Former Blackburn Rovers defender Colin Hendry - a totemic figure in Scottish football during the 1990s, and nicknamed "Braveheart" by his fellow professionals -- has been declared bankrupt by Blackpool County Court.
Hendry, 44, of Lytham St Annes, Lancashire, received a demand for payment from his creditors on 12 March. In response, he applied for an Individual Voluntary Arrangement -- which would have enabled him to come to a binding agreement to repay the debt over a period of 5-6 years -- but this was rejected by 55% of his creditors.
The extent of Mr Hendry's debts remains unclear, but the BBC reports he owes over £1m to HM Revenue & Customs because of an unpaid tax bill and "thousands of pounds" to other creditors.
In a glittering playing career, the father-of-four widower earned 51 caps for Scotland and made 515 professional club appearances.
What is bankruptcy?
If there is no prospect of repaying a debt over £750 within a reasonable period, either you or your creditor(s) can ask the court for a bankruptcy order. If the court grants the order, it will freeze your assets and appoint either a trustee in bankruptcy or an insolvency practitioner to take over your financial affairs. This person will have power to sell your assets - excluding basic household goods, clothing and trade tools - to pay your creditors.
** Additional Information & Advice **
To learn more about dealing with bankruptcy, visit FindLaw. You may also want to seek legal advice. You can find a solicitor who specialises in debt in your area for free via solicitor matching services, which can also help you to understand the best course of action for your situation and whether you are even ready to hire a solicitor.