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From the Argus -
Chris Eubank has gone bust after years of extravagant spending.
The former world champion boxer was declared bankrupt at the The Royal Courts of Justice yesterday for £1.3 million he owed to the Inland Revenue in unpaid VAT.
He could be stripped of his lavish car collection and other luxuries which have become his trademark.
Mr Eubank, 38, earned a reported £10 million from boxing but a lifestyle of wild excess has left him financially crippled.
He said yesterday: "Over the years, I wish I had taken better advice. I appreciate this was my responsibility. I've made some mistakes.
"Now, I want to put this behind me and get on with my life."
A bankruptcy trustee will be appointed by the Inland Revenue, who will shore up Mr Eubank's assets to claw back money.
His fleet of luxury cars, which have included Range Rovers, an Aston Martin Volante, a Harley Davidson motorbike, a £100,000 juggernaut and a Hummer, are likely to be the first things sold, according to insolvency practitioner Ranjit Bajjon.
Expensive furniture, property, boxing belts, jewellery and even Mr Eubank's extensive wardrobe of designer clothing and shoes could be seized and sold, she added.
Mrs Bajjon, a partner in the firm Atherton Bailey, said: "They will be looking for anything with a reasonable saleable value. I imagine in Mr Eubank's case they will find a lot.
"They will also be legally entitled to half of any of his wife's assets, including her home."
Mr Eubank split from wife Karron earlier this year.
She lives with the couple's four children in a seven-floor house on the seafront worth a reported £1.6 million.
Richard Hillgrove, Mr Eubank's Press adviser, said yesterday: "It is something that has accrued over a number of years. It is clear that tax liabilities built up over the years as a young boxer.
"He took some not necessarily good advice and has made some mistakes along the way.
"If he had an opportunity to pay it back he would but his hand has been forced over this. It is a tough time for him."
Mr Eubank's financial situation has long been the subject of Press speculation but he has always overcome his difficulties until now.
He reportedly sold his two mock Tudor homes in the Drive, Hove, earlier this year to pay off some of his debts.
It was reported in 1997 that he was being sued by American Express for almost £120,000 in unpaid bills.
Mr Eubank told reporters at the time the matter had been settled.
__________________________________________
I've thought for some time that Eubank was throwing his money around rather, do I feel sorry for him ? Not really.
Chris Eubank has gone bust after years of extravagant spending.
The former world champion boxer was declared bankrupt at the The Royal Courts of Justice yesterday for £1.3 million he owed to the Inland Revenue in unpaid VAT.
He could be stripped of his lavish car collection and other luxuries which have become his trademark.
Mr Eubank, 38, earned a reported £10 million from boxing but a lifestyle of wild excess has left him financially crippled.
He said yesterday: "Over the years, I wish I had taken better advice. I appreciate this was my responsibility. I've made some mistakes.
"Now, I want to put this behind me and get on with my life."
A bankruptcy trustee will be appointed by the Inland Revenue, who will shore up Mr Eubank's assets to claw back money.
His fleet of luxury cars, which have included Range Rovers, an Aston Martin Volante, a Harley Davidson motorbike, a £100,000 juggernaut and a Hummer, are likely to be the first things sold, according to insolvency practitioner Ranjit Bajjon.
Expensive furniture, property, boxing belts, jewellery and even Mr Eubank's extensive wardrobe of designer clothing and shoes could be seized and sold, she added.
Mrs Bajjon, a partner in the firm Atherton Bailey, said: "They will be looking for anything with a reasonable saleable value. I imagine in Mr Eubank's case they will find a lot.
"They will also be legally entitled to half of any of his wife's assets, including her home."
Mr Eubank split from wife Karron earlier this year.
She lives with the couple's four children in a seven-floor house on the seafront worth a reported £1.6 million.
Richard Hillgrove, Mr Eubank's Press adviser, said yesterday: "It is something that has accrued over a number of years. It is clear that tax liabilities built up over the years as a young boxer.
"He took some not necessarily good advice and has made some mistakes along the way.
"If he had an opportunity to pay it back he would but his hand has been forced over this. It is a tough time for him."
Mr Eubank's financial situation has long been the subject of Press speculation but he has always overcome his difficulties until now.
He reportedly sold his two mock Tudor homes in the Drive, Hove, earlier this year to pay off some of his debts.
It was reported in 1997 that he was being sued by American Express for almost £120,000 in unpaid bills.
Mr Eubank told reporters at the time the matter had been settled.
__________________________________________
I've thought for some time that Eubank was throwing his money around rather, do I feel sorry for him ? Not really.
