A secretive tycoon at the centre of a £400m divorce battle is having his bankruptcy investigated by David Ingram, partner at Grant Thornton, Insolvency News can reveal.
Scot Young, a fixer to Russian oligarchs and British billionaires, has had his divorce battle splashed across the papers for the past year after claiming he has no assets to pay his wife hundreds of thousands of pounds in maintenance.
Young, 48, claimed in April he had already been subjected to one Revenue inquiry that ended with him declaring himself bankrupt and owing £2m to the taxman. However, his wife Michelle Young has argued he has hidden assets has handed a laptop with encrypted data over to authorities.
Young’s creditors, who are owed £20m, have appointed David Ingram and his partner Mike Gerrard as joint trustees of bankruptcy.
Ingram, speaking exclusively to Insolvency News, said: “I am investigating the affairs of bankruptcy and his deficiency of £25m. He says he has no assets and is penniless, which is a stark contrast to what his wife is claiming.” Ingram said he will be speaking to Michelle Young and if he obtains the laptop, he has his own forensic team to investigate any encrypted data.
Young, whose friends include retail mogul Sir Philip Green and owner of celebrity haunt The Ivy, Richard Caring, is currently facing a suspended contempt of court sentence for failing to provide full information in his divorce hearings.
If Ingram reveals the former multi-millionaire does have hidden assets, divorce proceedings will resume and the wife will be entitled to claim her £27,000 a month maintenance.