Bankrupt enjoys “luxurious lifestyle”
The BBC investigation shows that criminals and dishonest debtors are using the weaknesses of the bankruptcy system to maintain their assets and wealth.
The BBC team found that the former millionaire enjoyed a lavish lifestyle that did not seem to have gone bankrupt.
Declared itself bankrupt in 2014, a convicted the deceiver Barry Hughes (Barry Hughes) owed for 10 million pounds, claim to have no assets, together with his wife, driving luxury cars worth 500000 pounds.
Graham gillesskin, a former billionaire mining magnate, failed to disclose a number of assets to creditors in a 12.8 million pound bankruptcy. At the time, his trustee sought to pay off an asset that was an exclusive private registration card -GG1 – valued at 180,000 pounds.
Mr Gillespie told the authorities that he had sold it to pay off his gambling debts.
But just a few months ago, the BBC filmed him at the Gleneagles Hotel in Perthshire, driving a new bentley with the GG1 license plate.
Graham gillespie was involved in 12.8 million pounds in bankruptcy.
Mr. Hughes and Mr. Gillespie declined to comment when contacted.
The BBC’s team has also found serious weaknesses, aimed at punishing the bankrupt who is trying to hide assets or bankrupt wealth.
A bankrupt who is found to be dishonest or reckless in the course of bankruptcy can obtain a bankruptcy restraining order (BRO).
According to the order, it could last up to 15 years and the bankrupt was barred from acting as a director. They also can’t form, manage – and even give people a management impression of a limited company.
Violations can result in up to two years in prison.
Malcolm Scott was found not to declare assets in the Bahamas.
Malcolm Scott, a former conservative treasurer of Scotland, got a BRO after he was indicted as a trustee in 2015.
The former multimillionaire was found to have transferred shares, secretly sold luxury cars without reporting benefits, and did not announce speedboats and other assets in the Bahamas.
He was not restricted until 2021.
The BBC team had heard that Mr Scott ran a real estate company with interests across the UK, breaking his BRO.
Malcolm Scott has something to do with a company called Sandnewco One Ltd.
It sent an undercover reporter as a businessman interested in investing in his development. A company is run by a company called Sandnewco One Ltd. The registrar of the company is a person named Alexander Duncan.
Despite these restrictions, Malcolm Scott told us that the undercover investor said that the company was run by himself, and that Duncan was a “silent partner.”
When an undercover investor asks about the structure of the company, he claims to be the tallest and agrees that he is the “head shed”.
We also found that Mr. Scott had established a real estate company, Northside Residential Ltd., which was another company that violated his BRO.
The BBC showed its lens to bankruptcy expert Maureen Leslie.
She said: “he was the decision maker… He is not a famous director, but he ACTS as if he is a director, or makes someone feel like he is a director.
“He is a new limited company,” she said. “it is a violation of the bankruptcy restraining order that you are not allowed to form a limited company.”
Richard Dennis, chief executive of Scotland’s bankrupt accounting firm, admits that no one “actively” supervises those taking orders.
He declined to discuss individual cases, but added that it was “serious” if people broke their BRO.
He said, “I will take the evidence you are prepared to give us, and we will look at this case, and besides, I can’t say anything.
Through his lawyer, Malcolm Scott denied being a director of any company.
Alexander Duncan, a director at Sandnewco One, told the BBC that Mr Scott was an “employee” of a real estate company, “without executive decision-making power”.
On Monday, January 8, at 20:30, and after the BBC’s iPlayer, the BBC One Scotland will broadcast “millionaire bankruptcy”. The BBC will broadcast the panorama in England, wales and Northern Ireland.