Best Syndication News

News that Joe Swash has today been declared bankrupt makes another addition to the increasing list of celebrities that are publicly experiencing financial difficulties. The former Eastender star failed to pay a £20,000 tax bill by the deadline issued and consequently was made insolvent. Though Mr. Swash’s agent has indicated that there are no other creditors involved in the petition, the question still remains over the determining factors in this case.

David Brown explores the issues responsible behind the petition to make Joe Swash bankrupt and determines whether this solution to debt is the always the best suited one in these circumstances.

Joe Swash, the former BBC soap star, served with a bankruptcy order by the High Court of Justice in London today following a petition resultant from an unpaid tax bill. The amount owed in tax amounted to around £20,000 and subsequent to a lapsed payment deadline, Mr. Swash has been subject to his assets being taken into control by an Official Receiver.

Following his dismissal from the famous BBC One soap, Eastenders, he took part in ITV’s show "I’m A Celebrity..." and won the competition. Even securing a television contract with Living did not enable Mr. Swash to pay the final instalment of a tax bill totalling £120,000. But can an oversight of the payment deadline, as argued by Becca Barr, his agent, provide accountability for failure to repay this debt?

For many individuals, bankruptcy is often seen as a final and serious solution to unmanageable debts and often other solutions such as an Individual Voluntary Arrangement (IVA) or a Protected Trust Deed prove to be less daunting, and indeed more tenable, for those in financial difficulties. The stigma surrounding being declared bankrupt can be openly witnessed in the media coverage of Mr. Swash’s case and other recent celebrity brushes with formal debt processes.

News coverage on ex-footballer John Barnes’ bankruptcy focused with an increased emphasis upon the legal process acting to tar his former reputation, whilst Neil Morrissey’s decision to apply for the process of an IVA was taken at his own admission of viewing bankruptcy as "cowardly" and typically received favourably by the media. Reports of Joe Swash’s circumstances are already beginning to be detailed in demeaning manners.

It is important in this current economy to eliminate the stigma surrounding seeking help and advice on debt. Quick and efficient actions are imperative when attempting to deal with financial difficulties; similarly, it is crucial to obtain independent professional advice when exploring legal processes such as bankruptcy, IVAs and Protected Trust Deeds.

This article was written by David Brown on behalf of IVA.net – a website providing free, no-obligation information and tools on successfully and effectively dealing with situations of debt and financial difficulty and offers guides on how to achieve a debt-free lifestyle.