Cornerstone member, Gary Pettit, Licensed Insolvency Practitioner with PBC Business Insolvency and Recovery, reminded us during last week’s meeting on the importance of seeking early advice:
“Boris Becker was recently found guilty of transferring hundreds of thousands of pounds from his business account after his bankruptcy, failing to declare a property and an associated loan in Germany as well as concealing €825,000 of debt.
Whilst it is open to debate as to whether the sentence handed out is more severe or not (given the high-profile nature of the case) it does serve as a reminder of the powers in the Insolvency Act. The story of Boris Becker’s fall from one of the best tennis players in the world to a prison inmate also serves as a lesson to others who believe they can avoid disclosure.”
Read the full article here and keep Gary’s contact details to hand in case you or your business ever needs help.
