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Spreadex named as one of Hendry creditors.

GAMBLING debts contributed to former Scotland international footballer Colin Hendry being formally declared bankrupt at a Lancashire court this week, writes Graham Green.

Hendry, 44, who is believed to owe around pounds 2.2 million, was served with a demand for payment by his creditors, including sports and financial spread-betting firm Spreadex, on March 12, but although subsequently applying for an Individual Voluntary Arrangement (IVA) to pay off an undisclosed sum, this was rejected by the creditors.

Tim Gosling, barrister for Spreadex, the original petitioning creditor, told Blackpool County Court on Wednesday there had been no contact from Hendry since his application for an IVA.

Although no figures were given in court, it has been reported that Hendry faces a tax bill of more than pounds 1 million.

Spreadex refuses to discuss how much it is owed, but it is believed to be a six-figure sum.

The father-of-four continues to live at his home in Lytham, but he also owns another property locally, which is for sale, and a villa in the south of France.

Hendry, whose earning capacity was severely reduced while he cared for his wife, Denise, whose death last July followed a failed liposuction operation seven years earlier, will now be questioned by the Official Receiver, who will determine whether there has been any recklessness or failure to disclose hidden money.

When that process is completed, an insolvency practitioner will be appointed to control Hendry's assets and distribute them among his creditors.

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Title Annotation:Sports
Publication:The Racing Post (London, England)
Date:Jun 26, 2010
Words:267
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