Scots businessman made bankrupt by own nephew over £400,000 debt
dailyrecord.co.ukOne of Scotland’s most prominent businessmen has been made bankrupt by his own nephew over a £400,000 debt. Bookmaker Billy King Jr took his retired 82-year-old uncle Hugh King to court after lending him the money more than three years ago.
The King family has business interests across the country –spanning gambling, pubs, clubs, property and finance. When Hugh failed to pay back by an agreed deadline, the younger businessman won an action to sequestrate his relative.
An insolvency firm has now been appointed with the power to seize assets to pay off the debt, including Hugh’s 125-year-old B-listed, two-storey villa in Whitecraigs, in the outskirts of Glasgow.Billy’s lawyer, Angela McCracken, told Paisley Sheriff Court last week that Hugh had not repaid any of the loan since it was made in September 2019.She said: “He lent his uncle £400,000 on the basis it was to be repaid within a time frame of three to six months.
Assurances were given that the money would be paid. That was one year ago.”Sheriff officers then visited Hugh’s home in an effort to get the money but the bid failed.She said: “There has been no attempt to repay any money.
Read more on dailyrecord.co.uk