Wimbledon champ Boris Becker free from bankruptcy on grounds of ‘Good Faith’ efforts despite millions still owed | Mint

German tennis icon Boris Becker was released from bankruptcy proceedings in a London court after the presiding judge determined he had taken all reasonable steps to settle his debts with creditors, who were owed tens of millions of pounds, as per Reuters.

Despite falling significantly short of repaying the nearly 50 million pounds ($62.5 million) he owed, Chief Insolvency and Companies Court Judge Nicholas Briggs concluded that discontinuing the case was the just course of action due to Becker's earnest efforts, the report added.

"Becker clearly falls on the right side of the line," Judge Briggs stated, referring to Becker's cooperation throughout the bankruptcy process compared to those who obstruct proceedings, as per the report.

Two years ago, Becker, aged 56, was deported back to Germany after serving 8 months of a 2 1/2 year sentence in a London prison. His incarceration followed convictions under the Insolvency Act for illicit financial transactions and concealing assets worth 2.5 million pounds ($3.1 million) after his 2017 bankruptcy declaration.

While Becker faced numerous charges, he was convicted on four, including property removal and debt concealment, but was acquitted on 25 other charges, such as failing to surrender various sports trophies and his Olympic gold medal.

Achieving fame in 1985 as the youngest and the first unseeded player to win Wimbledon, Becker reached the pinnacle of tennis, securing multiple Grand Slam titles before retiring in 1999. He later engaged in diverse activities, including coaching, broadcasting, investing, and playing poker, the report added.

Attributing his financial woes to negligence and poor advice, Becker's significant debts originated from an unpaid loan on his property in Mallorca, Spain. Last month, his attorney, Katie Longstaff, remarked in court that although trustees did not block Becker's discharge from bankruptcy, they remained neutral due to the substantial debt still outstanding, estimated at about 42 million pounds ($52.5 million), as per the report.

Reaching a settlement, Becker’s legal representative, Louis Doyle, noted, “The agreement includes the outstanding trophies," and emphasized, “Becker can't do more than he has done to bring us to this point," as quoted by Reuters.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Published: 04 May 2024, 11:42 AM IST

Topics You May Be Interested In