With many thanks to the regular commenter, Duplesis, for spotting it, a case is due to call tomorrow in Inverness Sheriff Court. It appears on the Court List as follows:-
|6||Harper Macleod v Mr Craig Whyte||Harper Macleod LLP||
This is a bankruptcy petition raised by Harper Macleod, the solicitors who acted for Mr Whyte (a) in his contentious matrimonial court action with his wife at the Court of Session and (b) for Tixway UK Ltd, Mr Whyte’s company, in its unsuccessful defence of the action raised by One Stop Roofing Supplies Ltd.
It may not be the same Mr Whyte as recently occupied the Chairman’s position at Rangers, but that Mr Whyte has a residence, Castle Grant, within the Inverness jurisdiction.
The papers would have been served on him between 6 and 14 days ago.
As long as that has occurred, and all the paperwork is in order, then he will be declared bankrupt tomorrow unless (1) he agrees a continuation of the case to explore settlement, which can be for no longer than 6 weeks or (2) he is likely to enter into a formal Debt Arrangement Scheme by which his debts will be cleared over a reasonable number of years. As he is being sued for may millions by Ticketus, that seems very unlikely!
So, either tomorrow or within 6 weeks, he will be declared bankrupt and, on the pain of committing a criminal offence, will require to give the Trustee in Bankruptcy full information about his assets and liabilities, income and expenditure.
Frankly this might explain his apparent insouciant attitude to the prospect of being taken to court for so much money by Ticketus – a personal guarantee is only worthwhile if the guarantor has any money!
It may be that Castle Grant is mortgaged to the hilt and otherwise Mr Whyte may have no assets in the jurisdiction.
A trustee in bankruptcy has little chance of getting their hands on assets elsewhere, in normal circumstances.
It is also ironic, bearing in mind the clamour (ill founded) for Harper MacLeod to be punished for the alleged conflict of interest in being “Celtic’s lawyers” at the same time as acting for the SPL in the dual contract inquiry, that they may also be putting the former chairman, who is not universally popular in the blue part of Glasgow I imagine, into bankruptcy.
Would this in fact be considered by the same people who criticise the firm as doing something good, and getting Mr Whyte what they might perceive as his comeuppance?
We shall see.
Inverness Sheriff Court in the morning could be an interesting place.
Posted by Paul McConville