boxer chris eubank the former world super middleweight from london, england is totally bankrupt after earning well over ten millioin pounds in purse money. eubank was best known for his wars with nigel benn, michael watson and joe calzaghe.
<TABLE cellSpacing=0 cellPadding=0 width=305 border=0><TBODY><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=305 border=0><TBODY><TR><TD vAlign=top>Eubank on the ropes after painful bout with taxman
By Helen Nugent
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</TD></TR><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=305 border=0><TBODY><TR><TD vAlign=top>
<TABLE cellSpacing=0 cellPadding=0 align=right border=0 VALIGN="TOP"><TBODY><TR><TD id=mpuHeader name="mpuHeader"></TD></TR><TR align=right><TD align=right><SCRIPT type=text/javascript>NI_MPU('middle');</SCRIPT></TD></TR></TBODY></TABLE>CHRIS EUBANK, the former world champion boxer, has been declared bankrupt because he owes £1.3 million to the taxman.
Now better known for his eccentric manner and lifestyle, Eubank blames his bankruptcy on poor advice during his boxing career. The 39-year-old, who earned more than £10 million as middleweight champion in the early 1990s, has suffered a series of financial blows since quitting the ring in 1998.
As well as being sued by American Express for failing to pay nearly £120,000 amassed on credit cards, Eubank has battled with the Revenue & Customs before. Two years ago a bankruptcy petition against him was dismissed. “The taxman doesn’t allow you to stop,” Eubank said in a 1992 interview. “He’s a gangster.”
A string of smaller debts, including a £450 bill for driving off with a workman’s lorry in Brighton that was blocking his way, and an outstanding dinner bill of £1,400 have kept Eubank in the headlines. Last night Eubank said: “Over the years, I wish I had taken better advice. I appreciate this was my responsibility. I’ve made mistakes. Now, I want to put this behind me and get on with my life.”
Although the law was recently relaxed to reduce the bankruptcy term from three years to one year, the order will have far-reaching consequences. Roberto Moruzzi, head of insolvency at Withers, a City law firm, said: “Everything he owns today and at the end of his bankruptcy will remain with the trustee. They will always belong to the trustee and be available for the creditors. If he is in receipt of a regular income, the trustee can apply for an income payment order. That can be claimed for three years, not just the one year of bankruptcy. That’s a nasty shock for bankrupts.”
In his autobiography, published two years ago, Eubank explained how he was ejected from care homes and was living on the streets of London by the time he was 15. Born in Dalston, a rough inner-London area, he grew up with his father and his siblings after his mother left them and moved to New York. After being expelled from school, he was sent to the US to live with his mother. He says that his mother saved him from life as a criminal and a drunk by persuading him to go to church.
Eubank had five professional fights in the US before returning to England in 1988. Success came when he defeated Nigel Benn for the WBO world middleweight title in 1990. He successfully defended it 14 times. Since starring in his own reality television show, At Home with the Eubanks, misery has piled on the former boxer. He has sold both of his properties in Hove, East Sussex, a £850,000 house and his £4 million mansion. He is now believed to be renting a house.
Karron, his wife, and their four children are living in a £1.6 million seafront property in Hove. She filed for divorce in August after 15 years of marriage.
Now that Eubank has been declared bankrupt, he will have to abide by certain rules. He will not be able to obtain credit of £250 or more. The Official Receiver will advise when he is allowed to use his bank account and credit card and basic living expenses will be paid, but any surplus funds will be used to pay off creditors. The easing of the laws has encouraged more people to declare themselves bankrupt. There were about 36,000 bankruptcy orders made in England and Wales last year. The figure is likely to be 46,000 this year. THE TRAPPINGS OF FAME
<LI>A £54,000 ten-wheel blue Peterbilt lorry imported from the US. He spends £16,000 a year to insure the lorry and £4,800 on petrol to fill its two stainless-steel fuel tanks
<LI>A £45,000 title, the Lord of the Manor of Brighton
<LI>Dozens of Savile Row suits, including a pair of £1,600 lemon yellow jodphurs
<LI>A collection of walking canes
A £4 million family home in Hove, East Sussex, now sold. An £850,000 property has also been sold to settle debts
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<TABLE cellSpacing=0 cellPadding=0 width=305 border=0><TBODY><TR><TD><TABLE cellSpacing=0 cellPadding=0 width=305 border=0><TBODY><TR><TD vAlign=top>Eubank on the ropes after painful bout with taxman
By Helen Nugent
</TD></TR></TBODY></TABLE></TD></TR><TR><TD height=5>
<TABLE cellSpacing=0 cellPadding=0 align=right border=0 VALIGN="TOP"><TBODY><TR><TD id=mpuHeader name="mpuHeader"></TD></TR><TR align=right><TD align=right><SCRIPT type=text/javascript>NI_MPU('middle');</SCRIPT></TD></TR></TBODY></TABLE>CHRIS EUBANK, the former world champion boxer, has been declared bankrupt because he owes £1.3 million to the taxman.
