Latest news with #IndividualVoluntaryArrangement
Daily Mirror
03-07-2025
- Business
- Daily Mirror
Premier League legend faces financial probe following bankruptcy woes
Former Newcastle United, Sunderland and Fulham player Lee Clark, 52, was made bankrupt following a claim brought by a York-based finance firm called One Stop Business A former Premier League star who has been declared bankrupt now faces an interview by financial investigators. The Mirror told how Lee Clark, 52, who played for Newcastle United, Sunderland and Fulham, was made bankrupt after a claim by a finance firm called One Stop Business based in York. The former midfielder's assets are being frozen under the control of the Insolvency Service. His bank accounts, savings and other valuable assets could be used to pay his unsecured creditors if he does not address the debt. The Insolvency Service investigators will now quiz him about his assets, including his £2m mansion in Jesmond, Newcastle, to see how he can meet his debts. A Mirror probe revealed that Clark's property company had paid One Stop the proceeds of a sale of a development in Wigton, Cumbria, a sum of £314,000. But he was made redundant over a loan to him as an individual. His previous companies and this personal insolvency are not linked. The investigators will prepare a report for Lee's creditors, in this case One Stop Business Finance. He will remain bankrupt for 12 months unless he can repay the debt. He may enter into an Individual Voluntary Payment (IVA) agreement, following in the footsteps of Katie Price, Lawrence Dallaglio and Rob Cross, the darts player. If he has money in his accounts to settle the debt, the insolvency service can take it in order to pay his creditor. Fellow sports stars Bradley Wiggins, Frankie Detorri, Lawrence Delagllio, John Barnes and the darts player Rob Cross have all been declared bankrupt in recent months. sport stars receive financial advice and just go along with it. Cross set about making it right and entered into an Individual Voluntary Arrangement to repay the money. He said: "It's not the proudest moment of my life. I've done wrong, and I'll hold my hands up to it. "Going down this route with the IVA to pay the money back means I'm not make mistakes in life. Frankie Dettori, one of the most successful and popular racing figures of recent decades, said that he was 'saddened and embarrassed' at being forced to file for bankruptcy having failed to resolve a dispute over unpaid tax with HMRC. Dettori was revealed to be in dispute with HMRC over a scheme to reduce his income tax payments in December 2024, when an injunction to prevent him being named was lifted following an application by HMRC and media organisations. Dettori said in a statement. 'Regretfully, I will be filing for bankruptcy. I am saddened and embarrassed by this outcome and would advise others to take a stronger rein over their financial matters." Asked about being made bankrupt, he said: "I have no idea," before going back into the property. When we called again, he added: "I have no comment to make. I know nothing. Don't keep pressing the buzzer." Clark, who made over 200 appearances during two spells at Newcastle United, also enjoyed successful promotions into the Premier League with Fulham and Sunderland. He played more than 400 top flight games and represented his country with England under 21s. He made a high profile £2.5m move to Sunderland in 1997. But he angered their fans during his time under manager Peter Reid. He was spotted wearing a T-shirt bearing a derogatory slogan aimed at 'Sad Mackem B******s' at the 1999 FA Cup final. He did not play for the club again. He then moved to Fulham before a brief return to Newcastle Utd. After his playing career ended in 2006, he was manager at Huddersfield, Birmingham City and Blackpool and also had spells in Sudan and Oman. He also worked as at TV pundit, including stints with the BBC. His son Bobby played for Liverpool before joining RB Salzburg.
Scotsman
09-06-2025
- Business
- Scotsman
Do you qualify for disqualification?
