Lottery Winners Declared Bankrupt

National Lottery Most of us dream of winning the lottery as a way of ensuring financial security but as one lottery winning couple are declared bankrupt it just goes to show that money doesn’t always ensure financial security and even with cash in the bank it pays to be prudent. The couple, from Wednesfield in the West Midlands have been declared bankrupt just four years after scooping more than a quarter of a million on the National Lottery.

Allen and Pauline Parkes are award winning publicans and you would think as such they would know how to be prudent and run their finances but as a judge declared them bankrupt this week at Wolverhampton Crown Court it seems that money wasn’t the making of either of them.

Mrs Parkes threw a £10,000 party at the Angel Inn in Wednesfield after the couple won £258,000 when their lottery ticket proved lucky on the National Lottery but the couple insist they have done nothing to be ashamed of and do not want any sympathy.

They now want to prove to themselves and everyone else that they can still be successful even after being declared bankrupt over a £19,000 debt allegedly owed to Marston Brewery. Mr Parkes has won the coveted Cask Ale pub of the year title and took over a second public house after their lottery win but this led to them being evicted over the conditions of the license.

The couple insist they do not regret their lottery win and that it brought many good things as well as bad. The day they checked their lottery results and realised they were winners they could never have imagined things ending up the way they have. They are just thankful now to be in a job they love and have a roof over their heads.
 

Article Last Updated: 20th July 2009

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