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raveydavey
Eddie Gray
Joined: 12 May 2007
Posts: 3952
Location: Leeds Yorkshire England
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 Posted: Mon Oct 12, 2009 3:30 pm Post subject: Bankrupt: Former LUFC director |
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http://www.yorkshireeveningpost.c...y-magnate-Simon-Morris.5725117.jp
PROPERTY magnate Simon Morris, whose property group collapsed last year with debts of more than £50m, has been declared bankrupt.
Bob Maxwell, partner at Begbies Traynor in Leeds and joint administrator of SRM Holdings Group, the company owned by Mr Morris, has said: "The bankruptcy was, I'm afraid, inevitable given the huge debts and significant guarantees held by creditors.
"This latest development opens a new chapter in the affair and the trustees will now have the duty to look at every aspect of Mr Morris' personal finances."
A bankruptcy order was filed against the former Leeds United director at Leeds County Court.
His Leeds-based residential and commercial property business SRM Holdings and 36 of its subsidiaries were put into administration a year ago, with most of the major UK high street banks the main creditors.
Administrators from insolvency specialists Begbies Traynor were appointed to the business, which was based at Brewery Wharf in Leeds and owned a portfolio of more than 500 properties - mostly flats in the city.
Mr Morris was subsequently made redundant from his own company and soon after was arrested at his gated home in the upmarket suburb of Scarcroft, Leeds, as part of a fraud and money laundering investigation by West Yorkshire Police.
Mr Morris and his father Bryan Morris, a businessman and former spokesman for Leeds United, were among nine people arrested in raids across West Yorkshire and the West Midlands.
Simon Morris's £400,000 McLaren Mercedes was also seized by police together with a number of articles and documents.
A spokeswoman for the Serious Fraud Office said on Monday that no one had been charged but the investigation was ongoing.
The young entrepreneur has always courted controversy.
By the age of 30, he had made a £69m fortune from the buy-to-let industry, was ranked sixth on the Sunday Times Young Rich List in 2007, and in 2004 he was able to buy a stake in Leeds United Football Club to become its youngest-ever director.
He launched Morris Properties a few years after finishing his A levels at Leeds Grammar School.
By 2006, his company's turnover was more than £80m and the firm splashed out on an £8m showpiece headquarters in Brewery Wharf.
But at the beginning of this year Morris Properties hit the headlines as the subject of an investigation by the BBC's Panorama.
Dozens who had bought buy-to-let properties claimed they had paid too much and many said they had properties repossessed after failing to cover mortgage repayments.
The wealthy businessman insisted external factors, such as the credit crunch and interest rate rises, were to blame.
Seems like a nice chap - did we ever find out why someone was shooting at him a while back?
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30 Mill
David Batty
Joined: 13 May 2007
Posts: 1343
Location: We love you Melbourne
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| Posted: Mon Oct 12, 2009 9:22 pm Post subject: |
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| The bit I remember was the panic merchants on various boards and chatrooms proclaiming him as the messiah!!
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Remember children, the bigger your post count, the bigger your penis will be
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wewantourdarbyback
Eddie Gray
Joined: 11 May 2007
Posts: 3112
Location: Leeds University
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Gopher
Boobmeister
Joined: 07 May 2007
Posts: 3364
Location: Riding on the window lickers bus, first class.
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| Posted: Thu Oct 22, 2009 5:52 pm Post subject: |
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| 30 Mill wrote: | | The bit I remember was the panic merchants on various boards and chatrooms proclaiming him as the messiah!! |
He`s not the messiah, he`s a very naughty boy.
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