrexham FC from his former business partner Mr Guterman in 2004.
After Wrexham went into administration, local MP Ian Lucas - now Business Minister - wrote to the then Department of Trade and Industry asking for an investigation and calling for both men to be disqualified from holding any directorships.
He welcomed the announcement that Mr Guterman, who now lives in Monaco, had given a disqualification undertaking.
"I am very pleased that this undertaking has been given and it shows that action can - and will - be taken against those who fail to fulfil their role as directors properly.
"Many people who follow Wrexham Football Club will join me in welcoming this news."
Source: BBC Sport
Source: BBC Sport