Bradley Wiggins’ financial troubles continue with disputed £1m liquidation claim
Bradley Wiggins’ financial troubles show no signs of abating as he disputes a £1million claim made against him by his companies’ liquidators.
‘Wiggins Rights Limited’ went into voluntary liquidation in 2020 with debts of £650,000 while the holding company of Team Wiggins was also liquidated with debts of £587,800.
According to Cycling Weekly, the British magazine that followed the story closely, Wiggins is contesting the £1million claim from accountancy firm MHA Macintyre Hudson who are acting as administrators in the case. After a review of Wiggins’ company books, the company increased the amount sought to £979,953 (from £760,373) and Wiggins would sell a property to raise funds.
According to administrators’ documents from September, Wiggins is in an Individual Voluntary Arrangement (IVA), a financial setup designed to help people repay creditors and avoid bankruptcy.
The administrators report that a bid for a property which is “the main asset within the IVA” has been accepted. Administrators expect this will help repay £600,695.
14 creditors of Wiggins Rights Limited are said to be owed £749,223, including HMRC (the UK equivalent of the IRS) who submitted a claim for £313,447. In 2020, it was reported that HMRC planned to file a bankruptcy petition with Wiggins, but his lawyers reached an arrangement and the petition was dismissed.
Included in this list of current creditors is New Team Cycling Limited, the company which Team Wiggins was run by, and which also entered administration alongside Wiggins Rights Limited at the end of 2020.
Administrators are currently trying to locate company-owned cycling equipment and motor vehicles which could be used to pay off creditors, but a spokesperson for Wiggins said they were stolen and an investigation police was in progress.