A man has been handed a 10-year bankruptcy restriction after failing to disclose £180,964 of income and the existence of three bank accounts.
Steven Clifford Wilkinson entered into an Individual Voluntary Arrangement (IVA) in 2012, but failed to meet the terms and was presented a petition for his bankruptcy in 2013.
According to reports, his total deficiency to creditors was £5,172,044.
Mr Wilkinson later became the subject of an Insolvency Service investigation, when a company he had been linked to was wound up by the High Court in 2015.
The investigation found that the Brighton-based man had received a total of £180,964 during the 12 months after his bankruptcy. The money was deposited into three bank accounts which the Service had not been aware of.
Commenting on this case Anthony Hannon, Official Receiver in the Public Interest Unit, said: ”Mr Wilkinson attended on the Official Receiver shortly after the making of the bankruptcy order and was made aware of his duty to disclose all his assets.
“He disclosed the existence of a single bank current account, but failed to disclose three further “wealth accounts” held at the bank.
“He was also made aware of his duty to disclose full details of his income during the 12 months that he would be subject to the restrictions of bankruptcy. This duty exists so that the Official Receiver or trustee can decide whether to claim some of the income over and above what is needed for the bankrupt’s living expenses for the benefit of creditors.
“This ten years restriction should act as a deterrent to him and others from acting in the same way.”