The Insolvency service reported the case of Robert Hiom last week - see article and links below. Clearly it is appropriate that he was made bankrupt (although he made himself bankrupt) and that he should be subject to a long restriction. However, I must ask whether we go far enough in this country and whether, given the same circumstances, he would be subject to a custodial sentence. Compare this case to some of the instances of Ponzi Schemes reported in the US, see http://theponzibook.blogspot.co.uk/ (with thanks to Kathy Phelps) which reports numerous instances of jail sentences for White Collar criminals.
Robert Hiom was made bankrupt on 17 February 2014, following the presentation of his own petition. On 23 June 2016, the Secretary of State accepted a Bankruptcy Restrictions Undertaking from Mr Hiom for a period of 14 years. Mr Hiom’s undertaking means that he will be bound for 14 years, by the restrictions set out in insolvency law that a bankrupt is subject to until they are discharged from bankruptcy – normally 12 months – until 2030. In addition, he cannot manage or control a company during this period without leave of the court.