Despite having a successful football career playing for England, Newcastle, Tottenham and Rangers, Paul Gascoigne’s current financial situation is a disaster. Owing £32,000 in taxes, he faces bankruptcy proceedings, but these were dropped at a hearing at London’s High Court.
The hearing, which lasted just a few minutes, resulted in the case being dismissed after the judge was informed that Gascoigne had come to an agreement with his creditors, Her Majesty’s Revenue and Customs.
HMRC can attempt to make you bankrupt if you owe more than £750 in unpaid tax.
Prior to the hearing, Gascoigne had proposed an individual voluntary arrangement that would allow him to pay off his debt within an agreed time limit. The proposal was approved on 13 May.
Although Gascoigne was not present at the hearing, he had to pay £825 for costs.
During his football career, it is thought that Gascoigne was worth about £14million. His career ended and he developed an addiction to drugs and alcohol. He hopes to rebuild his finances by publishing a new book this year about his experiences.
Bankruptcy is usually seen as a last resort after attempts to arrange individual voluntary arrangements have failed.
Although being bankrupt means a relief from creditors demanding their money back, it also means that certain assets may be lost, bank accounts will be frozen, jobs and homes can be affected and there will still be certain fees and debts involved.
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