Former Irish Football Player Declares Bankruptcy

by San Antonio Attorney

Steve Staunton, former footballer of Aston Villa and Republic of Ireland, recently filed for bankruptcy last April.

Staunton served as the team manager for the team in 2006-2007.  The former football player invested his earnings in Ingenious Media, a group of companies specializing in film making.

The company was established in 1998 and was spearheaded by Patrick McKenna.

Ingenious Media opened its opportunities to former athletes, particularly those previously connected to football teams.

However, the company’s reputation is in doubt due to tax avoidance with the British revenue.

Staunton file for bankruptcy three months after the investors of Ingenious Media received payment notices from the British revenue.  These notices have been distributed rapidly among the company’s investors, according to The Sun.

It is not certain whether Staunton received the notice but there was no suggestion of wrongdoing on the former footballer’s part.

Other investors affected by the company’s current situation include Robbie Keane, John O’Shea, Martin O’Neill, Clinton Morrison, Denis Irwin and David O’ Leary.

Irish football players were not the only people affected with the huge tax billing, various celebrities have also expressed their struggle in complying with taxes.

These problems stemmed from the UK tax authorities victory over a lawsuit, which awarded them approximately £1.6 billion over investments in film finance deals.

The legal battle with the tax-regulated laws of investments has been running for years, especially financial collaborations with Ingenious Media.  The outcome of the lawsuit will depend on the accounting losses claimed by these schemes.

Ingenious Media is known for financing 66 box office movies such as Avatar, Die Hard 4, Life of Pi and Shaun of the Dead.

The movies funded under the financial deals include Avatar, Die Hard 4, Hairspray, X-Men:First Class, Water For Elephants, Life of Pi and Shaun of the Dead.

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