This article highlights the powers of the Insolvency Act and how they can be used to help bring justice to unscrupulous individuals.
A recent case where Nick Wood and Kevin Hellard are the joint trustees in bankruptcy resulted in significant realisations from four London properties. The bankrupt claimed the properties were beneficially owned by a family member however we gathered evidence from conveyance and accounting files, bank records and interviews that proved this was not the case. A substantial distribution has been paid to creditors.
Justin Dionne, official receiver from the Insolvency Service, said that Shiner “thought he could be clever by giving away his assets to his family members so that when he declared himself bankrupt there wasn’t anything to pay his creditors with. Sadly he was mistaken as all his activities were easily spotted.”