A Lincoln accountant who has been declared bankrupt had £4.5m of debt.
The head of Russell Payne & Co, Russell Payne, was interviewed by the Insolvency Service Official Receiver after a bankruptcy order was made earlier this year.
It was found that 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 ventures, and repay existing debts and fund his long-term gambling addiction.
In March 2017, he received £99,073 in consideration for the sale of shares in a limited company of which he was a director.
Mr Payne us…
Read the full article at: http://www.lincolnshirelive.co.uk/news/local-news/well-known-lincoln-accountant-declared-822986
