Celebrity Bankrupts - Chris Eubank

In November 2005, Eubank was declared bankrupt, owing £1.3 million in taxes. This was despite having earned more than £10 million as middleweight champion in the early 1990s.

Eubank blamed his bankruptcy on poor advice during his boxing career. He suffered a series of financial embarrassment since retiring from boxing 1998.

He was sued by American Express for failing to pay nearly £120,000 amassed on credit cards.

In 2001, he had a narrow escape as the Revenue & Customs issue as bankruptcy petition against him which was dismissed.

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  of the local press.

Roberto Moruzzi, head of insolvency at Withers, a City law firm, said at the time: “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.”

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