A FORMER Rugby World Cup winner and ex-England captain has been declared bankrupt – and his firm has gone into liquidation.
Phil Vickery, who was a part of the nation’s triumphant Rugby World Cup profitable crew, has raked up “lots of of hundreds of kilos” in debt, a supply claimed.
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Paperwork present the 48-year-old former tighthead prop owed his consultancy firm practically £100,000 earlier than it went into liquidation in December final yr.
Vickery then declared himself bankrupt final month utilizing debtor’s petition as he couldn’t pay his payments, the Mail stories.
Paperwork present £97,806 was loaned out from his administration consultancy Vix Restricted.
And in December, when the agency went into liquidation, paperwork detailed that it was Vickery who owed the cash.
A supply informed the Mail the previous star had constructed up money owed of “lots of of hundreds of kilos”.
The cash was stated to be owed “contacts”, and so they reported he additionally owes HMRC £71,000 in VAT, PAYE and Nationwide Insurance coverage funds.
Based on the Insolvency Workplace, Vickery was declared bankrupt on February 21 of this yr.
The 48-year-old will stay bankrupt for 12 months, it stated.
The Solar has approached Vickery’s reps for remark.
The Mail reported Vickery had additionally stood down because the director of two of his different firms on the day he was made bankrupt.
Which well-known folks have gone bankrupt?
A number of celebrities have gone bankrupt through the years, listed below are just some of the large names who’ve filed through the years:
- Donald Trump has had six of his firms declared bankrupt throughout his years in enterprise however has by no means filed personally
- Meghan Markle’s dad Thomas filed for chapter final yr with bank card money owed of £24,181
- 50 Cent filed for chapter in 2015 regardless of as soon as being value an estimated £119million
- Former Westlife singer Shane Filan filed for chapter in 2012 with £20.5 million of debt
- Woman Gaga was technically bankrupt throughout her Monster Ball tour in 2009
- Katie Value was declared bankrupt final week for the second time in three years
It reported he had stepped again from two board positions within the weeks prior.
Vickery grew to become well-known for his rugby days.
He ran on the pitch for each recreation of England’s Rugby World Cup win in 2003.
The identical yr he was made an MBE for the victory.
Vickery performed 73 video games for England and 5 for the British & Irish Lions earlier than hanging up his boots in 2010.
Final yr, Vickery revealed how he had switched careers since retiring from the rugby area.
What’s chapter?
Chapter is a authorized standing whereby money owed can’t be repaid.
Within the UK being bankrupt is restricted to making use of to people however within the US and another nations, it may be utilized to firms as effectively.
The phrase itself is derived from the Italian phrase banca rotta that means “damaged financial institution”.
Within the fashionable world, it usually includes a restructuring of money owed in an try to alleviate those that owe the cash and typically proceed with their enterprise.
In most jurisdictions, folks or firms are declared bankrupt by a court docket order.
Is it the identical as insolvency?
Chapter is only one kind of insolvency within the UK.
There are two authorized definitions of insolvency within the UK with one being the place a enterprise or particular person’s liabilities (what you owe) exceed your belongings (what you personal), or, the place you’re unable to pay your money owed as they fall due.
Moreover, there are a number of several types of insolvency, solely certainly one of which is chapter, these embrace:
- liquidation (applies to a restricted firm or partnership)
- administration (applies to a restricted firm or partnership)
- firm voluntary association (applies to restricted firms)
- partnership voluntary association (partnerships)
- particular person voluntary association (people who may also be made bankrupt)
- debt reduction order (the place a person owes lower than £15,000)
