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Secret Millionaire 'could face bankruptcy'

Published on 21 Aug 2009 under category: legal

A businessman who appeared on Channel Four's Secret Millionaire series could be facing bankruptcy, reports suggest.

It is stated that Chek Whyte could be forced to take this action after he failed to reach an agreement with creditors.

He had sought an individual voluntary agreement, however, this bid was rejected by HM Revenue and Customs, bankruptcy solicitors may be interested to hear.

If this had been successful, Mr Whyte, who is understood to have debts of around £30 million, would have paid back the money he owes when the property market recovers and the value of his real estate picks up.

Mr Whyte previously told creditors that bankruptcy would be the "easy way out" for him as he would return to business in a year, adding that those who are owed money would lose out if this were to happen, bankruptcy solicitors may be interested to hear.

The businessman appeared on the Secret Millionaire in 2007, when he donated more than £50,000 to good causes in the Salford area.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.