Bankrupt blows debts on gambling
Bankrupt blows debts on gambling
A bankrupt businessman has been handed a suspended three year sentence after he blew ?20,000 on drinking and gambling to avoid paying it to his creditors. Ian Oxton’s firm D&I Builders owed more than ?74,000 to builders’ merchant Travis Perkins and bank Lloyds TSB when it went into liquidation.
The 44-year-old was personally responsible for his company’s debts, and was declared bankrupt. But the day after his bankruptcy hearing, he transferred ?20,000 from an investment account at Britannia Building Society into his Barclays Bank account, and over the next month spent the cash on drinking and gambling.
Judge Paul Glenn handed Oxton a three-month sentence, suspended for 18 months, and ordered him to complete 300 hours of unpaid work – the highest amount the court can give. He was also ordered to pay back ?5,000 at ?200 per month, and Proceeds of Crime Act proceedings may follow to recover more of the debt.
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