Traffic Commissioner Joan Aitken disqualified the operator of Dickson of Erskine from running buses after serious concerns were raised.
Stewart Dickson, who traded from Scotts Road, Paisley, also lost his licence to operate vehicles after Ms Aitken ruled he no could no longer satisfy the requirement of good repute.
It came after the operator failed to request a public hearing into investigations by Transport Scotland and the Driver and Vehicle Standards Agency.
Mr Dickson applied to surrender his licence last year but Ms Aitken refused to accept it in view of the reports about the firm.
Transport Scotland probed concerns raised in September 2010 about a fares fiddle.