Christopher Michael Hutcheson (72) of Wrotham Heath, Kent, received a four-year Bankruptcy Restrictions Order (BRO) from the High Court.
He is now banned from running limited companies and must disclose his status when he attempts to secure £500 or more in credit.
The Official Receiver found that Christopher Hutcheson had transferred his share of the sale proceeds of his family home in September 2017 amounting to more than £328,000.
Christopher Hutcheson transferred the money five months before applying for his own bankruptcy in February 2018 despite having promised the proceeds of the sale to the tax authorities, the court heard.
The Judge found that some of the evidence put forward by Christopher Hutcheson to explain these transactions were disingenuous.
A Bankruptcy Restrictions Order was made at the High Court by Chief Insolvency and Companies Judge Briggs on 5 November.
Fiona Cushley, Deputy Official Receiver at the Insolvency Service, said:
Christopher Hutcheson disposed of his only tangible asset to his wife knowing that this money should be shared amongst all of his creditors.
Christopher Hutcheson was in business for many years and knew how the tax regime works. This transfer only happened after the tax authorities started asking for payment.
The result of this case shows that further restrictions can be made if people do not follow the rules of bankruptcy and the Insolvency Service will not hesitate to take action where appropriate.
Notes to editors
Christopher Michael Hutcheson is of Wrotham Heath in Kent and his date of birth is 14/05/1948.
He was the former Chief Executive of Gordon Ramsay Holdings Limited.
Bankruptcy restrictions are wide ranging. The effects are the same whether you are subject to a bankruptcy restrictions order or to an undertaking. Guidance on the main statutory consequences flowing from a bankruptcy restrictions order or undertaking.
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- November 19, 2020 at 12:14 pm by Editor (displayed above)
- November 19, 2020 at 12:14 pm by Editor