Boris Becker has been declared bankrupt at a High Court Hearing

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Deleted member 743561

Guest
How in the name of all that's mighty did a wealthy guy like Boris possibly end up bankrupt??? :eek:

It's been only 6 months since he last had a big fat paycheck from Novak!!! o_O
Did that Fed-Djok tell-all crash and burn? Say it ain't so! Poor Boris!
 

70後

Hall of Fame
That is really sad. I thought he had sorted that part of his life out after the tax problems years and years ago.
 

Djokovic2011

Bionic Poster
How in the name of all that's mighty did a wealthy guy like Boris possibly end up bankrupt??? :eek:

It's been only 6 months since he last had a big fat paycheck from Novak!!! o_O
First thing I thought when I read the headline. I mean, how on earth does a professional sportsman who earned millions of dollars throughout his career end up in such a position? :confused: Just wondering if Boris is commentating for the BBC again this year? At least that should help keep the wolf from the door. ;)
 

Bartelby

Bionic Poster
Maybe the problem is that he does not want to pay the money back and not that he can't.

He may have money stashed away in all sorts of places and under all sorts of names.

The lender is still a long way from getting his hands on real money and Becker may have thought he could keep stalling.

He will now be suffering great embarrassment, but he still has his hands over his money pockets.
 

Fedinkum

Legend
Boris was once my idol as a kid...very sad to see him being rounded up in a finical mess. He was definitely a tennis legend, hope he can find his way back to tennis.
 

Mainad

Bionic Poster
First thing I thought when I read the headline. I mean, how on earth does a professional sportsman who earned millions of dollars throughout his career end up in such a position? :confused: Just wondering if Boris is commentating for the BBC again this year? At least that should help keep the wolf from the door. ;)
Apparently he will be back commentating for Wimbledon. It would seem he definitely needs to keep working! ;)
 

SpinToWin

Talk Tennis Guru
LOL. So his lucrative coaching agreement with Novak and commentating for Eurosport since wasn't enough? :D
 

70後

Hall of Fame
Maybe the problem is that he does not want to pay the money back and not that he can't.

He may have money stashed away in all sorts of places and under all sorts of names.

The lender is still a long way from getting his hands on real money and Becker may have thought he could keep stalling.

He will now be suffering great embarrassment, but he still has his hands over his money pockets.
What you are saying here is very likely, in fact almost certainly the case, if it were somebody else. Some billionaire with lots of hidden companies and a gold digger ex-wife after it. Becker though seems to me to be the type who would not have made such prudent arrangements simply out of sheer arrogance that he can somehow beat the rap.
 

MAXXply

Hall of Fame
Isn't it just a very humiliating but sophisticated way of sheltering one's wealth from creditors? Like some kind of tax shelter that just requires you to wear the shame for a while but ultimately keeping your multimillion dollar fortune?
Whenever I hear the term bankrupt used by wealthy stars I simply assume they are protecting their money. I don't read it to mean they lose everything and must sell every asset to repay creditors. I just assume they go on living the high life. Am I wrong to assume that?
 

Bartelby

Bionic Poster
Apparently Becker rents his house in London and he might get BBC fees through a company vehicle, so it's really up to the lender to lend prudently at some level or face a long chase.

Isn't it just a very humiliating but sophisticated way of sheltering one's wealth from creditors? Like some kind of tax shelter that just requires you to wear the shame for a while but ultimately keeping your multimillion dollar fortune?
Whenever I hear the term bankrupt used by wealthy stars I simply assume they are protecting their money. I don't read it to mean they lose everything and must sell every asset to repay creditors. I just assume they go on living the high life. Am I wrong to assume that?
 

kabob

Hall of Fame
Click the link and read what it says, people. According to the article, it's a large outstanding debt that he's failed to pay on when they took him to court and won back in 2015. I don't know how bankruptcy in the UK works, so can someone explain? He's not bankrupt in the traditional sense i.e. insolvent.
 
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clayqueen

Talk Tennis Guru
I often laugh when they show how much prize money players have earned in their career as if all those earnings are still sitting in the bank. Most of it comes in and goes straight out in living expenses, paying their entourage, taxes (not for tax exiles), private jets, and living it up etc. A few of them invest their money wisely and make it grow but if you have earned 12m and you spend 2m just buying a house, and spend your money in hundreds of thousands at a time, there isn't going to be much left for your other excesses.
 

Bartelby

Bionic Poster
I think the declaration means the lender can go after assets and income.

Becker is going to have someone else effectively in charge of his finances.

It also prohibits him from engaging in a lot of business activity.

Becker might be leaving Britain permanently after Wimbledon, perhaps.

Click the link and read the article, people. According to the article, it's a large outstanding debt that he's failed to pay on when they took him to court and won back in 2015. I don't know how bankruptcy in the UK works, so can someone explain? He's not bankrupt in the traditional sense i.e. insolvent.
 

kabob

Hall of Fame
That is an oooold article. By accounts, Philippoussis has turned a corner financially in the years since.
 

kabob

Hall of Fame
I think the declaration means the lender can go after assets and income.

