Chris is an Insolvency Practitioner regulated by the ICAEW since 2014,.
He is experienced in contentious insolvency with excellent analytical skills and strong knowledge of both general and technical insolvency matters.
Wayne Rooney, the manager of beleaguered Derby County, is reported to have made £21 million after liquidating his image rights and investment company, Stoneygate 48 Ltd, because “it was no longer required.”
Rooney, who in his playing days was the record goalscorer for England and Manchester United, is understood to make £20,849,000 from the company closure. The 35-year-old owns 100% holding of the share capital, so will be the sole recipient of the windfall.
The money comes from over £1 million from the property, £8.9 million from investments, and there is a further £11.9 million owed to the business, according to The Mirror.
A spokesperson for Stoneygate 48 Ltd said: “The directors have decided to put the company into solvent liquidation as it is no longer required. All debts will be paid in full and money will be returned to shareholders.” Proceeds will be offset by liquidation costs of approximately £30,000, plus £200,000 that is due to HMRC and around £750,000 in bills.
Rooney set up the business in 2006 and in 2020, it had £19.1 million in shareholders’ funds. The last set of accounts were for the year ended 31 March 2020.
Compulsory Strike Off Rejected
Meanwhile in 2019, Rooney was reported to have taken on Companies House as the UK registrar had threatened to strike off Stoneygate Ltd. Rooney was told he had two months to prove that the company was still trading, or that the assets would be seized by the state. Rooney was at the time playing in the US, however, was able to ensure the business was left intact until it was felt to be the right time to liquidate.
Rooney currently manages Derby County football club, which has recently entered administration, blaming Covid-19. The club is in a perilous position and is due to receive a 12-point deduction because of the financial issues that they are facing and potentially a nine-point penalty for breaching financial rules and a further three-point deduction if wages are not paid. Rooney said recently that he will continue to work for the club and he is concerned about likely staff redundancies. It was also revealed he had deferred a portion of his wages to cover the players’ pay in December when the wage bill could not be met. Rooney earns some £2.6 million a year for the manager’s role.
Company Debt director, Simon Renshaw, said: “As concerning as this is for consumers, there are wider implications across the economy. Rising costs and shortages will indeed lead to more fuel poverty and less supplier choice for people but these company failures are also having implications on businesses and may push some in other sectors into insolvency.
“As we are seeing, gas has become unaffordable in some cases and this has resulted in knock-on effects at chemical producers and steelmakers. This has meant CO2 shortages, which is threatening the food sector. It’s a worrying situation and suggests that sectors, and indeed the government, must take steps to better prepare for price volatility.”
