Craig Bellamy bankrupt

[North Cardiff Blue]

Re: Craig Bellamy bankrupt

I can assure you it won't be.[/QUOTE]

I thought that was the idea of bankruptcy, starting again from scratch, debts written off?

[The Bloop]

Re: Craig Bellamy bankrupt

I can assure you it won't be.

I thought that was the idea of bankruptcy, starting again from scratch, debts written off?[/QUOTE]

Debts are frozen, not written off. Any assets the bankrupt has will be sold and funds distributed amongst his creditors.

[pipster]

Re: Craig Bellamy bankrupt

https://www.dailymail.co.uk/sport/fo...Death-Row.html

Bloody hell.

I dont know but think - he must have been the victim of fraud / deception or just pure incompetence. Through a mate of a mate I met someone who said they were the property estate manager for Bellamy. He also told me how many properties he looked after and what the value of those properties were. This was about 7 years ago. So I find difficult to fathom how this has happened - other than him being ripped off by certain individuals perhaps.

[SuperBluebirds91]

Re: Craig Bellamy bankrupt

It seems pretty sad really. You often hear it happening to people who had a great deal of wealth. It’s probably easier to tip money down the drain than it appears. That said, having wealth and security is something that many of us dream of - even a quarter of that wealth would be enough. Easy to sit here and judge but having that amount of money surely you have to be much more disciplined with it knowing that it has to last you.

[Jimmy the Jock]

Re: Craig Bellamy bankrupt

I dont know but think - he must have been the victim of fraud / deception or just pure incompetence. Through a mate of a mate I met someone who said they were the property estate manager for Bellamy. He also told me how many properties he looked after and what the value of those properties were. This was about 7 years ago. So I find difficult to fathom how this has happened - other than him being ripped off by certain individuals perhaps.

He was ,he trusted people and they fleeced him. As he said, he played the football and left the finances to trusted people who were stuffing their own pockets with his earnings.

[Feedback]

Re: Craig Bellamy bankrupt

Well, he won't be paying the tax it will be written off for a start.

I can assure you it won't be.[/QUOTE]

Hes bankrupt, of course it will.

[Feedback]

Re: Craig Bellamy bankrupt

Debts are frozen, not written off. Any assets the bankrupt has will be sold and funds distributed amongst his creditors.

The debt is considered discharged at the end of the period of bankruptcy.

[The Bloop]

Re: Craig Bellamy bankrupt

The debt is considered discharged at the end of the period of bankruptcy.

Assets held at the point of bankruptcy can still be realised post-discharge will still be used to pay creditors, including HMRC. The process doesn't stop when the bankrupt is discharged.

[pipster]

Re: Craig Bellamy bankrupt

He was ,he trusted people and they fleeced him. As he said, he played the football and left the finances to trusted people who were stuffing their own pockets with his earnings.

Other than the person I mentioned who I met once. There were a couple of others that he used to knock around with (no names) , who in turn used to knock around with rather dodgy associates - all hearsay - but I feel for him.

I dont know the exact laws of bankruptcy - but when can he start again without having debtors come after him - or is it never ?

[The Bloop]

Re: Craig Bellamy bankrupt

Other than the person I mentioned who I met once. There were a couple of others that he used to knock around with (no names) , who in turn used to knock around with rather dodgy associates - all hearsay - but I feel for him.

I dont know the exact laws of bankruptcy - but when can he start again without having debtors come after him - or is it never ?

At the date of bankruptcy the debts and assets are looked after by the Trustee in bankruptcy, so any claims should be made to them and not the person.
However, should there be some 'rather dodgy associates' who are still owed money they may follow their own rules.
Restrictions on the bankrupt person (eg applying for credit) are usually lifted after 12 months although their credit score can be affected for about 6 years afterwards.

[Feedback]

Re: Craig Bellamy bankrupt

Assets held at the point of bankruptcy can still be realised post-discharge will still be used to pay creditors, including HMRC. The process doesn't stop when the bankrupt is discharged.

I'm aware of that, stewardship of the assets pass to the TIB, who liquidates as required, and distributes whatever is available. But that wasn't the original point, which was the tax won't be paid. It won't (certainly not all of it)