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Martine McCutchen declares bankruptcy, my thoughts

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ProfilePosted byOptionsPost Date

supercrutch

supercrutch Report 13 Feb 2013 11:01


Now usually this type of headline wouldn't prompt me to post a thread about it BUT I am getting a little sick and tired when reading about celeb bankruptcy proceedings where the main creditor is the treasury. That's us!!!!

Now I may well sound heartless but celebs live a lifestyle none of us could even dream of aspiring to, all that whilst not paying their dues. Bankruptcy used to carry a huge stigma but not anymore for celebrities.

I have a couple of friends who have gone through the process due to their businesses suffering bad debts. Terribly traumatic, embarrassing when the notice is published, left with nothing and reputations ruined.

I always thought the provision was there to help people at the end of their tether with no other way out. It seems to be used much more frequently by people in the public eye who just throw their hands up and walk away from their responsibilities.

Rant over!







First she couldn’t get a hit after "Perfect Moment", then she got dropped from the Activa adverts and now Martine McCutcheon is bankrupt.


The ex-EastEnders star has filedfor insolvency at Kingston-Upon-Thames County Court.

McCutcheon petitioned in her given name Marine Kimberley Sherri Ponting.

Bankruptcy trustees KPMG said the actress’s “largest creditor” was Her Majesty’s Revenue and Customs.

The 36-year-old, who lives in Esher, Surrey, will be discharged from bankruptcy on 2 January 2014.

"We are now responsible for administering her estate and are in the process of establishing the individual's assets and liabilities; the largest creditor being Her Majesty's Revenue and Customs," KPMG's David Standish, who was appointed joint trustee in bankruptcy of McCutcheon by the Secretary of State on 24 January 2013, said.

McCutcheon's management declined to comment on their client.

The actress became a household name in the 90’s for playing Tiffany Mitchell in EastEnders.

Her 1999 one hit wonder "Perfect Moment" reached the number one spot in five countries and she later won a Laurence Olivier Award for best actress as Eliza Doolittle in the musical My Fair Lady in 2002.

Muffyxx

Muffyxx Report 13 Feb 2013 11:10

So she's basically not been paying her taxes and has made herself bankrupt?

Wonder how many exotic holidays she had during that time?

Got all the time in the world for folk who graft and graft but fall onto bad times...but yes I agree it sticks in your throat to see incidences like this....almost a mickey take.

supercrutch

supercrutch Report 13 Feb 2013 11:23


"Before HMRC takes action, there will be several warnings and opportunities to settle any liabilities. Therefore, any abrogation by the celebrity of their responsibility to deal with income tax and other debt issues, is no real defence.”


When us ordinary people get our tax liability notice each year, they demand immediate payment or adjust the next tax year's code. We have to pay!

Rambling Rose

Rambling Rose Report 13 Feb 2013 11:25

I was teetering on the brink of sympathy as I so often am when people get into financial trouble , thinking along the lines of 'maybe she helped out friends and family with money she should have held on to'

But reading the article and her quotes about Gucci and the "necessity" of Ralph Lauren sheets, any sympathy flew out of the window lol , especially in the wake of a letter re council tax that just came in the post, If I had a Gucci handbag I'd be selling it today!

DazedConfused

DazedConfused Report 13 Feb 2013 12:14

Now my question is did she not have an accountant to deal with this - most celebs do.

Maybe there is an underlying story that we have not heard about.

I would imagine that despite all the spending etc., she is not doing this lightly.

supercrutch

supercrutch Report 13 Feb 2013 12:25

Maybe PP but the facts remain, she is responsible for her debts, she should be in touch with her accountant and management company on a monthly basis. She obviously received notice of the debt, continued to earn a jolly good income via advertising, TV appearances and films.

I have read of actors who were in the same position as her and they made arrangements to repay their tax bill from future income and did settle the debt albeit over 3 or 4 years.

As she will be discharged in 12 months she will be earning very nice sums and presumably paying due tax having stepped away from her responsibilites.