Becker is going to have someone else effectively in charge of his finances.

It also prohibits him from engaging in a lot of business activity.

Becker might be leaving Britain permanently after Wimbledon, perhaps.
But only his assets and income in the UK, correct? How can they go after a private individual's financial assets outside of the UK or take over his total finances when most of it is not in the UK?
 

Bartelby

Bionic Poster
The complicating factor here is that Britain is still a part of the EU, so you'd think any assets there would be reachable.

The banking firm that bakrupted him is very old and presumably very clever, but maybe they expanded too quickly into this type of lending.

But only his assets and income in the UK, correct? How can they go after a private individual's financial assets outside of the UK or take over his total finances when most of it is not in the UK?
 

Shaolin

G.O.A.T.
I often laugh when they show how much prize money players have earned in their career as if all those earnings are still sitting in the bank. Most of it comes in and goes straight out in living expenses, paying their entourage, taxes (not for tax exiles), private jets, and living it up etc. A few of them invest their money wisely and make it grow but if you have earned 12m and you spend 2m just buying a house, and spend your money in hundreds of thousands at a time, there isn't going to be much left for your other excesses.

Thanks for that groundbreaking lesson in finance.

 

Bartelby

Bionic Poster
Telegraph of 19 Mar 2015

A steep rise in retail banking customers has boosted Arbuthnot, which has posted a 43pc rise in annual pre-tax profits to £22.5m.

Customer lending rose above £1bn for the first time, half of which is issued through the private bank Arbuthnot Latham, with the rest administered through Secure Trust Bank. The acquisition of a £106m mortgage portfolio from Dunfermline Building Society also helped to lift the total.

Secure Trust joined the stock market as a separate company three years ago, but Arbuthnot remains the biggest shareholder with a 52pc stake. The bank expanded into real estate loans for businesses last year, issuing £134m of new debt.

The 181-year-old banking group said Secure Trust now has 429,000 customers, up 22pc in the space of a year after heavy investment in the business since the float.

Arbuthnot’s pre-tax profits rose from £15.7m to £22.5m, while net interest income rose from £73m to £98m.

“Over the recent past Secure Trust has remained the group's main focus of strategic investment while Arbuthnot Latham has also been growing well. The group has now generated additional capital and is well positioned further to support this growth,” said Henry Angest, the group’s chairman, chief executive and largest shareholder.
 

Tshooter

G.O.A.T.
Interesting. The article reads as an involuntary bankruptcy as a result of (judgment) creditor action.

An involuntary bankruptcy is very unusual in the US (and especially so among two party disputes) for various reasons including that bankruptcy is generally designed to provide relief to debtors and most creditors instead choose to pursue their claims directly in litigation rather than force a debtor into bankruptcy proceedings. Also if a creditor has its petition denied creditor will wind up paying debtors costs, actual damages and the possibility of punitive damages which puts a damper in the old let's put it/him/her into bankruptcy. :(

An involuntary bankruptcy is sometimes used by creditors who believe the debtor is depleting and/or transferring assets which otherwise would be available to creditors. :mad:
 
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bluetrain4

G.O.A.T.
I guess it''s somewhat shocking, but we see athletes lose their money all the time. Bankruptcy for the formerly wealthy isn't always as bad as it may seem - some still have assets (homes, etc.) which is worth something. And, someone like Becker can certainly make money commentating, speaking, etc. This is not to say that he won't have to downgrade his lifestyle, but he'll be far from destitute which happens to many everyday Joes who file for bankruptcy.
 

Ronaldo

Bionic Poster
I guess it''s somewhat shocking, but we see athletes lose their money all the time. Bankruptcy for the formerly wealthy isn't always as bad as it may seem - some still have assets (homes, etc.) which is worth something. And, someone like Becker can certainly make money commentating, speaking, etc. This is not to say that he won't have to downgrade his lifestyle, but he'll be far from destitute which happens to many everyday Joes who file for bankruptcy.
Contact Evander Holyfield and Mike Tyson on Money Management
 

Tshooter

G.O.A.T.
Isn't it just a very humiliating but sophisticated way of sheltering one's wealth from creditors? Like some kind of tax shelter that just requires you to wear the shame for a while but ultimately keeping your multimillion dollar fortune?
Whenever I hear the term bankrupt used by wealthy stars I simply assume they are protecting their money. I don't read it to mean they lose everything and must sell every asset to repay creditors. I just assume they go on living the high life. Am I wrong to assume that?
I'm going to take a wild stab here and guess you have zero knowlege of the bankruptcy law ?

A fun bit of trivia: future POTUS Elizabeth Warren (aka Pochahontis) is an expert in bankruptcy law having taught the subject at Penn and Harvard law schools (elitist !) whereas current POTUS (billionaire man of the people) is an expert in filing for bankruptcy.
 
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Big_Dangerous

Talk Tennis Guru
He declared bankruptcy in Munich as well, about 15 years ago. He also had lived in Monte Carlo since he was 16 years old and never paid taxes. Boris is beyond belief!
He's the Donald Trump of the tennis world it would seem.

Although, still not as hilariously moronic as this:

 
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