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Secret Millionaire facing debts

Published on 17 Jul 2009 under category: legal

A businessman who appeared on Channel 4's The Secret Millionaire is battling against the prospect of bankruptcy, it has been reported.

Property developer Chek Whyte is thought to have debts of around £30 million.

He is now reported to be in talks with insolvency specialists in order to avoid bankruptcy.

The Yorkshire Bank is Mr Whyte's largest creditor, to whom he owes £25 million, with other claims coming from the Royal Bank of Scotland, Allied Irish Bank and the Bank of Ireland.

Mr Whyte, who has a portfolio of more than 20 properties, is unable to enter administration due to his sole trader status, bankruptcy solicitors may be interested to hear.

In other news, the Financial Services Authority (FSA) has this week wound up insurance broker Ambrose Darby, it may interest insolvency solicitors to learn.

This represents the first time that FSA has used its insolvency powers under the Financial Services and Markets Act 2000.