Debbie McIlwraith Cameron on the new rules applicable to senior roles within charities Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... It is a criminal offence to act, or continue to act, as a charity trustee if you are disqualified under the Charities and Trustee Investment (Scotland) Act 2005 and you may be liable on conviction to imprisonment, a fine or both. With such consequences, charities must have a working knowledge of the disqualification criteria. Existing criteria: You cannot be appointed, or continue to act, as a charity trustee if: (i) you have an unspent conviction for an offence involving dishonesty or under the 2005 Act; (ii) you are bankrupt/sequestrated; (iii) you have granted a Protected Trust Deed/entered into an Individual Voluntary Arrangement; (iv) you have been removed by a court from being a charity trustee, or (v) you have been disqualified from being a company director. Advertisement Hide Ad Advertisement Hide Ad Disqualification is determined before appointment, and if a trustee's personal circumstances change, they are under a duty to disclose this, as their appointment must automatically cease. Charities must employ due diligence when it comes to employee backgrounds, says Debbie McIlwraith Cameron While you may have to rely on information provided in good faith, there are publicly available methods to carry out due diligence, e.g. OSCR's searchable Record of Removed Persons on its website. Exemptions: An individual may apply for a waiver from OSCR for a specific charity, a type of charity or charities in general. Each case is considered and decided on its own merits. OSCR lists the variables and supporting evidence it will consider in its guidance. Some disqualification criteria are time-sensitive. Automatic disqualification because of a conviction, bankruptcy and a Protected Trust Deed only exists while they remain unspent and undischarged. Advertisement Hide Ad Advertisement Hide Ad The changes: The implementation of the Charities (Regulation and Administration) (Scotland) Act 2023 extends disqualification criteria in two ways. The automatic disqualification list will now include being convicted of the following offences: terrorism, money laundering, bribery, perverting the course of justice, wilful neglect of duty by a public official/misconduct in public office and sexual offences. The key change is that the criteria will now extend to employees/volunteers holding a role with 'senior management functions' within the charity, as well as charity trustees. The 2023 Act defines 'senior management function': (i) if the function relates to the management of the charity and the individual is not accountable to anyone higher within the charity, except the charity trustees (e.g. the Chief Executive role), or (ii) if the function relates to the control of money, and the only person the individual is accountable to (except the charity trustees) is someone else exercising a senior management function other than to do with the control of money (e.g. Finance Director). In guidance published by OSCR, the regulator is clear that an individual's role/job title is not the deciding factor; you must consider the function the individual undertakes. Advertisement Hide Ad Advertisement Hide Ad Practical implications: Before the extensions are implemented later this summer, charities should undertake due diligence to ascertain whether any of the current trustees would come under the extended criteria and update any appointment/induction policies, and consider if any of their employees/volunteers carry out 'senior management functions' and if they must cease to act. Trustees may wish to add the potential consequences of automatic disqualification (e.g. loss of the Chief Executive/Finance Director, trustee numbers being below the minimum) and mitigation methods (e.g. due diligence, ability to re-deploy within the organisation) to the charity's risk register. If an automatic disqualification event were to occur, depending on the circumstances, it would be advisable to seek HR/employment advice.
Scotsman
09-06-2025
- Business
- Scotsman
Charity begins with honesty among trustees
Debbie McIlwraith Cameron on the new rules applicable to senior roles within charities Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... It is a criminal offence to act, or continue to act, as a charity trustee if you are disqualified under the Charities and Trustee Investment (Scotland) Act 2005 and you may be liable on conviction to imprisonment, a fine or both. With such consequences, charities must have a working knowledge of the disqualification criteria. Existing criteria: You cannot be appointed, or continue to act, as a charity trustee if: (i) you have an unspent conviction for an offence involving dishonesty or under the 2005 Act; (ii) you are bankrupt/sequestrated; (iii) you have granted a Protected Trust Deed/entered into an Individual Voluntary Arrangement; (iv) you have been removed by a court from