E-Paper
New UK curbs on Punjab-origin bankrupt man
LONDON
LONDON
Britain’s insolvency officials have imposed a new 10-year restriction on Sukhwinderjit Singh Sanghera, who was declared bankrupt in August 2017 but failed to declare one property in subsequent processes.
Sanghera, 50, of Leamington Spa was made bankrupt by the County Court in Warwick, with debts of over £1,40,000 (₹1.27 crore). His affairs passed into the control of the official receiver and he was obliged to disclose all his assets to officials, including property.
However, officials said on Tuesday that he failed to mention that he was the sole owner of a rental property in Coventry that generated a monthly income of £1,900. The property was then registered as his asset and sold, raising more than £70,000 (₹63 lakh).
Bankruptcy restrictions were to be lifted after a year, but on August 15 officials accepted a 10-year bankruptcy restrictions undertaking from Sanghera after he did not dispute that he failed to disclose the property to the official receiver.
Due to the new restrictions, he is unable to borrow more than £500 without telling a lender he is bankrupt, he cannot act as a director of a company without the court’s permission and he is banned from being an elected councillor.
Kevin Read of the Insolvency Service said: “Sukhi Sanghera not only concealed a significant asset from the Official Receiver but also concealed its value from his creditors. He was completely prepared to leave them out of pocket”.
“The 10-year extended bankruptcy restrictions we have secured reflect the severity of his actions and should serve as a warning to others to comply fully and openly with the bankruptcy process”.
