Feb

LATEST: Property ‘guru’ declared bankrupt leaving creditors £4.9m out of pocket

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Property guru Glenn Armstrong, of Property Millionaire Academy, has been declared bankrupt, owing £4.9 million to dozens of creditors.

Armstrong, who has appeared on Channel 4’s How the Other Half Live and The Secret Millionaire, has spent years selling courses and home study programmes for people wanting to make cash out of property. He now has 21 days to appeal the decision.

His bank accounts will now been frozen and an insolvency practitioner will go through his affairs; 38 creditors are listed in the court papers, each looking to claim back huge amounts of up to £537,000.

Armstrong also has 10 unpaid county court judgements against his related companies dating back to 2017, totalling £566,987, as well as 10 unpaid personal county court judgements totalling £418,342.

Crimestoppers

In addition, Armstrong has been reported to the CrimeStoppers COVID Fraud Hotline by journalist Chris Mitchell, who says it has opened a file for investigating fraudulent Bounce Back loans.

Armstrong was one of many property gurus who posted videos discussing the loans, and although he was one of the more cautious advice givers, suggested these loans could be used in some circumstances to buy property.

Mitchell’s website – glennarmstrong.org.uk – asserts that over the last few years, hundreds of people say they have lost money when investing via his various businesses.

Mitchell says it’s the third time the high-profile investor has been declared bankrupt – once in 1992 and again in 2006 – and that creditors had previously found it hard to go to the police and explain what had happened to them because the financial circumstances were so complicated.

“It’s great that this will send the public a message,” says Mitchell. “I know many people who have given him money – one woman was an NHS worker who gave him £10,000. He won’t be able to do any property investment if he’s bankrupt as the insolvency practitioner will be hot on his heels.”

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