Panorama: Millionaire Bankrupts Exposed

BBC’s Panorama will tonight be running an investigation into the millionaire bankrupts who abuse the bankruptcy process and system.

The programme will be particularly galling for many money advisers to watch when they work with clients struggling to pay their monthly contributions and make ends meet.

The investigation includes convicted fraudster, Barry Hughes who the BBC report declared himself bankrupt owing £10 million, then claimed he had no assets, but was seen with his wife driving a line of luxury cars worth £500,000.

It also covers Malcolm Scott, a former treasurer of the Conservative Party in Scotland, who was given a Bankruptcy Restriction Order in 2015, after he was found to have transferred shares, secretly sold a luxury car, without declaring the proceeds, and failed to declare a speedboat and other assets in the Bahamas.

The Accountant in Bankruptcy for Scotland, Richard Dennis appears in the programme and admits no-one is pro-actively monitoring and enforcing Bankruptcy Restriction Orders.

The programme runs on BBC One at 8:30pm on the 8th January 2018 and, thereafter, will be available on the Iplayer.