- Glenn Armstrong gave false and misleading information to obtain £273,000 from four individuals after a creditor applied to make him bankrupt in April 2018
- Creditors lost hundreds of thousands of pounds because of transfers Armstrong made following the presentation of the bankruptcy petition
- The Bankruptcy Restrictions Order (BRO) places a number of restrictions on Armstrong until March 2036
A property developer who misled four individuals and deprived creditors of hundreds of thousands of pounds has had tough bankruptcy restrictions imposed on him.
Glenn Armstrong was handed a Bankruptcy Restrictions Order lasting 12 years at the High Court on Thursday 7 March after investigations by the Insolvency Service.
The 64-year-old was previously subject to an 18-month interim BRO secured in August 2022 which imposed restrictions until the court made a final decision on the case.
Armstrong, of Pearcy Close, Harold Wood, is unable to borrow more than £500 without telling a lender that he is subject to extended restrictions, or act as a company director without the court's permission for 12 years under the order.
Joe Sullivan, Official Receiver at the Insolvency Service, said:
Glenn Armstrong's conduct in misleading investors was unacceptable and we are pleased to have secured stringent bankruptcy restrictions against him.
The 12-year Bankruptcy Restrictions Order which follows on from an interim 18-month BRO reflects the seriousness of the case and misconduct identified by the Insolvency Service.
We will not hesitate to take robust action when financial wrongdoing is uncovered.
Bankruptcy proceedings began against Armstrong in April 2018, when a creditor petitioned to make him bankrupt.
Following this petition, Armstrong provided false and misleading information to four individuals, enabling him to obtain £273,000.
Armstrong had signed an undertaking with the Financial Conduct Authority in December 2018 where he stated he would not enter into any further loan agreements either directly or through his companies.
Armstrong also deprived creditors of £458,738 through transfers he made to associated parties.
He was declared bankrupt in February 2021.
