Riise declared bankrupt

Small teams like Liverpool must pay very low wages:

From BreakingNews.iw

Riise declared bankrupt
30/03/2007 - 11:28:21

Liverpool full-back John Arne Riise has been declared bankrupt by the courts for an unpaid debt of around 100,000 (294,000).

Riise, understood to earn around 50,000 (74,000) a week, was declared bankrupt at Liverpool County Court on Tuesday.

The 27-year-old is listed as a bankrupt on the governments Insolvency Service website at www.insolvency.gov.uk.

Legally, a bankrupt is a person who has debts they cannot pay.

It names Riise, gives his address, but fails to list his occupation, giving the status Currently Bankrupt.

Riise is involved in a legal battle with his former agent, Einar Baardsen, over how his fortune has been invested. Baardsen stopped representing the player in 2005.

The case is reported to be linked to an alleged 3m ( 4.4m) fraud investigation currently going through the courts in Riises native Norway.

It is understood Riise may be liable for debts incurred from failed business enterprises, including a hotel.

Sources say the player may not even have been aware he was being taken to court at the time as he was away on international duty with Norway.

It is understood the bankruptcy order was made after a debt of around 100,000 (147,000) was not paid.

The debt was liable to be paid by him out of the legal dispute in Norway.

The players solicitors are understood to be preparing to go back to the court as early as Monday to have the bankruptcy order annulled.

A source close to the player said: There was a bankruptcy order issued at Liverpool County Court but it is an oversight that the issue even came to court and the matter is now in the hands of his solicitors treating it as a matter of urgency.

They are confident the issue can be resolved in the near future.

Struan Marshall, the players agent, was not available for comment.

Riise left Monaco to join Liverpool for 4m (5.9m) in the summer of 2001.

He signed a new contract last January that keeps him at the club until 2009.

A spokesman for Liverpool said: We are unable to comment as this is a private matter.

Being declared bankrupt means an official receiver, a government appointed official, can assume legal control of an individuals assets.

A bankrupt cannot obtain credit of more than 250 (368) or open a new bank account.

looks like he didnt ‘pool’ his resources correctly!

he’ll never ‘liver’ that one down!

The press will have ‘anfield’ day with this one.

nearly didnt ‘kop’ onto that one!

I’d say he’ll be out of the ‘red’ soon enough

How can he be declared bankrupt when he earns 50,000 a week?

I thought his mother was his agent - what a clown…

He’ll be ‘Ian’ a ‘Rush’ to get this sorted out I imagine.