Former footballer given six-year bankruptcy restrictions

Former professional footballer Danny Guthrie has been given 6-year bankruptcy restrictions by the Insolvency Service.

Guthrie played football professionally for several English football clubs at a senior level. 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.

However, prior to selling the property Guthrie racked up gambling debts of £120,000. When he eventually sold the property in August 2020, receiving just over £160,000 in equity, he chose to repay his gambling debts ahead of other creditors by making several cash withdrawals despite knowing he was insolvent.

Guthrie accepted a six-year bankruptcy undertaking, which runs until May 2028. As a result, he is under a number of restrictions, including not being able to borrow more than £500 without disclosing his bankrupt status, and he cannot act as a company director without the court’s permission.

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.”