The property developer Ken Campbell has reportedly applied for an individual voluntary arrangement (IVA) in order to stave off bankruptcy.
Whilst the full extent of Campbell’s debt management problems has not been revealed, his financial situation is believed to be so dire that he is fighting off bankruptcy. In order to do so, Campbell has taken the IVA option, in which a portion of his debt will be written off and his outstanding debt will be gradually repaid.
As part of the agreement, Campbell will see 63 per cent of his debt written off as he has agreed to pay his creditors 37p for every pound he owes them, provided of course that they accept his offer.
According to BBC News, a letter has been sent to Campbell’s creditors, in which it states that if they reject the offer and the property developer goes through bankruptcy, they may end up with nothing. Also included in the letter is a proposal to “wind down” Campbell’s construction business, which should help the debtor recover some funds. The creditors are set to vote on Campbell’s offer at the end of the month.
Campbell is perhaps best known for lending £25,000 to controversial Northern Ireland Unionist politician and First Minister’s wife Iris Robinson during the scandal of her extra-marital affair with a 19-year-old man.
The loan was reportedly sought so that Robinson could help her young paramour launch a business venture. However, it is not believed that this loan has contributed in any way to Campbell’s financial problems, as his solicitor has confirmed that most of the debt has since been repaid.
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