BusinessBusiness RecoveryFive year bankruptcy order for Devon property developer

Five year bankruptcy order for Devon property developer

Ashburton-based Simon Chalk handed a five-year bankruptcy order after Insolvency Service battle

A FIVE-YEAR BANKRUPTCY restriction order has been handed out to ocean rower and property developer Simon Chalk of Ashburton, Devon.

Torquay and Newton Abbot County Court heard, following an investigation by The Insolvency Service, that Chalk had been involved in managing a company while bankrupt, and had failed to declare an asset worth £45,000 to the Official Receiver.

Other allegations against Chalk included providing false information to gain a loan secured on his property; and failing to disclose an asset in his proposals for an individual voluntary arrangement (IVA).

“This court finds on a balance of probability that the misconduct alleged has been found and even taking into account the circumstances of a very different economy that Simon Chalk has failed to meet proper standards required by individuals in the conduct of their financial affairs and that it is appropriate to make a BRO,” said district judge Taylor.

Stephen Speed, chief executive of The Insolvency Service, said: “Mr Chalk wanted to benefit from the debt relief arrangements offered by the insolvency regime but was not prepared to accept the restrictions all bankrupts must abide by as part of that arrangement. The bankruptcy restrictions order Mr Chalk is now subject to is a serious sanction and breaching it is a criminal offence which can result in a custodial sentence.”

Bankrupts would normally be discharged after 12 months from sanctions placed upon them. These sanctions include disclosing their status to a credit provider if they wish to access credit of more than £500; and may not act as a company director unless they have explicit court permission.

 

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