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ICSM INSOLVENCY BUSINESS NEWS: Ex-Newcastle United and Liverpool footballer Danny Guthrie hit by bankruptcy restrictions over financial irregularities

The one-time professional footballer Danny Guthrie has fallen foul of the Insolvency Service when they tackled him over his debts to creditors.

The service reported that in May 2019, Guthrie borrowed £75,000 from a friend to help him pay his household expenses, promising to repay the loan with funds raised from selling a property.

Incredibly he then blew £120,000 on gambling and chose to pay of those debts first from £160,000 he received from the sale of a property ignoring a string of creditors who needed to be paid. Taking cash out of his bank knowing he was insolvent was what tripped him with the Insolvency Service.

He accepted a six-year bankruptcy undertaking, at Stoke County Court, which runs until May 2028. The service placed on him several restrictions, banning him from borrowing more than £500 without giving details of his finances to a lender and restricting his ability to be a company director.

Kevin Read, Official Receiver at the Insolvency Service, said: “Danny Guthrie’s actions were deliberate in dissipating assets, at a time he was already insolvent, and to the loss of his creditors. This extension of bankruptcy restrictions should serve as a warning that the Insolvency Service will take action to tackle such financial wrongdoing.”

Guthrie played for Newcastle, Liverpool,  Southampton, Fulham, Walsall, Mitra Kukar in Indonesia and Icelandic second tier team Fram.

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For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk