Background

FRP was appointed as the Trustee in Bankruptcy of a former high-net-worth individual who had accumulated substantial debts as a result of defaulting on an aviation loan. To support his borrowing, the individual had claimed to have a number of international property interests in the UK, the US, Switzerland and Spain. However, when the individual was made bankrupt he then claimed to have no assets or income.

Action

FRP’s team carried out far-reaching investigations into a network of associates, and an in-depth analysis of the bankrupt’s historic financial dealings and property transactions both in the UK and Spain. The team undertook a detailed review of bank statements, solicitors’ files and accountants’ records to trace material property and cash transactions.

Outcome

Our investigations revealed numerous undisclosed interests in real estate that were held in family members’ names both in the UK and Spain, as well as funds held by various third parties. The team was also able to identify undervalue transactions completed by the bankrupt’s wife, daughters and son-in-law. The investigations led to the successful settlement of significant claims, resulting in a substantial return to creditors.