Former Rangers star Barry Ferguson declared bankrupt with debts of more than £1.4 mil

[pete 2,499]

http://www.heraldscotland.com/news/15429959.Former_Rangers_star_Barry_Ferguson_declared_bankrupt_with_debts_of_more_than___1_4_million/

 

By Stuart MacDonald

 

FORMER Rangers star Barry Ferguson has been made bankrupt with debts of more than £1.4 million.

 

The ex-Scotland captain was declared insolvent after failing to settle large bills thought to be owed to the taxman.

 

He is one of a number of former Ibrox stars who faced paying back money they had received in Employee Benefit Trusts (EBTs) after Rangers lost a battle with HMRC at the Supreme Court earlier this month.

 

Ferguson, 39, who recently stepped down as manager of Clyde, received £2.5 million in EBT payments.

 

He also invested in a film production partnership called Eclipse which has targeted by HMRC after being ruled to be a tax avoidance scheme.

 

Ferguson applied for his own bankruptcy after running up debts of £1,425,633 and it was approved by the Accountant In Bankruptcy, Scotland's insolvency service, earlier this month.

 

A bankruptcy trustee, Maureen Leslie of Glasgow-based insolvency specialists MLM Solutions, has been appointed to take control of his assets and try to recover money owed to creditors. She said she did not comment on individual cases.

 

Ferguson, who lives in a gated mansion near Larkhall, Lanarkshire, has declared that he has only £3,000 worth of assets available to help pay off his creditors.

 

The so-called Rangers 'big tax case' centred on the use of EBTs. More than £47million was paid to players, managers and directors between 2001 and 2010 in tax-free loans.

 

Earlier this month judges found that 'loans' paid to players and staff were in fact taxable earnings, in a decision that brought to a close legal proceedings that have dragged on for years.

 

As everybody knows Barry is not my favourite person but I didn't wish this on him. If HMRC come after him it may be a good thing though.

[Waltersgotstyle 297]

As everybody knows Barry is not my favourite person but I didn't wish this on him. If HMRC come after him it may be a good thing though.

 

A tactical move I think.

[Davie P 4]

A tactical move I think.

 

Probably all assets are in his missus' name. Better pray to god that she doesn't divorce him!

[Tannochsidebear 2,316]

How any professional footballer can go bankrupt is a total disgrace given the amount of money they have earned. Clubs, agents, the PFA, etc should be ensuring their clients/employees are getting good investment advice. In my opinion, any player under 25 should only be given an allowance with the rest being put into trust for when they are old/wise enough to deal with it.

 

If this is a genuine bankruptcy then I feel sorry for him in one way, ashamed of him in another as a former captain, and annoyed that he has manged to blow a massive amount of cash in a short space of time.

 

Of course, like a lot of bankruptcy's, it could just be a greedy move to avoid paying someone.

[limeburner 0]

Declared bankrupt to the tune of 1.4 million.Assests of 3k------Aye right.Barrys advisers doing what they are paid to do.

[cooponthewing 1,139]

Probably all assets are in his missus' name. Better pray to god that she doesn't divorce him!

 

Aye! His missus weekly allowance just quadrupled!

[Bluedell 5,346]

What about all the properties in Dubai?

[Oleg_Mcnoleg 50]

Might see a few of these pre-emptive moves in the light of the EBT decision.

Noticed a couple of Celtic's film producers taking similar steps.

[forlanssister 3,050]

What about all the properties in Dubai?

 

Gratuitous alienation.

[Scott7 5,194]

I wonder how many broken down bankrupts are employed as bbc/Sky/BT sports analysts.