He became rich but lost more than 50 million euros in just 6 months. A brief review of its history.
It is estimated that in Spain there are more than one million people whose assets exceed one million dollars. The figure drops drastically when we talk about people with assets exceeding 40 million dollars and even more so when we raise the bar to 50. Of course, Very few people have broken through the $50 million threshold and then lost it all.
This case is that of Philip Deutza 57-year-old Belgian, former millionaire, who surpassed that wealth, owning 20 different companies, but in a period of 6 months he lost absolutely everything, returned to live with his parents and is helped by the social services of Spain .
Philip Deutz
How Phillip Deutz made his fortune
Deutz started his company in a garage. Edpnet was a company that He sold computers when the Internet was just taking its first steps.. As the months went by, the business grew and he had 20 people working for him. The growing demand for the Internet led him to have exponential profits and quickly become part of the list of the richest men in the region.
But everything would collapse in the year 2022. When its financial director was accused of human trafficking and prostitution and as a result of these events he was denied a bank loan, in addition to this person’s suspension from his position. The situation worsened when the pension administrator they assigned declared Deutz’s company bankrupt, which led to the fact that in less than a week 5 of their companies fall into bankruptcy.
From millionaire to asking for subsidies from the government
The court, in half an hour of hearing, dismantled the companies without giving them the opportunity to offer a restructuring plan. It should be noted that the pension administrator that was imposed on him is being investigated in Belgium because other businessmen filed lawsuits against him for having ruined their economies.
Deutz accused that this administrator who dismantled his companies was making much more money than him. Shortly after, Philip lost his house and had to go with his two children, ages 10 and 13, to live at his parents’.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