being a charity trustee, or (v) you have been disqualified from being a company director. Advertisement Hide Ad Advertisement Hide Ad Disqualification is determined before appointment, and if a trustee's personal circumstances change, they are under a duty to disclose this, as their appointment must automatically cease. Charities must employ due diligence when it comes to employee backgrounds, says Debbie McIlwraith Cameron While you may have to rely on information provided in good faith, there are publicly available methods to carry out due diligence, e.g. OSCR's searchable Record of Removed Persons on its website. Exemptions: An individual may apply for a waiver from OSCR for a specific charity, a type of charity or charities in general. Each case is considered and decided on its own merits. OSCR lists the variables and supporting evidence it will consider in its guidance. Some disqualification criteria are time-sensitive. Automatic disqualification because of a conviction, bankruptcy and a Protected Trust Deed only exists while they remain unspent and undischarged. Advertisement Hide Ad Advertisement Hide Ad The changes: The implementation of the Charities (Regulation and Administration) (Scotland) Act 2023 extends disqualification criteria in two ways. The automatic disqualification list will now include being convicted of the following offences: terrorism, money laundering, bribery, perverting the course of justice, wilful neglect of duty by a public official/misconduct in public office and sexual offences. The key change is that the criteria will now extend to employees/volunteers holding a role with 'senior management functions' within the charity, as well as charity trustees. The 2023 Act defines 'senior management function': (i) if the function relates to the management of the charity and the individual is not accountable to anyone higher within the charity, except the charity trustees (e.g. the Chief Executive role), or (ii) if the function relates to the control of money, and the only person the individual is accountable to (except the charity trustees) is someone else exercising a senior management function other than to do with the control of money (e.g. Finance Director). In guidance published by OSCR, the regulator is clear that an individual's role/job title is not the deciding factor; you must consider the function the individual undertakes. Advertisement Hide Ad Advertisement Hide Ad Practical implications: Before the extensions are implemented later this summer, charities should undertake due diligence to ascertain whether any of the current trustees would come under the extended criteria and update any appointment/induction policies, and consider if any of their employees/volunteers carry out 'senior management functions' and if they must cease to act. Trustees may wish to add the potential consequences of automatic disqualification (e.g. loss of the Chief Executive/Finance Director, trustee numbers being below the minimum) and mitigation methods (e.g. due diligence, ability to re-deploy within the organisation) to the charity's risk register. If an automatic disqualification event were to occur, depending on the circumstances, it would be advisable to seek HR/employment advice.
Scottish Sun
06-06-2025
- Business
- Scottish Sun
Rob Cross wins first darts match since being banned as company director over £450k in unpaid tax
Cross spoke to the media after his victory CROSS THE LINE Rob Cross wins first darts match since being banned as company director over £450k in unpaid tax Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) ROB CROSS won his first darts match since his financial woes were made public. The 2018 world champion has been disqualified as a director for five years – until June 2030 – after his company failed to pay more than £450,000 in tax. Sign up for Scottish Sun newsletter Sign up 1 Rob Cross has won his first darts match since his financial woes were made public Credit: PA The Insolvency Service found that the Premier League Darts star withdrew more than £300,000 from Rob Cross Darts Limited between March 2020 and November 2023 that should have gone to creditors, including to HM Revenue and Customs (HMRC). The world No.9 also took out more than £400,000 from Rob Cross Darts Limited – which was set up eight years ago to receive his earnings and prize money – in the form of a director's loan account by the time the company went into liquidation. In an attempt to repay part of his debts, Cross has entered into an Individual Voluntary Arrangement (IVA), a legally binding agreement where he has committed to making regular payments to an insolvency practitioner. Monthly contributions to the IVA will vary depending on the income he receives through his performances at darts tournaments during this year and future years. READ MORE IN DARTS TAKING STOCK Nathan Aspinall outlines darts retirement plans with schedule 'obscene' There is £30,000 available for the winner of this