Wes Brown declared bankrupt

Got no sympathy for numpties who end up bankrupt after earning what should be enough to set them up for life
 
Earned more in one week than most people a year and manages to get bankrupt. No sympathy at all. What a melt.
 
Mental. Always one of my favourite players growing up.

Really not great at this money management business footballers ey.
 
Did he never go down the route of coaching badges ? I know he works for mutv quite regularly, hes seems one of those characters could provide a bit of insight and some young players could learn from
 
I don't like to judge people on looks, but he looked like he'd bankrupt himself.
 
Absolutely, there's those who'll have wasted it and those that've been conned,,,
 
Guess he'll have to get a job like the rest of us.
 
What does Bankruptcy actually mean? It is that you have no money left (either in assets or in the bank) so you're essentially broke and you can't pay your debts? Are the debts written off then when you declare bankruptcy?
 
Reading the Mirror is such a hassle. And wow, real housewifes of Cheshire is a thing :(
 
Didn’t he split up with his missus? She’s probably got her £££ of flesh out of him
 
I used to work with his father in law, his favourite trick was asking people what they thought of Wes then dropping the bombshell that he was his FIL, lovely guy though. Was about six years ago, don't know if their still married.
 
Ayoba said:
What does Bankruptcy actually mean? It is that you have no money left (either in assets or in the bank) so you're essentially broke and you can't pay your debts? Are the debts written off then when you declare bankruptcy?
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A lot of rich people declare bankruptcy as a way of getting out of debts. It doesn't mean you are necessarily broke.
 
Maybe we can offer him a job as backup centre back.
 
Hopefully jassim will hire him as a permanent employee on mutv
 
Camilo said:
I don't like to judge people on looks, but he looked like he'd bankrupt himself.
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What about him looked like he'd bankrupt himself? I don't remember him having an inclination for lavish clothes, etc
 
Fabio Rochemback said:
How?! Seriously, I never understand this.
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Exactly this.

Although there's obvious answers.

Some sort of addiction / relationship breakdown etc
Taking advice off the wrong people
Being super greedy and going in hard on an investment that cold earn huge sums and it all going wrong

But to us norms, literally all he had to do was just keep the money he earnt in a bunch of simple bank accounts.
Even accounting for inflation his money will still be huge for the rest of his life.
 
Loved him as a player. Was gutted when he left (although the time was right, and it was the correct decision to move him on). Hope he gets his shit together financially.
 
stevoc said:
A lot of rich people declare bankruptcy as a way of getting out of debts. It doesn't mean you are necessarily broke.
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How does this work? Assume they'd have to have hidden assets or have smuggled them into someone else's name?
 
Wonder whether he was spending lavishly on the wife. Money gone and so is the wife.
 
He must have made some very poor decisions. I don't understand how people can become millionaires and find a way to squander all their money.
 
Sandikan said:
How does this work? Assume they'd have to have hidden assets or have smuggled them into someone else's name?
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That's what a friend of mine did sold 2 houses, that his then girlfriend just happened to end up buying. Plus some other shady shit with his business being in his brothers name.
 
stevoc said:
That's what a friend of mine did sold 2 houses, that his then girlfriend just happened to end up buying. Plus some other shady shit with his business being in his brothers name.
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Did she buy them for a knock down fee?
I'm surprised there's not some sort of rules in there, bearing in mind you can't even take your parents house for a knock down fee and let them live with you - the law is that it has to be market rate etc etc.

Would be madness if people can weasel out of bankruptcy easier than out of inheritance tax.
 
Sandikan said:
Exactly this.

Although there's obvious answers.

Some sort of addiction / relationship breakdown etc
Taking advice off the wrong people
Being super greedy and going in hard on an investment that cold earn huge sums and it all going wrong

But to us norms, literally all he had to do was just keep the money he earnt in a bunch of simple bank accounts.
Even accounting for inflation his money will still be huge for the rest of his life.
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To add to that list:
  • Continued to spend like he was still earning the same salary, and being told by advisors it was OK (because those advisors were taking off from the top)
  • Giving too much money to friends/family (happens a ton)
  • Invested in crap like crypto and NFTs
  • Scammed
  • Divorcing lots and having lots of kids, so you're left paying child support and seeing half your income evaporate
  • Most common seems to be not paying off your taxes then being left with a huge bill when it's discovered; the accountants' fault but you're left floating the bill
Given all the above, it's still stupid. There are plenty of traditional means to preserve your money: real estate in the right areas is safe as long as you're not buying in a bubble; putting it in a bank account and just accruing interest and living a more "standard" lifestyle, albeit still richer than most; etc.

The latest group of these folks seemed to blame the clubs whose policies seem to be to say to kids who sign with them, "We'll handle your finances." Then when they're let go, they now have to do it themselves and they screw it up. Seems like the league could be doing something. Surely partnering with a bank and having some general investment portfolio that's just an incremental return would be smart.

The key is retiring without debt in my mind. Too many players retire paying off multiple houses, cars, credit lines, etc. And too many don't have a career lined up. Appearing on MUTV or wherever once a week isn't providing you with enough income to keep your lifestyle as a footballer at a top club.
 
Blood Mage said:
He must have made some very poor decisions. I don't understand how people can become millionaires and find a way to squander all their money.
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Entertainer/Sports athletes usually live in bubble even since the young age. Some work hard and honestly to make themselves millionaire in this business, but after retirement many of them don't know what to do with their money after the stable income stream gone.

Many are even natural thick skulled outside of their talent in sports/entrainment work.
 
Sandikan said:
Did she buy them for a knock down fee?
I'm surprised there's not some sort of rules in there, bearing in mind you can't even take your parents house for a knock down fee and let them live with you - the law is that it has to be market rate etc etc.

Would be madness if people can weasel out of bankruptcy easier than out of inheritance tax.
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Market price then as far as i know he shifted the proceeds on before he declared bankruptcy.
 
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