Self employed tiler, Darren Pole was declared bankrupt in October 2013 due to unpaid taxes of more than £100,000.
Bankrupt’s have a duty to declare their assets to the official receiver, these assets will be sold to pay off their debts. Darren Pole told the official receiver that he owned two properties, which had no equity in them.
After a Trustee was appointed it was found that Pole owned a third property, which was mortgage free and had equity of £70,000.
After the Trustee confronted Pole about his failure to disclose the third property, he said the property wasn’t his, it was his friends, although he was the owned on the land registry.
Darren Pole was sentenced to six months in prison, suspended for two years, after being found guilty of failing to disclose an asset (which was his most valuable).
The judge said ‘It is essential that there be honesty in bankruptcy proceedings- the bankruptcy bargain. Where people are not honest it is inevitable that a custodial sentence will follow’
For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices.