Lincoln accountant Russell Payne failed to disclose assets in the lead up to his bankruptcy, with £4.5 million of debt, investigators have found.
Mr Payne, who was head of Russell Payne & Co, was interviewed by the Insolvency Service Official Receiver after a Bankruptcy Order was made in June 2017. He failed to disclose that he had disposed of assets in the lead up to the order being made.
His full deficiency at the time he was declared bankrupt was £4,508,831.
He told interviewers that between 2009 and 2016 he had borrowed sums of money from various parties to fund building ventures, supplement his income, repay existing debts and fund his long-term gambling addiction.
In March 2017 he received £99,073 (after payment of tax, fees …
Read the full article at: http://thelincolnite.co.uk/2017/11/lincoln-accountant-4-5m-debt-borrowed-fund-gambling-addiction/
