Glasgow & West Scotland

Businessman penalised for misconduct before bankruptcy

A businessman who ran up debts through gambling and transferred cash prior to filing for bankruptcy has been penalised in court for his misconduct.

Paul Hall MacKenzie, from Bishopbriggs, East Dunbartonshire, failed to pay tax on £10m from the sale of shares in his business. He also gambled about £15m.

He has now been handed an eight-year Bankruptcy Restriction Order (BRO).

The order offers creditors protection where a court decides debtors may be irresponsible or unscrupulous.

The BRO was obtained by Scotland's insolvency service, Accountant in Bankruptcy (AiB), following a hearing at Hamilton Sheriff Court.

It emerged that Mr MacKenzie had filed for his own sequestration, which was awarded on 13 March 2015.

An investigation by AiB later uncovered details of Mr MacKenzie's misconduct before his bankruptcy.

This included transferring funds from the sale of property in Cape Verde to family members two days before applying for bankruptcy.

Richard Dennis, chief executive of AiB, said: "The Accountant in Bankruptcy will investigate and ask for Bankruptcy Restrictions Orders to be made against those who have undermined the bankruptcy process

"By highlighting untoward behaviour by individuals such as Mr MacKenzie, we aim to warn debtors of the risks and potential consequences of their actions before and during their bankruptcy."

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