Talk to us today in confidence0800 970053907833 240747

Burning the debt?

25 February 2019

Be the first to comment

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.’’

Comments

Post a Comment

Please keep your comments relevant. Company Rescue reserves the right to edit or delete comments.

The blog postings on this site solely reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of Company Rescue. All comments are made in good faith, and Company Rescue will not accept liability for them. We may contact you in response to your comment – by submitting your comment, you are consenting to this.

To find out more about how we collect, use and protect your data, please read our privacy policy.

You are currently offline. Some pages or content may fail to load.