	Do you live in Scotland? As Scotland has its own legal system, distinct from that of England and Wales, laws relating to bankruptcy are different too. In Scotland, personal bankruptcy is known as sequestration.

More news Bailiffs to get more powers but not much needed regulation Citizens Advice warns Insolvency Service cracks down on bankrupts who try to hide assets Citizens Advice Bureau reports sharp rise in debt problems Record number of people going bust - and it's set to get worse More than a million householders use credit card borrowing to pay their mortgage or rent Number of CCJs issued hits ten year high Number of Scots going bankrupt hits record high	Bankrupt Essex man jailed for hiding assets An Essex man has been jailed for putting his assets beyond the reach of his creditors and for obtaining money by deception. Gregory Davidson, was sentenced to 18 months imprisonment this week when he pleaded guilty at Chelmsford Crown Court to obtaining money by deception, putting his assets beyond the reach of his creditors and failing to provide a satisfactory explanation for the same. Mr Davidson petitioned for his own bankruptcy on 20 July 2006 with debts exceeding £205,000. Routine investigations by the Official Receiver into Mr Davidson’s financial affairs leading up to the bankruptcy found that he had transferred £120,000 to a third party at a time when he was insolvent and unable to pay his creditors. Before being made bankrupt, Mr Davidson also fraudulently applied for three loans. "People 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," commented Graham Horne, Senior Official Receiver for The Insolvency Service. "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." 27th February 2011

More news

Bailiffs to get more powers but not much needed regulation Citizens Advice warns

Insolvency Service cracks down on bankrupts who try to hide assets

Citizens Advice Bureau reports sharp rise in debt problems

Record number of people going bust - and it's set to get worse

More than a million householders use credit card borrowing to pay their mortgage or rent

Number of CCJs issued hits ten year high

Number of Scots going bankrupt hits record high

Bankrupt Essex man jailed for hiding assets

An Essex man has been jailed for putting his assets beyond the reach of his creditors and for obtaining money by deception.

Gregory Davidson, was sentenced to 18 months imprisonment this week when he pleaded guilty at Chelmsford Crown Court to obtaining money by deception, putting his assets beyond the reach of his creditors and failing to provide a satisfactory explanation for the same.

Mr Davidson petitioned for his own bankruptcy on 20 July 2006 with debts exceeding £205,000. Routine investigations by the Official Receiver into Mr Davidson’s financial affairs leading up to the bankruptcy found that he had transferred £120,000 to a third party at a time when he was insolvent and unable to pay his creditors.

Before being made bankrupt, Mr Davidson also fraudulently applied for three loans.

"People 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," commented Graham Horne, Senior Official Receiver for The Insolvency Service. "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."

27th February 2011

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