Ricky Burns bankrupt.

[Stuarty]

http://www.dailyrecord.co.uk/news/scott ... ky-5394541

allegedly stays rich and the lawyers get richer. The guy who has made all the sacrifice ends up potless! Leaves a bad taste in the mouth this story! I hope Ricky can get his head together and put on another big performance in May and reignite his career.

[freddydoesdallas]

I hope he has done some clever asset management over the last couple of years in the expectation that it would all end this way

[dalcumly]

I've read the newspaper article, and the court decisions are outlined. Burns breached his promotional contract with FW and has to pay him £170,000. FW Promotions failed to pay Burns his purse and owes Burns £102,000. But FW Promotions have been liquidated so Burns gets nothing. This is the law , but is it justice ? I don't think so, and neither would ANY ordinary person walking the streets.

FW will today be driving about in a Rolls Royce /Bentley, and Burns will be trying to get a full time job in a sports shop in Coatbridge.

Boxers are like racehorses. You feed them , train them, race them, and then you shoot them.

[orbtastic]

If he declares himself bankrupt he more than likely won't have to pay FW that money.

Just the same as FW has done twice now when courts have ruled he has to pay a large sum of money.

[BillyTKid]

I would imagine he has 'moved' assets to family and is making this decision so that his future earnings will go into his bank account and not Warrens. The big winner from all this is the lawyers. I do feel a little sorry for Ricky but ultimately he chose to leave Warren while still contracted.

[ShadrachSimmo]

I hope he has done some clever asset management over the last couple of years in the expectation that it would all end this way

Hope so, he'll be fighting anyone for peanuts for years to come if he's not tucked something away.

I wonder how much the Figueroa bout is worth to him?

[Stuarty]

Begs the question why FW had withheld part of his purse for the Mitchell fight? I don't understand that. Surely That would go down as a breach of contract on FW's part?

[johnswan1]

Badly advised.

[jameswilson]

I hope he has done some clever asset management over the last couple of years in the expectation that it would all end this way

Hope so, he'll be fighting anyone for peanuts for years to come if he's not tucked something away.

I wonder how much the Figueroa bout is worth to him?

It's in the USA so we will be finding that out as the purse will be declared.

[ALI]

Badly advised.

From Burns perspective, and the fans, definately.

Perhaps Matchroom feel they played a blinder here, they've packeted a fair amount from Burns and have had no involvement in all this legal drama. Now they are throwing him into a title fight where he is a 6/1 against underdog - makes you wonder what their game is!

[Sklar]

The big winner from all this is the lawyers.

How so when he's gone bang owing £370,000 in legal fees? Can they claim the money from someone else?

[freddydoesdallas]

The big winner from all this is the lawyers.

How so when he's gone bang owing £370,000 in legal fees? Can they claim the money from someone else?

lawyers (like administrators for bankrupt businesses) never lose out

[Sklar]

The big winner from all this is the lawyers.

How so when he's gone bang owing £370,000 in legal fees? Can they claim the money from someone else?

lawyers (like administrators for bankrupt businesses) never lose out

Who will pay the outstanding £370,000 to Burns' and Frank's respective legal reps?

[expe]

I hope he has done some clever asset management over the last couple of years in the expectation that it would all end this way

If he only has £228 in assets, there's definitely been some creative accounting going on.

[broomy7s]

Ricky playing Frank at his own game by going bankrupt it seems.

[stevieb_8006]

The guy who has made all the sacrifice

See, not to excuse warrens behaviour in any way, but I'm not sure about that. think it's a bit rose tinted. The whole 'boxers as saints who do no wrong' thing.I don't think it's as black and white as painting the promoter as the panto villain all the time.

FW got ricky some fantastic opportunities, and the perfect fights at the perfect times. He invested in ricky and took the risks when his career wasn't a money spinner. Boxers can be ruthless in their decisions too. Also, his trainer surely made a lot of sacrifices and worked hard as well.

Ricky broke a contract and that's not right, it's what seems to be quickly brushed over in these threads. His moving to matchroom didn't seem 100 kosher at the time. It's just proved an awful move in every way really.

[bripez]

I understand the sentiment, but this process is a piss-take.

I cannot believe that Burns has assets of only a couple of hundred quid.

It is like Kerry Katona and all the other d-listers, they are happy to spend their earnings but when it comes to paying their taxes at the end of the year they don't want to pay it so go bankrupt (in the meantime they seem to be able to live in 10 bedroom houses and drive Range Rovers etc).

For most people who are employed, we have our tax deducted each week/month - these people seem to think that paying tax is optional. In the meantime it is the regular taxpayer who has to pick up the bill.

