East Midlands-based developer Chek Whyte has been declared bankrupt.
A bankruptcy order was served against the Derbyshire-based entrepreneur at Leicester county court on Friday of last week (28 August) by creditor Halls Furnishings.Whyte owed the company £34,000.
Whyte, who featured in an episode of Channel 4’s Secret Millionnaire, had been 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 to his creditors -which also include the Royal Bank of Scotland and Allied Irish Bank – once the property market recovers.
However, Whyte withdrew the proposal after he claimed to have learnt that HM Revenue & Customs planned to oppose the agreement.
HMRC claims that Whyte owes it around £1.6m.
Insolvency expert Begbies Traynor advised Whyte; Manchester law firm Pannone represented Halls Furnishings.
