Businessman 'withdrew Â£30,000 pension' after bankruptcy proceedings started, HMRC reveals
A Northampton businessman who failed to pay money owed after going bankrupt has had new restrictions placed on him for 10 years.
Christopher Day, 61, of Northampton, has had a bankruptcy restrictions order placed on him for ten years, according to a statement released today by Her Majesty's Revenue & Customs.
Mr Day was declared bankrupt on June 17, 2015 on a petition presented against him by Her Majesty’s Revenue & Customs (HMRC).
A spokesman for HMRC said: "An insolvency service investigation found Mr Day withdrew his entire pension, of more than £30,000, after bankruptcy proceedings had been started against him by HMRC. The petition against Mr Day having been presented on April 27, 2015.
"By the time he attended an interview with the Official Receiver’s Office in July 2015, Mr Day said he had £10,500 remaining, and that this was being ‘looked after’ by a family member. He was told he needed to pay the money to the Official Receiver," the spokesman added.
"He didn’t pay the money over, and instead instructed his family member to keep hold of the money on his behalf. After court proceedings, only £4,500 was recovered."
Martyn Rawbone, deputy official receiver, said: “This is a serious case in which the bankrupt’s misconduct continued even after he had been made aware of his obligations. Extending the period of the bankruptcy restrictions should act as a deterrent and warning to others who might be considering such actions.”