After liquidating UK firms, Bradley Wiggins is disputing a court claim for £1 million
World Cup news : The amount of £1 million that Bradley Wiggins is claiming he is owed is in question. Bradley Wiggins has agreed to give a house worth over £600,000 as part of an Individual Voluntary Arrangement (IVA) to help pay back creditors and avoid bankruptcy, while opposing a one million pound demand by the liquidators of his firms.
Accountancy firm MHA Macintyre Hudson boosted the sum being claimed from Wiggins to £979,953, as reported by Cyclingweekly(opens in new tab) and public documents released online at Companies House in September.
Wiggins, his ex-wife Cath, and his mom Linda had a firm named Wiggins Rights Limited that “exploited Bradley Wiggins’ name and image rights,” but it went bankrupt in 2020 due to £650,000 in unpaid obligations. Liquidators are having difficulty recovering £760,373 from an overdrawn director’s loan account, which has ballooned to £979,953 “after scrutinizing the company’s accounts and documents.”
Bradley Wiggins
British tax authorities HMRC have filed a claim against Wiggins Rights Limited for £313,447, while a further 14 creditors have filed claims totaling £749,223.
The 2012 champion of the Tour de France is struggling financially, and the liquidation process is only one of several problems. Having repaid £578,008 in loans in return for ownership of the Squad Wiggins Continental team, Bradley Wiggins dissolved Wiggins Rights Ltd and New Team Cycling Ltd in October 2020. In addition, Wiggins dissolved a business named 101 Ride Limited.
Following Team Wiggins’ dissolution at the end of 2019, the corresponding corporations were dissolved. Wiggins won gold with Team GB in the team pursuit at the 2016 Olympics while riding for the Continental in his last two seasons of professional cycling. Wiggins has been a TV commentator for Eurosport/GCN and a special guest at high-end cycling vacations in recent years.
Next week, Wiggins will serve as the official starter for the Under-23 category at the Gent Six.
Businesses House(opens in new tab), the British registrar of companies, has revealed records indicating that Wiggins consented to an Individual Voluntary Arrangement (IVA) with an offer to settle a considerable portion of the debt using a property valued at £600,695.
According to their report, the administrators “sought to interview one of the company’s directors” but “due to a lack of response” have directed lawyers to send official letters. There was supposed to be an interview in late October. The business has also hired an appraiser to determine the worth of the “Bradley Wiggins,” “Wiggins,” and “Wiggo” trademarks.
A representative for Bradley Wiggins reportedly denied the story to Cyclingweekly.
It was said in December 2020 by a company spokeswoman that “Bradley’s engagement in the firms was not day to day” and that “this in no way threatens Bradley’s personal solvency.”
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