East Midlands-based developer Chek Whyte has been declared bankrupt after the collapse of his business.
A bankruptcy order was served to the Derbyshire-based entrepreneur at Leicester county court last Friday (28 August) by petitioning creditor Halls Furnishings, trading as Loft Interiors of Manchester.
Whyte owed the company £34,000.
Whyte, who featured in an episode of Channel 4’s Secret Millionnaire, was due to meet with 30 of his creditors to agree an individual voluntary arrangement on 17 August.
The IVA would have enabled Whyte to repay £30m of debt to his creditors which also include the Royal Bank of Scotland and Allied Irish Bank.
However, Whyte withdrew the proposal after he claimed that HM Revenue & Customes planned to oppose it.
HMRC claims to be owed around £1.6m by Whyte.
Insolvency expert Begbies Traynor advised Whyte; Manchester law firm Pannone represented Halls Furnishings.
