David Coyne of BKR Haines Watts BRI Business recovery practitioners has asked creditors to come forward with proof of debts in the case by 16 March. Coyne was appointed trustee in bankruptcy to Floyd’s estate in December 2000.
‘There are a couple of other creditors that have come forward,’ Coyne told AccountancyAge.com.
‘Floyd is hoping to propose IVAs but it’s at the very early stages.’
The trustee explained that, for the IVA to come through, 75% of the creditors have to agree on the arrangement. Floyd has to convince his creditors that it will be more speedy and beneficial for them to reach a voluntary agreement with them. If the creditors agree on the IVA his bankruptcy order would be annulled which would allow him to work – and would enable him to pay off his debts more easily.
Coyne explained creditors are pursuing Floyd because ‘he personally guaranteed some of the debts of the company he owned that went into receivership’.
Floyd was made bankrupt in November 2000 at the request of Carlsberg and Tetley brewery, to which he owes an undisclosed sum. His company, The Maltings, went into receivership in 1995.
The popular gastronome has been living in Malaga, Spain since the mid-1990s, where he is continuing to work as a TV chef, a writer and a speaker. However, his distance from the UK has not been an impediment to the proceedings.
‘Floyd has been co-operating fully with us,’ said Coyne.
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