FOOTBALLER PAUL GASCOIGNE has entered into an individual voluntary arrangement (IVA) to repay outstanding debts including taxbills.
An IVA must be supervised by an insolvency practitioner who consolidates the debt, and arranges for a percentage to be repaid over a contracted period of time.
David Meany, partner at Ashtons JWD, appointed supervisor to the IVA.
Gascoigne entered into the agreement with his creditors following a bankruptcy petition put forward by HM Revenue & Customs over a £32,000 unpaid tax bill.
An initial bankruptcy hearing took place earlier this year but was postponed until yesterday. The IVA was agreed at a creditor meeting on 13 May and yesterday the bankruptcy petition was dismissed.
Meany, has been in the recovery business for more than 30 years and has held senior roles at PwC, RogerEvans, and Coopers and Lybrand.
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