Friday 30th of October 2009
A charismatic businessman with an empire of hotels, bars and restaurants has declared himself bankrupt - a situation he may have been able to avoid had he taken individual voluntary arrangement (IVA) advice.
David Hattersley, 42, was one of York’s most prominent and affluent entrepreneurs until his business group came crashing down and he was forced to apply for bankruptcy at Harrogate Crown Court, reports the Press.
His business portfolio once included Harvilles restaurant in Fossgate, the Guy Fawkes Inn in High Petergate and Marmadukes hotel in Clifton.
Mr Hattersley is said to have spent more than £20 million in an 18-month period - equating to around £36,000 every day.
He said: "We tried everything to keep the business afloat but the unprecedented economic circumstances proved too much."
Under the terms of bankruptcy, the assets of D & SJ Hattersley Properties could now be sold at rock-bottom prices and the family home may be under threat.
But an IVA can restructure debt repayments which, if met, can mean a debtor’s home is secure.
By Rachel Powell
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- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- IVA could be cheapest and quickest way of clearing credit card debt
