BusinessBusiness RecoveryFormer Scots Tory party treasurer hit with bankruptcy restrictions

Former Scots Tory party treasurer hit with bankruptcy restrictions

Scotland's insolvency service secures 66 month Bankruptcy Restrictions Order against Malcolm Scott

Former Scots Tory party treasurer hit with bankruptcy restrictions

A BANKRUPT tycoon and former Scottish Conservative party treasurer has had his financial activities restricted for more than five and a half years after hiding assets from bankruptcy investigators.

Scotland’s insolvency service, Accountant in Bankruptcy, secured a 66-month Bankruptcy Restrictions Order against Malcolm Scott, of Bridge of Weir, for “serious misbehaviour” during his bankruptcy.

Scott, a Conservative party donor who once lent prime minister David Cameron his private jet, was declared bankrupt in 2012 with debts of £8m following the collapse of his grain and property empire.

An investigation by the insolvency service found that Scott had attempted to “subvert” the bankruptcy process by lying about his wealth. According to investigators, Scott claimed items had been stolen – some of these appeared for sale of auction. He failed to account for the proceeds of the sale to his trustee.

Scott also hid assets from officials, including a speedboat worth £36,000, a wine collection, fishing rights and various assets/interests in the Bahamas worth about £200,000. He also failed to account for the proceeds of the sale of a Range Rover and failed to declare the transfer of about £9,000 of shares, which could have been sold to pay his creditors.

Richard Dennis, chief executive of Accountant in Bankruptcy, said: “The Accountant in Bankruptcy will investigate and will take action against those who seek to subvert the bankruptcy process.

“The sheriff has agreed with us that Mr Scott sought to subvert the process during his bankruptcy.

“These restrictions are necessary to alert potential future creditors and employers to the inappropriate behaviour we have identified.”

Someone subject to a BRO has the same restrictions imposed on their financial activities as they had during their bankruptcy.

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