Troy Pannell had previously pleaded guilty to four charges brought by his former company SeaRoad Shipping, relating to payments he had made while working there.
Justice Andrew Watson had issued an order on Pannell to prevent him and his company Independent Container Surveyors & Assessors disposing of any goods unless he had assets worth more than $8.7 million.
If he sold any of his holdings, those sales must not bring his worth under the amount.
Pannell, who was self-represented, on Friday pleaded guilty to two charges of contempt after he handed $10,000 cash to his then partner and sold a racehorse which were in breach of his asset restrictions.
The former AFL umpire had initially contested the horse sale charge, claiming in the Melbourne Supreme Court he was not the horse's owner so the sale was not a breach of the order.
The plaintiff laid out his evidence, referring to the affidavits of two witnesses, including Matthew Scown, the general manager of Yarraman Park, a thoroughbred racehorse breeding company, and former partner Maree Wilke.
Mr Scown said his company had entered into an agreement with Pannell for his horse Aimee's Jewel in 2022.
"The stallion service agreement records Mr Pannell as 100 per cent owner of mare Aimee's Jewel," Mr Scown's affidavit read.
The company's general manager detailed all the correspondence with Pannell, including preparations for the horse in the lead up to the sale and when the funds were dispersed.
"Mr Pannell is recorded as the owner of the filly in all records held by Yarraman ...Yarraman sold the filly on 2 March in accordance with Mr Pannell's authority and direction," Mr Scown said.
In Ms Wilke's affidavit, she said she had expressed shock over a transfer form for the horse which bared her signature which she did not sign.
"This is the first time that I've seen that document ... I told him I didn't sign it. He told me he signed it on my behalf," she said.
"In response to me saying I was worried about being charged under the freezing order, (Pannell) told me I couldn't be charged because I owned the filly."
After hearing the plaintiff's evidence, Justice Watson asked Pannell if he wanted to reconsider his position or wished to proceed with cross-examining the witnesses.
"I think I'll retract and change after hearing all that," Pannell answered.
"You want to plead guilty to fifth charge of contempt now?" the judge asked.
"Yes I will, your honour," the accused responded.
The experienced umpire, who has presided over more than 200 AFL games, attracted attention after he awarded 17 free kicks to the Western Bulldogs in a 2016 match against the Adelaide Crows.
Pannell will return to the court on Tuesday to learn of his penalty.
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