Tour de France champion's company enters bankrupcy as he owes nearly £1 million
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Sir Bradley Wiggins has entered bankruptcy, according to a report in The Times on Saturday, after going through financial difficulties with his company. The company was owned by Wiggins, his former wife Cath and his mother Linda.
Wiggins Rights Limited, the company that ran much of Bradley Wiggins’s affairs during his career and which was the parent of the now defunct Team Wiggins, entered liquidation in September 2020. Cycling Weekly revealed in 2022 that his liquidated company owed nearly £1 million to creditors. He is understood to have failed his IVA in January this year.
According to The Times, Wiggins was declared bankrupt at Lancaster County Court on June 3. Trustees will now be appointed to seize and dispose of Wiggins' remaining assets.
In the liquidators' report dated 19 September 2023, they said: "Unfortunately the joint supervisor has informed creditors... if the breach is not remedied then the IVA may be terminated. In the event the IVA is terminated the director may become subject to bankruptcy proceedings and this would potentially substantially increase the expected timeframe for recovery of the outstanding directors loan account." They added: "I expect that the termination of the IVA should be confirmed within the next few months."
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