Bankruptcy

[tim123]

Mentioned on the news this morning that a premiership footballer has been made bankrupt over a £100k debt. The footballer is still playing and earning 50K per week. How can he be made bankrupt ? Can't they just make him repay it monthly ? or is there some dodgy dealings with bankruptcy so he doesn't have to pay the debt ?

NO,

When you are declared bankrupt, all of your earnings in the next 12 (or 24) months, except a reasonable amount that you need to live on, are taken away from you and given to the person who you owe the debt to.

You will be discharged from the bankruptcy either when the debt is paid off, or after a period of time (which depends upon how helpful you have been in giving up your earnings) when the remaining debt is then written off, but will still be shown as unsatisfied on your credit record.

tim

[swissmike]

could be John Arne Risse !

It is Riise

Link

Mad 3m can go missing!

[gingerjedi]

I heard something about him, how hard can it be to make a comfortable future for yourself when earning 50k a week FFS! Just a few weeks wages invested wisely would put food on the table for the rest of your life, either his accountant is creaming off the top or he has taken some seriously bad advice.

Fowler and Mcmanaman did it right, buying up masses of housing stock between them and sitting back whilst Liverpool and Manc land get regenerated.

[Bluebird]

could be John Arne Risse - heard he made a stack load of bad investments that went tits up and he couldn't afford to pay back ? think it was him if not - Sorry John don't sue me !!!

[weboo]

Probably has a CSA case coming so that the b1tch he made pregnant gets nout!

[minsky1]

You can apply to the court to make someone bankrupt if a debit over the value of £700 remains unpaid. (£700 was the threshold some time ago, dont know if this has changed)

Technically, you could make an application to make a supplier insolvent if you are owed more than this and are having trouble getting the debt settled.

From what I understand though, and as in this case where the footballer obviously isnt insolvent, one can get into serious trouble for bringing the action frivilously.

Maybe a small claims summons, followed by application for a bailiff would have done the trick.

[foritisme]

They also mentioned some other legal goings on over some bad investments - I think he is taking someone else to court.

[hyperD]

He could try and get an IVA

http://www.iva.co.uk/

I would imagine he must have some high outgoings. Such as alimony?

[foritisme]

Mentioned on the news this morning that a premiership footballer has been made bankrupt over a £100k debt. The footballer is still playing and earning 50K per week. How can he be made bankrupt ? Can't they just make him repay it monthly ? or is there some dodgy dealings with bankruptcy so he doesn't have to pay the debt ?