Bankrupt footballer has £2.2M debt slashed

A former football star is set to repay just a fraction of his debts totalling a staggering £2.2 million.

The former Blackburn Rovers and Scotland defender, Colin Hendry, will avoid the repayments of more than 98 per cent of his debts.

Hendry, 45, who developed a gambling problem following the tragic death of his wife Denise almost two years ago, could repay just £36,000 of his debts after agreeing a deal that would take into consideration a number of properties which would clear at least part of the sum.

The rest of the repayments will depend on how much he earns over the coming years as a TV football pundit on ESPN.

Aged 42, Denise Hendry died in 2009 from a meningitis-like infection, following complications to correct a botched liposuction operation seven years’ previous.

Earlier last year, dad-of-four Hendry came clean during an interview with the BBC in which he admitted to drinking heavily and gambling to cope with the grief.

But now, despite being made bankrupt with £2.2 million debts, the Daily Record reports that the accountant overseeing his bankruptcy has written to his creditors informing them he will pay back just £1,000 per month over three years.

Hector McFarlane, a former friend who claims he loaned £95,000 to Hendry, told the Scottish paper: "I am just flabbergasted. I stand to get back £1,800 of the money I loaned him. It's an absolute disgrace." 

Mr McFarlane continued: "His lifestyle's hardly changed. He lives one of the best lifestyles of people I know. I gather he gets more than £1,000 a game as a TV pundit."

Hendry’s biggest creditor however is HM Revenue & Customs, who he said to owe £1.3 million. He is also reported to owe £65,000 to his late dad's estate, £35,000 to his brother and £10,000 to Denise's parents.

Howard Walker, son of the late Blackburn chairman Jack Walker, was also listed as a creditor, as was online betting firm SpreadEx.

Debt Management Today reported back in September that Hendry had sold his luxury home in Lytham, Lancs for £1.7 million but after paying off mortgages and loans there is said to be no cash left.

Hendry now rents a home in an exclusive development in Lytham, where his neighbours include several current English premier league stars – despite being restricted to £500 rent allowance by his bankruptcy trustee.

Hendry started his career with Dundee before spells at Manchester City, Rangers, Coventry City and Bolton Wanderers, and was capped 51 times for Scotland and captained them during Euro ’96. He has also tried his hand at management with Blackpool and Clyde.

The bankruptcy will cease automatically after three years unless the trustee applies to the court for an extension.

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England footballer 'fleeced' by agent

Wednesday 9th March 2011

An England and Aston Villa footballer has become embroiled in a row with his former agent, claiming hundreds of thousands of pounds have gone missing from one of his bank accounts. 

Midfielder Stewart Downing, 26, appeared at York Crown Court on Monday accusing his former agent of fraud, having discovered just £11,000 in a bank account that he believed contained nearer to three quarters of a million pounds.The former Middlesbrough and Sunderland player told a jury how Ian Elliot, 53, used the cash to save his own failing businesses, ‘siphoning’ an account which should have contained between £600,000 and £700,000.According to the Mirror, Downing confirmed an account had in excess of £2 million going through it, although £136,000 had left the account to pay for a variety of luxury items.As well as the home cinema, he spent £30,000 on a home extension, £6,000 on a walk-in wardrobe and £45,000 on a conservatory. Other expenditure included £6,000 on a bathroom. He also gave his family £180,000 over a number of years, the jury was told.According to the Mirror, Downing told the court: "I discovered a lot of money missing...I relied on him to do most things on the business side.” He told the court he never read his contracts while Elliott was in charge of his affairs.The BBC reported back in September 2008 that Mr Elliot was being questioned by police after alarm bells started ringing and Downing grew concerned at how his ‘company affairs’ were being handled.It is also alleged Elliott acted as the agent for Middlesbrough while also acting for Downing during contract negotiations, something described in court as a "conflict of interest" and against Football Association rules.Downing denied the claim that he was trying to increase his wages at Middlesbrough to £80,000 a week during contract negotiations in 2008.He said the figure of £80,000 was "comical" and he would never try to get that much money from Middlesbrough.Mr Patton said: "You expressed the view you were the best player at the club and thought you were entitled to parity with the highest-paid player, who was in fact paid £80,000 a week."Downing said Middlesbrough chairman Steve Gibson would never pay that kind of money. He said: "Even when I went to Aston Villa I never ever demanded £80,000 a week.”He told the jury he thought he was one of the best players at the club and his new contract should reflect that.The Northern Echo reported that Robin Patton, defending, accounted for some of the missing money by detailing a number of items bought using the account in question. Mr Elliot is said to have helped Downing buy a string of high-performance cars, including Aston Martins, Bentleys and Ferraris, and arranged improvements to his property. Other items include exotic holidays for his parents, a £43,000 conservatory and a BMW X5 for his sister.The Northern Echo reports that the pair’s relationship ended on bad terms in 2008, when Mr Elliott was interviewed by former referee Jeff Winter on a North-East radio station. During the interview, Mr Elliott said Downing had expressed a desire to leave Middlesbrough, a claim Downing denies.Downing, who signed for Aston Villa for £10 million in 2009, has earned 25 caps for England since making his debut in 2005.Mr Elliott, from Whickham, Tyne and Wear, denies all the charges.
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Wednesday 20th February 2008

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Bankrupt footballer has £2.2M debt slashed

A former football star is set to repay just a fraction of his debts totalling a staggering £2.2 million.

The former Blackburn Rovers and Scotland defender, Colin Hendry, will avoid the repayments of more than 98 per cent of his debts.

Hendry, 45, who developed a gambling problem following the tragic death of his wife Denise almost two years ago, could repay just £36,000 of his debts after agreeing a deal that would take into consideration a number of properties which would clear at least part of the sum.

The rest of the repayments will depend on how much he earns over the coming years as a TV football pundit on ESPN.

Aged 42, Denise Hendry died in 2009 from a meningitis-like infection, following complications to correct a botched liposuction operation seven years’ previous.

Earlier last year, dad-of-four Hendry came clean during an interview with the BBC in which he admitted to drinking heavily and gambling to cope with the grief.

But now, despite being made bankrupt with £2.2 million debts, the Daily Record reports that the accountant overseeing his bankruptcy has written to his creditors informing them he will pay back just £1,000 per month over three years.

Hector McFarlane, a former friend who claims he loaned £95,000 to Hendry, told the Scottish paper: "I am just flabbergasted. I stand to get back £1,800 of the money I loaned him. It's an absolute disgrace." 

Mr McFarlane continued: "His lifestyle's hardly changed. He lives one of the best lifestyles of people I know. I gather he gets more than £1,000 a game as a TV pundit."

Hendry’s biggest creditor however is HM Revenue & Customs, who he said to owe £1.3 million. He is also reported to owe £65,000 to his late dad's estate, £35,000 to his brother and £10,000 to Denise's parents.

Howard Walker, son of the late Blackburn chairman Jack Walker, was also listed as a creditor, as was online betting firm SpreadEx.

Debt Management Today reported back in September that Hendry had sold his luxury home in Lytham, Lancs for £1.7 million but after paying off mortgages and loans there is said to be no cash left.

Hendry now rents a home in an exclusive development in Lytham, where his neighbours include several current English premier league stars – despite being restricted to £500 rent allowance by his bankruptcy trustee.

Hendry started his career with Dundee before spells at Manchester City, Rangers, Coventry City and Bolton Wanderers, and was capped 51 times for Scotland and captained them during Euro ’96. He has also tried his hand at management with Blackpool and Clyde.

The bankruptcy will cease automatically after three years unless the trustee applies to the court for an extension.

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Posted in: bankrupt,footballer,slashed