http://www.watfordobserver.co.uk/sp...er_Watford_FC_owner__declared_bankrupt_again/ Thank Mooney for the Pozzos coming in really....
Any experts here who can tell us what this means for the Russos? If indeed he has claims to lodge against others for £4.5 million, can the Russos claim against that if and when they are settled - or does this bankruptcy negate his debt to them?
Not very well up on such matters, but I believe that he will have to show what assets he does have, and they can be sold to pay back those he owes money to, with certain restrictions. For example a car will be sold, unless he can prove it is essential for his work. (Not sure if he has any.) He is also allowed to have some money for food and clothing, but if all his clothes were very expensive designer items then they could also be sold and he told to replace them at Tescos. There are several things not reported that would be interesting to find out. Who did this latest money come from and was it them who applied for his bankruptcy? He says he owns no property, yet claimed to have a Stanmore house worth £1M or more. He also says that he owns the Red Lion, but does he? Josh Price was said to be paying him rent. The £3M he claimed was due to him, but he hadn't got round to claiming back and didn't want to say who owed it to him, is either a pipe dream, or the person appointed to go through his affairs will want that sorted out. The man really is a chancer who gets it all wrong, but if he gets away without paying the Russos their £4.5M he may be happy. It was reported that the day he had all of his assets frozen he made a transfer of £700,000 out of his accounts, so it would be useful to know where that is now.
