ian1964 10,617 Posted November 25, 2015 Share Posted November 25, 2015 Lifted from FF: Top finance expert to probe Craig Whyte’s finances From the Sun website . . . ONE of Britain’s leading bankruptcy experts has been appointed to probe ex-Rangers owner Craig Whyte’s finances. Louise Brittain will investigate the businessman’s assets to see if any money can be recovered for creditors. The insolvency expert has built a fearsome reputation while dealing with some of the country’s most high-profile bankruptcy cases. Previous bankrupts she has handled have included disgraced Tory MPs Jonathan Aitken and Neil Hamilton, TV presenter Michael Barrymore, historian David Irving, singer Kerry Katona and former Scotland captain Colin Hendry. Whyte, 44, was made bankrupt at the High Court in London last month over a debt of more than £20 million owed to ticketing firm Ticketus. Ticketus then asked the court for a bankruptcy trustee with full investigative powers to be appointed leading to Ms Brittain, the head of Contentious Insolvency at London accountancy firm Wilkins Kennedy, taking the role. She said her job would be an “information gathering” exercise to see if Whyte had any money or property which could be sold off. She said: “Creditors can ask for a bankruptcy trustee to be appointed to deal with the bankruptcy and that’s why I have been appointed. “This can be done for various reasons, such as estate being held abroad, and it is not unusual in a bankruptcy of this kind. “This is not a normal consumer credit bankruptcy. “My role is to interview the debtor and investigate their assets by looking at their bank accounts for example. “I will then make any payments that are possible to the creditors. “The process can take anything from 18 months up to five or six years. “The debtor will be discharged from their bankruptcy after one year but that can be extended if there is non co-operation.” Ms Brittain said her role did not include investigating any “wrongdoing” prior to the bankruptcy as this was a matter for the Insolvency Service. She has forged a reputation as one of the leading bankruptcy specialists in the UK Her first big break came when her previous firm Baker Tilly secured the Jonathan Aitken bankruptcy. She recovered four times more money for the creditors than they were originally offered and the other cases followed on from that. Ticketus successfully sued the Whyte for damages in 2013 over his part in the takeover of the Ibrox club in 2011. The bankruptcy petition was filed at the High Court in London after he did not pay a judgment debt, plus costs and interest, currently worth £20.8m. Ticketus provided cash to help Whyte purchase Rangers in 2011. The agreement was later terminated when the club entered administration in February 2012. In April last year Whyte surrendered the keys to his 15th century pile Castle Grant, near Grantown-on-Spey. The property was re-possessed by the bank due to him failing to pay the £7000-a-month mortgage for two years. Whyte and his then wife Kim bought the castle for more than £700,000 in 2006. Whyte also faces criminal charges over his part in the Rangers takeover and has been granted legal aid to fight the case. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted November 25, 2015 Share Posted November 25, 2015 WTF - how many times did he re-mortgage the castle given he paid "over" 700k for it and yet the mortgage payments were 7k a month - that is nuts 0 Quote Link to post Share on other sites More sharing options...
boabie 230 Posted November 25, 2015 Share Posted November 25, 2015 WTF - how many times did he re-mortgage the castle given he paid "over" 700k for it and yet the mortgage payments were 7k a month - that is nuts I don't think he had any remortgage on it Craig. I don't think he made any mortgage payments either. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted November 25, 2015 Share Posted November 25, 2015 I don't think he had any remortgage on it Craig. I don't think he made any mortgage payments either. Aye, you could be right. I guess I was just shocked given I have a place worth about 10% of that and my mortgage payments are only 3% of his. But it depends on a number of different factors including whether it is interest-only or capital repayment, length of mortgage, interest rate etc. Not as shocking as I first thought 0 Quote Link to post Share on other sites More sharing options...
boabie 230 Posted November 25, 2015 Share Posted November 25, 2015 Aye, you could be right. I guess I was just shocked given I have a place worth about 10% of that and my mortgage payments are only 3% of his. But it depends on a number of different factors including whether it is interest-only or capital repayment, length of mortgage, interest rate etc. Not as shocking as I first thought You didn't get a "free" new roof though. 0 Quote Link to post Share on other sites More sharing options...
colinstein 294 Posted November 25, 2015 Share Posted November 25, 2015 Whyte was given 110% mortgage by the Bank Of Scotland on that property.....more than £700,000 you wonder why they lent him that sort of money it would have been around the time they were getting their £18m back 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,459 Posted November 25, 2015 Share Posted November 25, 2015 (edited) To think everyone ignored the warnings by AJ & PM at the time about Whyte. Some perhaps deliberately. Edited November 25, 2015 by RANGERRAB 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted November 25, 2015 Share Posted November 25, 2015 They would be better off employing Derek Acorah. 0 Quote Link to post Share on other sites More sharing options...
boabie 230 Posted November 25, 2015 Share Posted November 25, 2015 To think everyone ignored the warnings by AJ & PM at the time about Whyte.Some perhaps deliberately. I found myself banned from two Rangers forums for "not giving the new guy a chance" after warning about Whyte days after he arrived. Everything was already out there. Some perhaps understandably doubted the sources. Some just didn't want to listen. 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,459 Posted November 25, 2015 Share Posted November 25, 2015 (edited) I found myself banned from two Rangers forums for "not giving the new guy a chance" after warning about Whyte days after he arrived. Everything was already out there. Some perhaps understandably doubted the sources. Some just didn't want to listen. Not to mention the role played by LBG.... Edited November 25, 2015 by RANGERRAB 0 Quote Link to post Share on other sites More sharing options...
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