Horse racing investors face multimillion insolvency losses – Accountancy Daily

In February 2019 Michael Stanley, the owner of racehorses through Layezy Racing Owners Club was declared bankrupt. Stanley, a former police officer, attracted investors to the syndicate who paid over funds in exchange for a share of winnings in races in which the horses ran.

Philip Duffy and Allan Graham of corporate restructuring and debt advisory firm Duff & Phelps were appointed as his trustees in bankruptcy immediately in February.

In the latest development the Insolvency Service has now confirmed that on 8 May the following companies – Layezy Ltd, Layezy Racing Ltd, Number 1 Guide Ltd and Stanley Property Services Ltd – were subject to winding up orders and were put into compulsory liquidation. Duffy and Graham of Duff & Phelps were…

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