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.
You may also like:
- Terrorism: British mother sentenced to six years’ imprisonment for joining…
- Business law: London law firms charging up to £1,100 per…
- Business law: Enterprise Bill gives local councils powers to relax…
- Northern Ireland: Attorney-General intervenes to adjourn gay marriage cake appeal
- Negligence law: Family of Raoul Moat victim lose negligence claim
If you cannot find what you are looking for on Findlaw.co.uk please let us know by contacting us at: firstname.lastname@example.org.
Furthermore, please be aware that while we attempt to ensure all our information is as up-to-date and relevant as possible occasionally some our articles may no longer be accurate.