Conservative MP Adam Afriyi said he would not step down as MP after made bankrupt by court order found he owed around £1.7m.
Africa was pursued by creditors, including HMRC. for £1 million in unpaid tax and Barclays Bank. He asked for more it’s time to sell family home in to pay his debts. But the judge ruled that Afriyie had enough time to take action and filed for bankruptcy.
Under parliamentary rules, seated deputies who are not required to be declared bankrupt step aside, unless more strict procedure for limiting bankruptcy. made against them, which may be imposed if the bankrupt refuses to cooperate with process or suspicion of hiding assets.
Windsor MP said in a statement that he would stand down in next elections, but trigger by-elections. “It continues for many years later business failure some time ago. I end up responsible for a little of in bank borrowing through personal guarantee. I tried to sell our home and reduce for for a while, but it’s hard market,” he said.
“It’s a busy time and it’s going to be hard for for a while, but I’m far from the only person in difficult situation and I will continue to do my best to support my constituents next general elections when I will run down”.
The order was made against Africa in online hearing in bankruptcy and company court on Tuesday, Judge Nicholas Briggs.
Labor force sources have said they are likely to prove it untenable. for the current MP who owes so much to HMRC.
The judge was told that Afriyi owed about £1m to HMRC and about £700,000 to Barclays and concluded he would not. allow more time for Africa sell property.
“I don’t think there’s any evidence of there are reasonable prospects of payment of debts in full,” he said.
Barrister Fiona Whiteside, who represented Barclays, said bank “lost my patience” and added: “We have not seen any credible evidence that property will be sold at any time soon”.
Africa, who said he would stand down in next elections, was previously a successful entrepreneur after establishing up IT firm Connect Support Services and later co-founder of political information provider DeHavilland. Soon after he was first elected in 2005 that business, of of which he owned 72% was sold to publishing giant Emap. with his share worth £13 million.
He paid £4 million. for a house in his Windsor constituency in 2008, according to the land registry. Connect support has declared itself insolvent in 2017 and it was reported at the time that it broke up £1.7m of debts with HMRC which is lead creditor in Upcoming Afriyie bankruptcy case.
Africa announced his intention to stand down in next elections over summer, during the Conservative leadership elections. He said: “After the conclusion of Brexit and the fourth leadership election at the way, I feel that now is the time for a new MP to represent our constituency and continue to defend and promote our beautiful area in years ahead.
“There is no greater honor than to serve my country and my constituents, and I will diligently continue perform my duties to next elections”.
