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Wednesday, 18 April 2012

Expensive Partying.....?

Bankrupt Derek Carlyle has been handed the longest ever Bankruptcy Restriction Order (BRO) by a Scottish Court - 12 years.  A restriction order is granted if the court feels that the creditors need to be protected from an irresponsible or unscrupulous debtor.  The activities of the debtor are "restricted" for upto 15 years.

This particular order was granted after Derek Carlyle, following a court petition from Jewsons, sold a property for £584,000 and then within a year became bankrupt. He deposited the money into his fathers bank account which he controlled and then managed to withdraw most of it in cash.  At the court  he said under oath that he had given money to his mother, paid some legal fees and spent the remainder on an extravagant lifestyle including travelling, drinking and partying.  So he managed to blow most of it in a year!?   Although the trustee will be assuming that this money is more likely to have been moved offshore or spent on moveable assets.

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