A FORMER Rugby World Cup winner and ex-England captain has been declared bankrupt – and his company has gone into liquidation.
Phil Vickery, who was part of the country’s triumphant Rugby World Cup winning team, has raked up “hundreds of thousands of pounds” in debt, a source claimed.
Rugby star Phil Vickery, centre, has been declared bankruptReuters
GettyVickery is said to have raked up ‘hundreds of thousands of pounds’ in debt[/caption]
Getty Images – GettyThe now-48-year-old was part of the winning Rugby World Cup team of 2003[/caption]
Documents show the 48-year-old former tighthead prop owed his consultancy company nearly £100,000 before it went into liquidation in December last year.
Vickery then declared himself bankrupt last month using debtor’s petition as he could not pay his bills, the Mail reports.
Documents show £97,806 was loaned out from his management consultancy Vix Limited.
And in December, when the firm went into liquidation, documents detailed that it was Vickery who owed the money.
A source told the Mail the former star had built up debts of “hundreds of thousands of pounds”.
The money was said to be owed “contacts”, and they reported he also owes HMRC £71,000 in VAT, PAYE and National Insurance payments.
According to the Insolvency Office, Vickery was declared bankrupt on February 21 of this year.
The 48-year-old will remain bankrupt for 12 months, it said.
The Sun has approached Vickery’s reps for comment.
The Mail reported Vickery had also stood down as the director of two of his other companies on the day he was made bankrupt.
Which famous people have gone bankrupt?
Several celebrities have gone bankrupt over the years, here are just a few of the big names who have filed over the years:
Donald Trump has had six of his companies declared bankrupt during his years in business but has never filed personally
Meghan Markle’s dad Thomas filed for bankruptcy last year with credit card debts of £24,181
50 Cent filed for bankruptcy in 2015 despite once being worth an estimated £119million
Former Westlife singer Shane Filan filed for bankruptcy in 2012 with £20.5 million of debt
Lady Gaga was technically bankrupt during her Monster Ball tour in 2009
Katie Price was declared bankrupt last week for the second time in three years
It reported he had stepped back from two board positions in the weeks prior.
Vickery became well known for his rugby days.
He ran on the pitch for every game of England’s Rugby World Cup win in 2003.
The same year he was made an MBE for the victory.
Vickery played 73 games for England and five for the British & Irish Lions before hanging up his boots in 2010.
Last year, Vickery revealed how he had switched careers since retiring from the rugby field.
What is bankruptcy?
Bankruptcy is a legal status whereby debts cannot be repaid.
In the UK being bankrupt is limited to applying to individuals but in the US and some other countries, it can be applied to companies as well.
The word itself is derived from the Italian phrase banca rotta meaning “broken bank”.
In the modern world, it normally involves a restructuring of debts in an attempt to relieve those who owe the money and sometimes continue with their business.
In most jurisdictions, people or companies are declared bankrupt by a court order.
Is it the same as insolvency?
Bankruptcy is just one type of insolvency in the UK.
There are two legal definitions of insolvency in the UK with one being where a business or individual’s liabilities (what you owe) exceed your assets (what you own), or, where you are unable to pay your debts as they fall due.
Additionally, there are several different types of insolvency, only one of which is bankruptcy, these include:
liquidation (applies to a limited company or partnership)
administration (applies to a limited company or partnership)
company voluntary arrangement (applies to limited companies)
partnership voluntary arrangement (partnerships)
individual voluntary arrangement (individuals who can also be made bankrupt)
debt relief order (where an individual owes less than £15,000)