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Frankie Bankrupt
Frankie Bankrupt
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How'd this even be possible given his long career in the UK? His spending could not have exceeded his income to engineer this bankruptcy, surely. As such, is the bankruptcy decision the most financially astute given he's still riding in America, and has roots in Italy?
I can understand if this decision has been made in the interest of his family, and not himself. |
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HMRC won't be easily fooled about putting it in the wife's name.
But bankruptcy rules were changed a few years ago to make it far less damaging than it used to be the case. This is what ChatGPT has to say: Bankruptcy in England and Wales In England and Wales, bankruptcy is regulated by the Insolvency Act 1986 and the Insolvency Rules 1986. Key aspects include: Initiating Bankruptcy: An individual can file a bankruptcy petition if insolvent, or creditors owed at least £5,000 can petition for bankruptcy. Typically, creditors serve a statutory demand, requiring payment within 21 days. Failure to pay or set aside the demand can lead to a bankruptcy petition. Bankruptcy Order: Upon issuance, a trustee (either an official receiver or licensed insolvency practitioner) manages the bankrupt's estate, selling assets (excluding essentials) to repay creditors. Restrictions: Bankrupt individuals face certain restrictions, such as limitations on obtaining credit and acting as company directors. Discharge: Bankruptcy typically lasts up to 12 months. After discharge, the individual is freed from most debts incurred before bankruptcy. Alternatives: Options like Individual Voluntary Arrangements (IVAs) or Debt Relief Orders (DROs) offer alternatives to bankruptcy. An IVA involves a formal agreement with creditors to repay debts over time, while a DRO is suitable for those with minimal assets and low income. |
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I knew of a family whose mum was appalled when her son told her he (the son) would file for bankruptcy if the banks came calling for his unsecured debts. He was a big spender eg a lavish lifestyle buying expensive cars and holidays. He was in a nutshell had been living on tick for many years; he was a barrister. I think he said to his mum a bankruptcy order would last for only a short period, not 5 or 10 years.
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An omen for Frankies Dream, or should it be Frankies Nightmare?
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Must be a cert .ran yesterday 2 stewart
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No idea but quite Startling news.
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Bankruptcy isn't what it used to be. The way it works these days - it's just the easiest way for feckless people to avoid paying their dues or paying for their mistakes. If you haven't got a conscience or don't worry about other people paying for your mistakes, it's a no-brainer really.
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It kills your creditworthiness/credit report in the short term, but for normies. That won't impact him too much.
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Trump thinks it means you are smart - He filed for Bankruptcy 4 times (1991, 1992, 2004 & 2009) - mostly relating to his hopelessly failed attempts to break into the Casinos business. He must be super smart!
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At the post Gulfstream. Love Actually odds on.
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I believe a bankruptcy is a kudos to some (proven) businessmen. And, financial institutions will still lend money to them, just at higher interest, and more onerous t & c.
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Young folk nowadays run up thousands on credit cards with no thought of paying back debts.
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Thanks Frankie. Best on odds on shot at Gulfstream in a driving finish. That's me bankrupt too.
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They get to spend 3 years having a party of taxpayer expense if they opt to go to 'uni'. It's no surprise that they then pretend to be anxious and jump straight on the sick list gravy train.
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Nominally it's 'debt'. Debt that the majority will never clear.
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Older generation would always pay back their debt even if it took years to do so.
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mac I know enough about it to cheat the system for £100K, easily. there's no risk and it wouldn't even need bankruptcy. 6 years after your first default, you're completely clear
it's not in my nature, but after 5 years of this government spunking cash to their mates, it might be! |
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Dreadful thing greed…..although rich going bankrupt could and probably will still be rich…..unlike fodder who would be fkd for years….
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beans on toast for frankie tonight don't think so. didn't pay his taxes got caught now can't pay them so has found a way out. one law for the rich...
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In a league table of jockeys riding out for a place when the horse is not gonna win, where does Frankie stand?
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2011 Daily Mail Q&A
Frankie Dettori Me And My Money https://www.thisismoney.co.uk/money/meandmymoney/article-1602790/Frankie-Dettori-Me-money.html |
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Shock as man mentored by Barney Curley takes financial advantage of other people.
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If he ends up in Norwich prison he might get to kip in Lesters cell.
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Skint my @rse….
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Good-time Frankie broke ?
His trophy cabinet contents might be visiting an Auction Room shortly (what's left in it) |
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really ? must think i'm thick .
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Shouldnt be allowed to ride if declared bankrupt. The temptation of corruption is heightened significantly.
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Hopefully ITV racing will be all over this
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https://find-and-update.company-information.service.gov.uk/search?q=Dettori&page=1
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his riding of inspiral at the breeders cup was shocking
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Two years ago Frankie split with his manager/agent Peter Burrell after 36 years. I wondered at the time whether there was anything up but both said there were no issues. Makes you think, though as negotiations with the taxman would have been going on then.
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Doesn't make sense does it ? You go bankrupt if you can't pay your creditors, but his house must be mortgage free surely and it's worth a small fortune, so how much does he owe ?
Must be several mill if he can't raise it . Though very odd as he earned north of 1.5 mill last year in the US. |
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Probably didnt pay tax on all the gifts his employers paid him
Ferraris.stud shares,etc |
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You don't pay tax on gifts.
Any cash earned from nominations etc would count as income and therefore be taxable. |
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It must be substantial (nee astronomical) the bill - as its been rumbling on for years, if its the same tax avoidance scheme as the likes of Jimmy Carr etc
they were paying 1% tax and using shell companies in the Channel Islands to shield their money think he ended up having to pay £500,000 back. Frankie must have been earning a lot more and given timespan bankruptcy probably makes sense but the old adage rings true if something seems too good to be true it probably is - he is not the first to get caught out and won't be the last, Ive dealt with HMRC in the past and they take no prisoners. |
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A question: The tax laws are extremely complex. Therefore people with the kind of money he had will
hire experts to advise them. How are they to know that the advice was bad? Surely, whoever gave that advice should be answerable for their incompetence? Or am I being naive? |
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They tell you it might not work , but it's worth a shot until it gets challenged by hmrc. They also advise you to put the money saved into another investment in case hmrc challenge the vehicle and you end up owing a shed load.
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Just read in the times
Tax due to fraudulent use of an avoidance tax sham scheme  |
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The rich don't like paying HMRC but are quite happy to pay conmen who come come with avoidance shemes. Absoutely no sympathy.
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Yes but it's not fraudulent until hmrc challenge and prove it.
They can challenge for years before a ruling is made. I had read about these ' efficient ' tax vehicles and asked my tax adviser and accountant about using one and was very firmly told not to as they invariably come unstuck as they are proved to be false and are dishonest. As I'm honest I took their advice and pleased I did. |