weekend's Nordic Darts Masters in Copenhagen and he began the event by beating Swedish thrower Andreas Harrysson 6-4 in round one. The world No.9 – who plays fellow Premier League star Chris Dobey in the quarter-finals on Saturday – says he spent Thursday walking round the Danish capital for '14-and-a-half miles'. Probably a chance to clear his head and get away from the news that was released by The Insolvency Service while he was away. Cross, 34, said: 'I've not picked up the darts for a while. Nordic Darts Masters Prize Money Here is a full breakdown of the total prize pot on offer in Copenhagen... Winner (1) £30,000 Runner-up (1) £16,000 Semi-finalists (2) £10,000 Quarter-finalists (4) £5,000 First round (8) £1,750 CASINO SPECIAL - BEST CASINO BONUSES FROM £10 DEPOSITS 'I have had two-and-a-half weeks off. I had been a little bit lazy. I'll be better 100% in my next match. 'I didn't know where my game was at – I could have gone out there and hit 120 or a 48. Rob Cross follows Luke Humphries with stunning nine-darter 'Andreas is very dangerous and has played great. I am happy to get over the line and keep pushing. Tomorrow it has to come together. 'To win this would be fantastic. I have had time off and some difficulties. But it would mean a lot to win it this week. 'Tonight could have been tougher with a few boos and whistles, it could have swung the game in his favour. 'We all feel it when the darts are flowing and the crowd gets on your back. I'm very appreciative of that. Darts is tough. 'It has been nice to be here. The weather was better than I expected. I thought it was going to rain. It's a great place to go out and fill your lungs out with some air.' Cross famously won the PDC World Darts Championship in 2018 – he trounced the retiring Phil Taylor 7-2 in the final – on his debut appearance in the competition. His management team have declined to comment on the story.
The Irish Sun
06-06-2025
- Business
- The Irish Sun
Rob Cross wins first darts match since being banned as company director over £450k in unpaid tax
ROB CROSS won his first darts match since his financial woes were made public. The 2018 world champion has been Advertisement 1 Rob Cross has won his first darts match since his financial woes were made public Credit: PA The Insolvency Service found that the Premier League Darts star withdrew more than £300,000 from Rob Cross Darts Limited between March 2020 and November 2023 that should have gone to creditors, including to HM Revenue and Customs (HMRC). The world No.9 also took out more than £400,000 from In an attempt to repay part of his debts, Cross has entered into an Individual Voluntary Arrangement (IVA), a legally binding agreement where he has committed to making regular payments to an insolvency practitioner. Monthly contributions to the IVA will vary depending on the income he receives through his performances at darts tournaments during this year and future years. Advertisement READ MORE IN DARTS There is £30,000 available for the winner of this weekend's Nordic Darts Masters in Copenhagen and he began the event by beating Swedish thrower Andreas Harrysson 6-4 in round one. The world No.9 – who plays fellow Premier League star Chris Dobey in the quarter-finals on Saturday – says he spent Thursday walking round the Danish capital for '14-and-a-half miles'. Probably a chance to clear his head and get away from the news that was released by The Insolvency Service while he was away. Cross, 34, said: 'I've not picked up the darts for a while. Advertisement Most read in Darts Nordic Darts Masters Prize Money Here is a full breakdown of the total prize pot on offer in Copenhagen... Winner (1) £30,000 Runner-up (1) £16,000 Semi-finalists (2) £10,000 Quarter-finalists (4) £5,000 First round (8) £1,750 CASINO SPECIAL - BEST CASINO BONUSES FROM £10 DEPOSITS 'I have had two-and-a-half weeks off. I had been a little bit lazy. I'll be better 100% in my next match. 'I didn't know where my game was at – I could have gone out there and hit 120 or a 48. Rob Cross follows Luke Humphries with stunning nine-darter 'Andreas is very dangerous and has played great. I am happy to get over the line and keep pushing. Tomorrow it has to come together. Advertisement 'To win this would be fantastic. I have had time off and some difficulties. But it would mean a lot to win it this week. 'Tonight could have been tougher with a few boos and whistles, it could have swung the game in his favour. 'We all feel it when the darts are flowing and the crowd gets on your back. I'm very appreciative of that. Darts is tough. 'It has been nice to be here. The weather was better than I expected. I thought it was going to rain. It's a great place to go out and fill your lungs out with some air.' Advertisement Cross famously won the PDC World Darts Championship in 2018 – he trounced the retiring Phil Taylor 7-2 in the final – on his debut appearance in the competition. His management team have declined to comment on the story.
