Description: Hockey star Jack Johnson is reportedly bankrupt. Despite earning roughly $18 million over his career, it appears that bad advice – and perhaps some misadventures by his parents – have led to his financial downfall. Johnson claims to have secured a new team of advisers to assist him in sorting his way out of these problems.

Source: Sportsnet.ca

Date:  November 20, 2014

Link: http://www.sportsnet.ca/hockey/nhl/columbus-blue-jackets-jack-johnson-bankrupt-parents/

Discussion Points:

1) How could someone who had such personal wealth become bankrupt?

2) What role could accountants have in assisting high income earners like athletes in navigating their way financially?

3) What is the difference between insolvency and bankruptcy?