FORMER Sheffield Steelers’ owner Bob Phillips has been declared bankrupt.
An order was made in the High Court in London this week by Chief Registrar Baister, which will be of interest to local creditors who still have not been recompensed following the crash of his ‘South Yorkshire Ice Hockey Franchise’ company in 1995.
The bankruptcy has come quickly - Phillips, aged 58, was only served with the petition on Christmas Eve.
The Official Receiver will now likely contact creditors and appoint a trustee. There will be an investigation to see if there is any cash which can be used to pay those out of pocket.
Phillips, who presided over another Steelers’ company which went bust last year, will doubtless now find it difficult to do business in his own name in the UK, although much of his working life seems to be based around interests in the Middle East.
All bankrupt people in Britain, for instance, have to hand over bank or credit cards to the Official Receiver. He will be discharged from bankruptcy, in 12 month’s time, though.
During that spell, Phillips will discover what, if any, police action will be taken following a separate CID investigation into events last year.
On October 20 The Star revealed a fraud team was examining the expenditure of £55,000 to settle some of the debts owed by Mr Phillips after the collapse in July of his operating company ‘Yorkshire Sport’ through “historic debt liabilities.”
Phillips sold his interest in the Elite League club to millionaire entrepreneur Paul Ragan, recently. After a period of austerity, Steelers have now started afresh, and have recruited an off-ice marketing and sales team to re-energise business and ticket-sales.