Cheltenham Champion Horse Owner Conor Clarkson Faces Bankruptcy Over €587,000 Debt

Conor Clarkson, a notable figure in the horse racing industry and a property developer, has been declared bankrupt by the High Court in Ireland. Clarkson, aged 60, is best known as the owner of Kicking King, the 2005 Cheltenham Gold Cup winner. His financial troubles come to light with debts totaling approximately €56 million, a situation worsened by a specific debt of nearly €587,000 owed to Gradual Investment Ltd (Gil).

Bankruptcy Details

The petition leading to Clarkson’s bankruptcy was initiated by Gil due to a court judgment from 2023. This ruling determined that Clarkson owed €565,000 in favor of Gil, along with additional interest, culminating in a total claim of about €586,981. The judgment was linked to two companies associated with Clarkson: Cudsea Ltd and Bereryscape Ltd.

A demand for payment was issued in December 2024, which triggered Gil to seek bankruptcy adjudication once Clarkson failed to comply.

Court Proceedings

During the court session presided over by Mr. Justice Liam Kennedy, Clarkson was absent due to illness. His counsel sought an adjournment, but this was rejected by the judge, who opted to proceed with the adjudication based on the submitted documentation.

Financial Status

Clarkson’s financial statement outlined assets valued at €831,855 against total liabilities of approximately €56.7 million. Nearly €55 million of this debt is owed to financial institutions. Monthly income was reported at €12,500, while monthly expenditures reached around €6,773.

His family residence in Dublin is valued at €950,000, with additional investment properties in Dublin and Kerry valued at €600,000 and €50,000, respectively.

Claims and Counterclaims

In responding to the bankruptcy petition, Clarkson argued that the debt should not be attributed to him. He cited complications in selling the Powerscourt Arms property, which was sold for €2.15 million in late 2024, leading him to believe the debt was settled. However, Gil contested this, stating that no payments had been made from the sale proceeds.

Furthermore, Clarkson had previously attempted a Personal Insolvency Arrangement (PIA) in 2019, but this was unsuccessful, particularly after allegations of submitting falsified evidence came to light.

Legal Insights

The legal arguments presented to the court indicated that Clarkson’s significant debts and previous legal issues justified the bankruptcy adjudication. In February 2024, Clarkson received a 15-month prison sentence for forgery related to property transactions intended to offset his bank debt.

This tumultuous situation highlights the challenges faced by Clarkson, both in his professional undertaking of horse racing and property development, as he navigates the complexities of his financial obligations.