Howard and Aidan Barclay have been given six weeks to reach an agreement with creditors after HSBC launched bankruptcy proceedings over debts linked to the collapse of the family’s logistics empire.
At a High Court hearing on Tuesday, Mr Justice Michael Briggs granted the brothers until 17 March to circulate proposals for individual voluntary arrangements (IVAs), a formal insolvency process allowing debtors to agree repayment terms with creditors and avoid bankruptcy.
The brothers are the eldest sons of the late Sir David Barclay, who, alongside his twin brother Sir Frederick Barclay, built a sprawling business empire through highly leveraged acquisitions. Much of that empire has since unravelled.
HSBC initiated…