I wonder what the insolvency officer will leave her with? I would bet much more than my friends were which was absolutely NOTHING apart from a sofa, their bed, cooking facilties and a few other basic neccesities of day to day existence.

Kay????

Kay???? Report 13 Feb 2013 13:09


Let her do what joe public would be forced to,,,,, so,sell her house and assets.....simple........bad management all round. :-P

GlitterBaby

GlitterBaby Report 13 Feb 2013 13:22

Have you seen the house prices for Esher.

She could easily sell her property and still afford a decent house but I suppose that will be beneath her high standards of living.

Guinevere

Guinevere Report 13 Feb 2013 13:29

According to our paper she's living in a rented house. Maybe all her money has gone.

Kay????

Kay???? Report 13 Feb 2013 14:00


For her to have a tax bill,she must have been earning, so no excuse.

what she hasnt earned she wont be charged tax for.

sure shes got a few pr of Choos and the like she can auction site off...

Porkie_Pie

Porkie_Pie Report 13 Feb 2013 14:06

Guinevere, One news paper quoted that a neighbour said They believe she pays £4,000 to £5,000 a month on the rent and still living in Esher.


So she is Obviously living in squalor

What planet are they on

Roy

GRMarilyn

GRMarilyn Report 13 Feb 2013 14:08

Oh Gawd Rose....I have Ralph Lauren Bath Towels!! ;-)


Best look at my financials....LOL

:-D

Martine...certainly had her teeth implanted, and a bad job at that they are like horses teeth .. : they are ALL the same size -

Must have cost a bob or two !

supercrutch

supercrutch Report 13 Feb 2013 14:20

Herein lies the problem with bankruptcy. If you are aware soon enough that you are going to declare at some point in the future you will, of course, transfer assets out of your name. If the official receiver can prove you have done this to avoid those assets being siezed the goods/house etc., they can be forcibly obtained by the courts (AFAIK) or you could be forced to repay over a period of up to 5 years the amount that the fraudulent transaction/s is/are worth. This means the discharge date will be further on.

As her date has been stated as 12 months hence it would appear that she will be free from all debts as of Jan 2014.

She has huge earning potential so my belief is she should be made to repay her tax debt over the coming years. As it stands, she will be debt free, earning oodles and living the life of riley again from Feb next year. Something not quite right there!

Porkie_Pie

Porkie_Pie Report 13 Feb 2013 17:16

I suppose we should all be looking forward to reading her "exclusive" story that she will sell to the Sun newspaper on the 3rd January 2014 from which she will make a 6 figure sum

Roy

DIZZI

DIZZI Report 13 Feb 2013 17:51

DOSE NOT HAVING ENOUGH MONEY TO LAST TILL THE END
OF THE MONTH CLASS THE SAME

AnninGlos

AnninGlos Report 13 Feb 2013 18:01

Whatever else may have happened she has not managed her money efficiently. I think she is still earning, she should be told to move out of expensive accommodation and find somewhere withing her 'limited' means. I did read that after Love Actually she thought she was going to take hollywood by storm (well those are my words not hers), but nothing happened. Ideas above her station comes to mind.

Island

Island Report 13 Feb 2013 18:15

Why would that be ideas above her station Ann?

Susan10146857

Susan10146857 Report 13 Feb 2013 18:31

Ooooo Sue, That's a bit harsh, after all we don't know any more than what the Newspapers are saying. She may be having a hard time of it for whatever reason as far as we know.

supercrutch

supercrutch Report 13 Feb 2013 19:34

Oh yeah Susan, sorry I was being carried away by the hypocrisy of it all and completely ignored her suffering. I do wonder how she'll manage to get into an 5* club this weekend :-( :-( What will she put on the dining table? Perhaps she'll have to have her shoes resoled? Darn a sock? Buy a handbag from M & S..no wait that's too expensive...a market stall?

*runs to fetch tissues*

:-P :-P

Kay????

Kay???? Report 13 Feb 2013 19:44

:-D :-D :-D.

do you mean the Ivy SC,,, ;-)