Now better known for his eccentric manner and lifestyle, Eubank blames his bankruptcy on poor advice during his boxing career. The 39-year-old, who earned more than £10 million as middleweight champion in the early 1990s, has suffered a series of financial blows since quitting the ring in 1998.
As well as being sued by American Express for failing to pay nearly £120,000 amassed on credit cards, Eubank has battled with the Revenue & Customs before. Two years ago a bankruptcy petition against him was dismissed. “The taxman doesn’t allow you to stop,” Eubank said in a 1992 interview. “He’s a gangster.”
A string of smaller debts, including a £450 bill for driving off with a workman’s lorry in Brighton that was blocking his way, and an outstanding dinner bill of £1,400 have kept Eubank in the headlines. Last night Eubank said: “Over the years, I wish I had taken better advice. I appreciate this was my responsibility. I’ve made mistakes. Now, I want to put this behind me and get on with my life.”
Although the law was recently relaxed to reduce the bankruptcy term from three years to one year, the order will have far-reaching consequences. Roberto Moruzzi, head of insolvency at Withers, a City law firm, said: “Everything he owns today and at the end of his bankruptcy will remain with the trustee. They will always belong to the trustee and be available for the creditors. If he is in receipt of a regular income, the trustee can apply for an income payment order. That can be claimed for three years, not just the one year of bankruptcy. That’s a nasty shock for bankrupts.”
In his autobiography, published two years ago, Eubank explained how he was ejected from care homes and was living on the streets of London by the time he was 15. Born in Dalston, a rough inner-London area, he grew up with his father and his siblings after his mother left them and moved to New York. After being expelled from school, he was sent to the US to live with his mother. He says that his mother saved him from life as a criminal and a drunk by persuading him to go to church.
Eubank had five professional fights in the US before returning to England in 1988. Success came when he defeated Nigel Benn for the WBO world middleweight title in 1990. He successfully defended it 14 times. Since starring in his own reality television show, At Home with the Eubanks, misery has piled on the former boxer. He has sold both of his properties in Hove, East Sussex, a £850,000 house and his £4 million mansion. He is now believed to be renting a house.
Karron, his wife, and their four children are living in a £1.6 million seafront property in Hove. She filed for divorce in August after 15 years of marriage.
Now that Eubank has been declared bankrupt, he will have to abide by certain rules. He will not be able to obtain credit of £250 or more. The Official Receiver will advise when he is allowed to use his bank account and credit card and basic living expenses will be paid, but any surplus funds will be used to pay off creditors. The easing of the laws has encouraged more people to declare themselves bankrupt. There were about 36,000 bankruptcy orders made in England and Wales last year. The figure is likely to be 46,000 this year. THE TRAPPINGS OF FAME
<LI>A £54,000 ten-wheel blue Peterbilt lorry imported from the US. He spends £16,000 a year to insure the lorry and £4,800 on petrol to fill its two stainless-steel fuel tanks
<LI>A £45,000 title, the Lord of the Manor of Brighton
<LI>Dozens of Savile Row suits, including a pair of £1,600 lemon yellow jodphurs
<LI>A collection of walking canes
A £4 million family home in Hove, East Sussex, now sold. An £850,000 property has also been sold to settle debts
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