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'Secret millionaire' is £30m in debt
- Posted:
- 19 May 2016
- Time to read:
- 1 min
Property developer Chek Whyte, who starred in Channel 4's The Secret Millionaire in 2007, is facing debts of more than £30 million as he seeks to avoid bankruptcy.
Mr Whyte, who was disqualified as a director at his own firm Chek Whyte Industries in 1999, is consulting with an insolvency firm in Nottingham.
His debts include £25 million to Yorkshire Bank, £1.2 million to HM Revenue and Customs, and unsecured debts of £1.98 million.
The company is compiling a list of creditor claims and is trying to put together a deal involving an Individual Voluntary Arrangement.
After Mr Whyte appeared in Salford on The Secret Millionaire two years ago, he bought two tower blocks and began funding rebuilding work.
The troubled tycoon told the Manchester Evening News: "I am not immune to the downturn either and the banks will not release money to me or for people to buy the properties."
Meanwhile, new figures published by the York Press today showed that new cases of bankruptcies in the city increased from 71 in 2003 to 198 in 2008.
