An eight-year-long bankruptcy restrictions order (BRO) has been imposed on a man who spent £15m on gambling just before his bankruptcy.
Scotland’s insolvency service, Accountant in Bankruptcy (AiB), awarded Paul MacKenzie sequestration in March 2015 and conducted a full investigation into his behaviour leading up to and during his bankruptcy.
It found that MacKenzie had transferred funds from the sale of property in Cape Verde to family members two days before applying for his bankruptcy.
He also failed to pay capital gains tax on over £10m he received through the sale of shares of his business and gambled around £15m despite being aware of this tax implication.
Chief executive of AiB Richard Dennis said: “By highlighting untoward behaviour by individuals such as Mr. MacKenzie, we aim to warn debtors of the risks and potential consequences of their actions before and during their bankruptcy.
“The Register of Insolvencies is also publically available for all creditors and employers, as a place they can check if someone they wish to do business with or employ is subject to restrictions. “