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Monye troubles – lessons from the latest celebrity bankruptcy
February 11, 2025
By Kate Heaney
Former England and British & Irish Lions winger, Ugo Monye, is facing further money troubles having been served with a bankruptcy petition at the start of the year.
The petition follows the demise of his company, Show Me The Monye Limited, which was wound up by the courts in December 2023 following a petition by HM Revenue & Customs as a result of unpaid taxes totaling nearly £200,000. It is understood that it is HM Revenue & Customs who have also petitioned for his bankruptcy.
Monye is the most recent England rugby professional to face financial troubles, following the likes of Lawrence Dallaglio and Phil Vickery.
While we often stop to read the headlines, the practical realities of bankruptcy and having your company wound up, even for a celebrity, are far-reaching and cause a great deal of stress.
A winding-up petition is a legal action taken by a creditor against a company that owes them £750 or more and can result in the company being forced in to compulsory liquidation by the courts. A liquidator will then be appointed to try and realise the company’s assets for the benefit of the company’s creditors.
Similarly, a bankruptcy petition is also a legal action taken by a creditor, but against an individual who owes them an undisputed debt of at least £5,000. The creditor will need to prove to the court that the debt is owed. In the event that the court orders the bankruptcy order be granted, the Trustee in Bankruptcy will take control of the individual’s assets and will try to realise them for the benefit of the creditors.
The insolvency process can be overwhelming, whether you or your business are facing these proceedings or if you are owed money by another party and need assistance in initiating proceedings. Our expert insolvency team deals with a wide variety of complex matters and can assist you or your business if you are facing insolvency proceedings or believe you have a claim as a creditor.
If you want to discuss the topics in this article further, please contact our insolvency experts Mark Rostron or Kate Heaney on 029 2082 9100 or using our contact form.
To speak to one of our experts today, please contact us on 02920 829 100 or by using our Contact Us form for a free initial chat to see how we can help.
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