A property developer has been jailed following the discovery of £143,000 which he hoarded when he was declared bankrupt.
An investigation by The Insolvency Service led to their discovery that Giles Nicolas Gilbey, a 47 year old builder and property developer from Peterborough removed £143,000 from his home which would have equated to his main asset. Mr Gilbey pleaded guilty before Northampton Crown Court to removing the share of the sale of his family home in cash. He then failed to give a satisfactory explanation of what happened to the money to the Official Receiver even though he was legally required to do so. Stephen Speed, Chief Executive of The Insolvency Service, said: “people genuinely struggling with debt who want to benefit from the debt relief arrangements offered by the insolvency regime must be prepared to declare all of their assets or face the penalty imposed on them. “It is for the Official Receiver to decide which assets should be sold for the benefit of the creditors and which may be retained by the debtor.”Ian West, Deputy Chief Investigation Officer with the Department for Business, Innovation and Skills said: “Mr Gilbey’s prison sentence sends a clear message to bankrupts who attempt to put their financial assets beyond the reach of their creditors. The Insolvency Service and the Department for Business will investigate and take robust action when we find evidence of funds being hidden to the detriment of creditors.” In the prosecution brought by The Department of Business, Innovation and Skills, Mr Gilbey did not contest two charges of removing property and one of failing to provide a satisfactory explanation for a loss. Mr Gilbey, who had been pursued for unpaid debts for a number of years before he was made bankrupt, was well aware that any profits from the sale of his property should have been paid to his creditors. As a result Mr Gilbey was sentenced to serve six months imprisonment for each of the three charges, which will run concurrently. He will therefore serve a total of 18 months in prison.Manchester debt firm is liquidated owing creditors over £2.2m
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