- Pape Souare has entered into a voluntary insolvency arrangement
- Souare was privately prosecuted over a car crash that almost ended his career
- Defender has problems paying a tax bill; HMRC are one of his major creditors
The Senegal international, on the bench for Saturday’s 2-1 home defeat by Liverpool, has entered into a voluntary insolvency arrangement, four months after it emerged he was being privately prosecuted over a car crash that almost ended his career.
It is understood Souare, who joined Palace from Lille in 2015 for £3.5million, has had problems with paying a tax bill and HMRC are one of his major creditors.
Crystal Palace defender Pape Souare has gone bust despite earning £30,000 a week
It was reported in November that the left-back faced a prosecution brought by Darshan Dube, who was charged by police with driving without due care and attention, following the incident in 2016.
Souare, who returned to first-team action after a year out, was a prosecution witness in that case.
The 27-year-old broke his right thigh and jaw when he crashed his car into the central reservation of the M4 after dropping off a friend at Heathrow Airport.
The Senegal international has entered into a voluntary insolvency arrangement
Souare was later summoned to court on dangerous driving charges, but did not enter a plea in the case and a trial date was set for July 16 this year.
According to official documents, Souare started the voluntary insolvency on March 5. An Individual Voluntary Arrangement (IVA) is an agreement with outstanding creditors to pay all or part of outstanding debts.
Usually the individual will make regular payments to an insolvency practitioner, who will divide the money between creditors. An IVA can give more control over assets than a bankruptcy.
Both Crystal Palace and the player’s representatives declined to comment.