TV's Statto declared bankrupt

By THIS IS MONEY
Updated: 06:44 EST, 17 February 2008

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Gambling expert and TV pundit Angus Loughran has been declared bankrupt, the Insolvency Service confirmed today.

Angus 'Statto' Loughran

Loughran, known to millions of sport fans as 'Statto' was unable to pay his creditors and was declared insolvent at a hearing at Manchester County Court on February 4.

Details of how much he owes, and to whom, were not disclosed. It is not known whether he declared himself bankrupt or if it followed a petition from someone he owes money to.

Loughran is the BBC's betting expert, regularly appearing on TV at big horse race meetings giving advice to punters.

He first became famous predicting football results on the 90s show Fantasy Football League, alongside Frank Skinner and David Baddiel.

Loughran also commentates on football matches on Eurosport and has a betting column in the Daily Telegraph.

The announcement of the bankcrupty was also made in the London Gazette, giving Loughran's former address, in Bowdon, Cheshire, and his occupation as sports consultant.

Loughran was not available for comment today.

A spokeswoman for his agent, Jane Morgan Management, said no one was available for comment.

Loughran is understood to have said the bankruptcy order involves council tax arrears.

Bankruptcy is a legal means of freeing a person from overwhelming debts so they can make a fresh start and to make sure their assets are shared out fairly among people owed money.

'Statto' in happier days on Fantasy Football with David Baddiel and Frank Skinner...

Dealing with debt

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A firm or person who is owed money can file a petition for a bankruptcy order to be made against the debtor if at least £750 is owed in unsecured debts.

The official receiver will then take over the legal control of the debtor's assets to pay the creditors.

As a bankrupt, Loughran will not now be able to obtain credit for more than £500 without disclosing his bankruptcy, open a new bank account, act as a company director or take part in the management of any registered company without the permission of a judge.

The bankruptcy order on Loughran automatically runs out on February 4 next year.