Debt Solicitors

The High Court has heard that a wealthy tycoon may have concealed his wealth because of his divorce.

On Friday (08/11/13) at the High Court in London, 51-year-old Scot Young said he was bankrupt and unable to provide for his family, after his property and telecoms empire fell apart at the same time as his marriage in 2006. Mr Young was declared bankrupt in 2010.

The court heard that some of his creditors are still sending large amounts of money to Mr Young, despite being in litigation with him over a failed property deal.

Mr Young alleges the failure of a property deal in Russia cost him his fortune. However, one creditor from the deal has recently sent Mr Young funding, the court heard.

Mr Young claimed in court that he had begged two of his creditors who had sent him sums of money to “help the family” – and claimed under questioning that one creditor he was in litigation with over the property deal had become “a very good friend”.

The court heard that all the investors in the multimillion pound Russian property deal – known as “Project Moscow” – had been repaid.

The court is reviewing evidence which might connect Mr Young to assets in London and offshore and overseas companies.

A lawyer from the offshore company which put together “Project Moscow” is due to be questioned in court and has asked for the press to be excluded from the hearing to protect the confidentiality of his clients.

Mr Young is representing himself in court, but has already been held in contempt and was jailed earlier this year for failing to offer an explanation as to how his immense fortune dwindled to the point he claims to be penniless.

Mr Young denies allegations that he lied about losing his fortune and that he has concealed assets.

The case continues.

If you are suffering from debt or financial difficulties, then get in touch with Duncan Lewis Debt Solicitors today.