I also cant believe that the solicitors will be out of pocket - it wouldn't surprise me if there was some central Government fund (i.e. taxpayers money) that covers them is these situations.

Going a bit off-topic with the rant, but this seriously annoys me.

I have some sympathy for Burns, but he is swimming with sharks and if he has earned decent dough from his big fights then he should have spent some of it on legal advice before he left FW.

[Stuarty]

The guy who has made all the sacrifice

See, not to excuse warrens behaviour in any way, but I'm not sure about that. think it's a bit rose tinted. The whole 'boxers as saints who do no wrong' thing.I don't think it's as black and white as painting the promoter as the panto villain all the time.

FW got ricky some fantastic opportunities, and the perfect fights at the perfect times. He invested in ricky and took the risks when his career wasn't a money spinner. Boxers can be ruthless in their decisions too. Also, his trainer surely made a lot of sacrifices and worked hard as well.

Ricky broke a contract and that's not right, it's what seems to be quickly brushed over in these threads. His moving to matchroom didn't seem 100 kosher at the time. It's just proved an awful move in every way really.

I get what you're saying but I was talking about his training and health (being in the ring/firing line etc..) I understand he was under contract and he has obviously taken some bad advice from someone. I know most of these promoters are sharks and they are nothing like what you see on screen behind the scenes. Warren withheld money owed to Burns for reasons I am not sure of. Going through the courts just seems to have created more mess and headaches for both parties with Burns coming off worse.

[Stuarty]

I understand the sentiment, but this process is a piss-take.

I cannot believe that Burns has assets of only a couple of hundred quid.

It is like Kerry Katona and all the other d-listers, they are happy to spend their earnings but when it comes to paying their taxes at the end of the year they don't want to pay it so go bankrupt (in the meantime they seem to be able to live in 10 bedroom houses and drive Range Rovers etc).

For most people who are employed, we have our tax deducted each week/month - these people seem to think that paying tax is optional. In the meantime it is the regular taxpayer who has to pick up the bill.

I also cant believe that the solicitors will be out of pocket - it wouldn't surprise me if there was some central Government fund (i.e. taxpayers money) that covers them is these situations.

Going a bit off-topic with the rant, but this seriously annoys me.

I have some sympathy for Burns, but he is swimming with sharks and if he has earned decent dough from his big fights then he should have spent some of it on legal advice before he left FW.

Yeah he'll more than likely have other assets in family members names etc.. For protection. I don't believe he only has a couple hundred quid lol. Still a messed up situation though!

[Sklar]

Ricky playing Frank at his own game by going bankrupt it seems.

Personal bankruptcy is a different kettle of fish entirely. If he thinks he's playing Frank at his own game, and I don't think he will think that, he's very much mistaken.

[spudder56]

Ricky playing Frank at his own game by going bankrupt it seems.

Personal bankruptcy is a different kettle of fish entirely. If he thinks he's playing Frank at his own game, and I don't think he will think that, he's very much mistaken.

spot on mate

[freddydoesdallas]

Who will pay the outstanding £370,000 to Burns' and Frank's respective legal reps?

I don't know exactly as i've never been through anything like this myself but after following the situation with Coventry City, these type of folk never lose out. If they did then they wouldn't want to act on behalf of people.

Wouldn't surprise me if Mr Frank had to pay his own fees. I'm sure lawyers would be sensible to put a clause into a contract. He probably has his own legal team anyway on staff

[ste1983]

As others have said I'd imagine hes took this decision so he doesnt have to pay back Warren (much the same Warren did) so swings and roundabouts really.

Ricky seems a nice guy but lets not paint him to be blameless he breached his contract. Sadly I think a lot of poor advice was given to him from certain people.

[Gazmac81]

the thing is with Insolvency you need to need to do a 6 Month review and state wither you have came into any money or what your current situation is , how this would work with Burns Future purses then i dont know if they would take a chunk out of that.

i know that if your through an insolvency practitioner then the agreed Monthly fee that you pay with them could be affected if your wages or income severley increased.

anyway lets hope hes looking to future now and view this as a clean break , would be great to satrt with a win over Fig but its a tough job.

All the best Ricky

As others have said I'd imagine hes took this decision so he doesnt have to pay back Warren (much the same Warren did) so swings and roundabouts really.

Ricky seems a nice guy but lets not paint him to be blameless he breached his contract. Sadly I think a lot of poor advice was given to him from certain people.

[expe]

http://companycheck.co.uk/company/SC407 ... ny-summary