A businessman has been made bankrupt by his nephew and forced to sell his £2million home. The property, described as one of the finest family homes in the greater Glasgow area, will be sold to repay the debt.
A prominent businessman has been forced to sell his £2million luxury home after he was made bankrupt by his nephew.
When Hugh failed to pay Billy, 59, back by an agreed deadline, the younger businessman won a court action to sequestrate his relative for the outstanding sum of £448,251. Insolvency experts William Duncan were then appointed as trustees, with the power to sell off assets to repay the debt. Top news stories today It includes four bedrooms, double garage, reception hall, paved terraces for outdoor dining, a viewing gallery, fireplaces and 2.3 acres of garden. At the bankruptcy hearing in January, Paisley Sheriff Court was told Hugh had not repaid any of the loan since it was made in September 2019 and his nephew had taken him to court with a “heavy heart”.
Stefan is said to be one of Scotland’s wealthiest people. His late father, George King, founded the G101 off-sales chain in 1972. It is now operated by Stefan as One to One convenience stores, with 46 outlets.
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Businessman's £2million Glasgow mansion put up for sale after bankruptcyHugh King's B-listed mansion in Whitecraigs is being sold after his nephew made him bankrupt by winning a court action for an outstanding debt of £448,251. The property, described as one of the finest family homes in Glasgow, includes four bedrooms, a double garage, reception hall, paved terraces, a viewing gallery, fireplaces, and 2.3 acres of garden.
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