Gascoigne avoids bankruptcy threat
FALLEN football ace Paul Gascoigne narrowly avoided a bankruptcy hearing in London today.
At a hearing in November last year it was claimed the ex-Newcastle player had not filed any returns for the past two years and HM Revenue and Customs was demanding an estimated £200,000 liability.
But the case was dropped on December 5 after Gascoigne reportedly settled his differences with the taxman.
At the High Court hearing last year, Gascoigne’s solicitor Craig Montgomery told Deputy Registrar Kyriakides that his financial affairs were complex.
He said there were interests overseas and time was needed to submit returns and liquidate assets to meet his liabilities.
After the one-minute hearing – at which Gascoigne was not present – Mr Kyriakides adjourned the matter until January 9 next year.
It was agreed Gascoigne would be given a nine-week reprieve to file his late tax returns and fend off bankruptcy.
His solicitor, Craig Montgomery, said after the first hearing: “There is no suggestion that he doesn’t have the funds to meet his tax liabilities. It is just a question of having time to make the returns.”
Gascoigne does not have a regular income, he said. It comes from books and appearances, and he has overseas interests.
Mr Montgomery said: “It takes time to work out where everything is.”
The 41-year-old former footballer, who has been treated for alcohol and mental health problems, was once one of football’s highest paid stars.
He became a millionaire overnight when he was transferred from Newcastle to Spurs in 1988.
Following a number of transfers and high-profile advertising agreements, it was reported that he was worth £14m.
