Bankruptcy order for Olympic hero
OLYMPIC hero Derek Redmond has been declared bankrupt after being petitioned by HM Revenue and Customs.
The Insolvency Service said an order was made against the former 400-metre runner, who lives in Hunsbury Hill, Northampton, this week.
It follows a creditor’s petition being brought by Her Majesty’s Revenue and Customs Service for money he owed them.
It is the second time he has been bankrupt, having had an order served in February 2002. He was later discharged after the standard one year.
The 45-year-old will now be called in to an Insolvency Service office for a formal interview in the next few weeks.
A spokesman for the Insolvency Service said: “Anyone made bankrupt will have to come in to answer questions and they will be expected to tell who they owe money to so we can draw up a list of creditors.”
The news continues a bad two weeks for former Olympic hero Mr Redmond, who appeared in court at the end of last month where he admitted driving while using a mobile phone, and without a valid licence or insurance.
He escaped a driving ban after he explained to magistrates he needed to use his car for work as a motivational speaker in order to provide for his family. His car is now among the possessions he risks losing as, in most cases, a bankrupt has all their assets transferred to a trustee who can then sell them to settle debts.
However, insolvency officers could rule Mr Redmond needs a car in order to work and therefore pay back his creditors.
Although the bankruptcy will be a blow to the hugely popular ex-athlete, he is renowned for coming back from adversity. He had an injury-plagued career, which included being part of the British relay team that won World Championship gold in Tokyo in 1993. A year earlier he was famously helped over the line by his father in the Olympic semi-final in Barcelona, after his hamstring snapped. He married Olympic swimmer Sharron Davies, with whom he has two children, in 1994 but they divorced in 2000. He now races motorbikes and supports local causes including the NCTLC Trust children’s cancer charity.
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Comments
There are 14 comments to this article
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Reverend
Sunday, February 13, 2011 at 05:25 PMNo sympathy from the Vicarage either. The man is arrogant and self important, simply choosing to use charity as a vehicle of self promotion. If you have to pay a PR agent who lists you as being "hugely popular" with that history, you really have got issues!!
winchester
Sunday, February 13, 2011 at 01:49 PMNo sympathy.In his previous court appearance for motoring offences he was caught driving a Jaguar. Obviously living well above his means. Perhaps he ought to start driving a Smart Car to reduce his outgoings
willi eckaslyke
Sunday, February 13, 2011 at 01:27 PMWell frankly Frank, the act of putting this poor lad's plight 'on the front page' may help him in some way...Lesser known bankrupts - particularly second-timers - would receive nothing but pity from everyone; and precious little of that (as Noel Coward might say)
FranklyFrank
Sunday, February 13, 2011 at 12:17 PMI find it disappointing that the Chron chose to allow comments on a story of this nature. Given that too often too many have too little to add and usually with out discernment or humanity.
lady muck
Sunday, February 13, 2011 at 10:13 AMBlizzy boy...it might have been me dressed down in my white shell-suit and burberry cap...plimsoles...that dates us both ! Trainers, please.
blizzy boy
Saturday, February 12, 2011 at 05:41 PMlady muck i'm sure i saw you alight from one of your fleet of reliant robins last week if i remmember correctly the [lime green one]outside netto's.your chauffuer did look smart in his tarten flat cap dark blue pin stripe suit and white plimsoles although i thought the pink socks did mar his otherwise elegant outfit.
lady muck
Saturday, February 12, 2011 at 05:15 PMpoppiesforever...it's not the bankruptcy i object to....it could happen to any of us. Its the motoring offences...how would you like it if an uninsured driver hit your car ? (I'm assuming you have one...I have several and a chauffeur).
Ryan S
Saturday, February 12, 2011 at 02:43 PMWell said Jimbo73, blizzy boy and poppiesforever. The scrappy little rag should remember that lots of people are finding it tough to make ends meet. If they all stop buying the Chron as one of the first economies they make, perhaps whoever wrote the story and the sub editor who approved it for publication can be first in the Chron's list of redundancies and will find out first hand just how tough it is in the real world.
poppiesforever
Saturday, February 12, 2011 at 01:41 PMAbsolutely Jimbo,shame theres the usual nonsense from miss high and mighty,hope you never fall on hard times yourself,but i suppose your too perfect for that arent you?
lady muck
Saturday, February 12, 2011 at 12:51 PMYou can run, but you can't hide. I guess the Chron published this to 'motivate' others. It is disappointing that Redmond, like many lawbreakers has got away with the plea that he needs his car for his job. It didn't work for Binley and I don't suppose that it would work for the rest of us.
The Ninja Parade
Saturday, February 12, 2011 at 11:59 AMClassic non-story, slow day I guess?
blizzy boy
Saturday, February 12, 2011 at 11:58 AMQuite right Jimbo73 i think Mr Redmond as suffered enough whether through his own fault or not without the Chron rubbing his nose in it even further,Shame on the Chron for this one.A case of scapping the barrel for a story i think.
Jimbo73
Saturday, February 12, 2011 at 11:05 AMI find it disappointing to see that the Chron has to resort to publishing details of someone's misfortune in order to fill its pages... why not leave this kind of thing to the back pages where a bankruptcy notice is usually placed.
Jimbo73
Saturday, February 12, 2011 at 11:02 AMComment removed by moderator
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