A bankrupt businessman shares how he burnt £80,000 of which he owed but refused to pay creditors.
71-year-old, David Harry Lowes-Bird, from Trimsaran, Kidwelly, was found guilty on February 13th, 2019, at Swansea Crown Court. His involvement in fraudulent removal of property, contrary to the Insolvency Act 1986, left him with a 6-month prison sentence and suspension for 12 months.
His trial lasted 3 days, though it was very insightful. It was found that David Lowes Bird was involved in a protracted legal dispute with a firm of insolvency practitioners. He was ordered to pay £30,000 to the courts after loosing the November 2014 case. Having unsubstantial debts, the insolvency practitioners could not be paid. This is where his money problems began.
A bankruptcy restriction undertaking on February 25th, 2016, for 9 years was accepted. Around the same time, £80,000 was received as an insurance pay out. Realistically, this should have gone to the official receiver, to pay off the creditors – yet he actually removed the £80,000 from his account, claiming he burnt the money. This was a sneaky act – all to prevent the insolvency practitioners, of which he hated, from benefitting from any repayment.
When in court, Lowes-Bird altered his story, claiming he had burnt £30,000 and gave a large part of the remaining insurance pay out to charity – though no evidence was provided of this.
Passing comment, Glenn Wicks, Chief Investigator for the Insolvency Service said:
‘’David Lowes-Bird could have paid the £30,000 debt owed to the insolvency practitioners. However, his hatred towards them and sense of injustice was his motive, which ultimately led to his downfall.’’