The ban was imposed by the DTI on Mr Levitt in November 1993.
The DTI alleges that Mr Levitt took part in managing International Boxing Corporation, a sports promotion company, in contravention of section 13 of the Company Directors Disqualification Act 1986.
Hearings for the case are due to begin at Marlborough Street Magistrate's Court on Monday next week.
The action, which was instigated by the DTI on 20 November, also charges Michael Jacobs, a director of the firm, with aiding and abetting Mr Levitt.
The DTI also issued charges under section 447 of the Companies Act 1985 against Mark Segal, Cecil Halpin and John Wiffen for making statements which they knew were false that Mr Levitt was not involved in the management of the company.
If found guilty, then the charges against Mr Levitt could carry a six- month jail term or a pounds 5,000 fine if the case is conducted in the magistrate's court. In a crown court, the maximum penalty that could be imposed is two years in prison.
He managed money for wealthy and famous people through his financial services firm, The Levitt Group, which collapsed in December 1990 with debts of pounds 34m.
Mr Levitt is a keen sports fan. He has acted as commercial manager to Lennox Lewis, the former world heavyweight boxer champion.
His connection with boxing continues via International Boxing Corporation which manages the affairs of Alfred Kotey, a star boxer from Ghana.
In the past he is thought to have owned nearly 1 per cent of Arsenal, the Premier League football club based in north London.