Film producer who hid £180k in bankruptcy spotlight faces further restrictions
Stephen Wilkinson, a bankrupt film producer from Sussex, will now be bound by bankruptcy restrictions for a further ten years after failing to disclose over £180,000 of income and the existence of three bank accounts, following an Insolvency Service investigation into the failure of a company in which he was involved
13 Nov 2017
The undisclosed income and bank accounts came to light during the Official Receiver’s investigation into Warlord Productions Ltd, a company with which Wilkinson had some involvement, and which was wound up in July 2015.
In April 2012 Wilkinson entered into an Individual Voluntary Arrangement (IVA). The arrangement failed and so the IVA supervisor presented a petition for his bankruptcy, which was made in February 2013. The deficiency to creditors was £5,172,044.
Wilkinson received his automatic discharge from bankruptcy 12 months later in February 2014.
At the date of the bankruptcy order, Wilkinson was in receipt of Jobseekers Allowance, but that ceased shortly afterwards and during the 12 months of bankruptcy he received income totalling £180,964, which he failed to declare.
Anthony Hannon, Official Receiver in the public interest unit, said: ‘Wilkinson attended on the Official Receiver shortly after the making of the bankruptcy order and was made aware of his duty to disclose all his assets. He disclosed the existence of a single bank current account, but failed to disclose three further “wealth accounts” held at the bank.
‘He was also made aware of his duty to disclose full details of his income during the 12 months that he would be subject to the restrictions of bankruptcy. This duty exists so that the Official Receiver or trustee can decide whether to claim some of the income over and above what is needed for the bankrupt’s living expenses for the benefit of creditors.
‘This ten years restriction should act as a deterrent to him and others from acting in the same way.’
Report by Pat Sweet