IVA rejection triggers bankruptcy for TV Secret Millionaire
Published: 3 September 2009
By MoneyhighStreet Staff 2 Comments
Updated: 4 September 2009
Chek Whyte, one of the Secret Millionaires appearing on the Channel 4 TV series, has been declared bankrupt after his IVA application was rejected.
Mr Whyte, who had built up his business and property empire without forming an incorporated company was unable to seek protection for his business through liquidation or receivership, after incurring debts of around £30m with a number of banks.
Having taken IVA advice, Whyte had proposed ways to make partial repayments of 31p for every pound owed to his creditors by applying for an IVA.
It appears, however, that a small group of creditors, including the HMRC, blocked this, forcing him to file for bankruptcy.