- Friday, April 26, 2024
By: Radhakrishna N S
THE UK’s insolvency authorities have imposed a new decade-long restriction on bankrupt man Sukhwinderjit Singh Sanghera.
Sanghera was declared bankrupt in 2017 but failed to declare one property in subsequent processes.
The Asian-origin Sanghera, 50, was made bankrupt by order of the County Court in Warwick, with debts of over £140,000.
The Leamington Spa resident, also known as Sukhwinderjit Singh Sanghera, or Sukhwinder Singh Sanghera, had his affairs passed into the control of the official receiver, and he was obliged to disclose all his assets to officials, including his property.
However, Sanghera failed to mention that he was the sole owner of a rental property in Coventry that generated a monthly income of £1,900.
Following investigations by the official receiver, the property was subsequently registered as an asset in Sanghera’s estate. The rental property was then sold, raising over £70,000.
Bankruptcy restrictions are usually lifted after a year but, in August, the secretary of state accepted 10-year bankruptcy restrictions undertaking from Sanghera after he did not dispute that he failed to disclose the property to the official receiver.
Kevin Read, official receiver for the Insolvency Service, said: “Sukhi Sanghera not only concealed a significant asset from the official receiver but also concealed its value from his creditors. He was completely prepared to leave them out of pocket.
“The 10-year extended bankruptcy restrictions we have secured reflect the severity of his actions and should serve as a warning to others to comply fully and openly with the bankruptcy process.”
Following the restrictions, he won’t be able to borrow over £500 without telling a lender he is bankrupt and cannot act as a director of a company without the court’s permission.
He is also banned from being an elected councillor.
