Monday 17th of August 2009
Actor Neil Morrissey has spoken out about how he refuses to go bankrupt in order to pay off debts totalling £2.5 million, instead choosing to undertake an individual voluntary arrangement (IVA).
Speaking to the News of the World, Morrissey said his dream of owning a luxury chain of hotels has collapsed, but he does not want to declare himself bankrupt.
Instead, he has committed himself to an IVA and is working hard to raise the money to pay off his creditors.
"Bankruptcy’s the easy way out," Morrissey told the publication. "I decided no, I’d step up to the plate, try to do the right thing and get everyone their money back."
The actor’s business partner declared himself bankrupt and left him with a large proportion of debt. Rather than following this route, Morrissey insisted an IVA would be a better option to allow his creditors to receive their cash back.
Latest figures from the Insolvency Service revealed that bankruptcies were up 15.3 per cent in annual terms.
Written by Rachel Powell
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