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Secret millionaire forced into bankruptcy 7 September 2009

Mr Whyte, who had built up his business and property empire without forming an incorporated company was unable to seek protection for his business through liquidation or receivership, after incurring debts of around £30m with a number of banks.

Having taken IVA advice, Whyte had proposed ways to make partial repayments of 31p for every pound owed to his creditors by applying for an IVA.

It appears, however, that a small group of creditors, including the HMRC, blocked this, forcing him to file for bankruptcy.

 

 

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