Developer faces 12 years of bankruptcy restrictions

The Insolvency Service has placed bankruptcy restrictions lasting 12 years on a developer who misled four individuals and deprived creditors of hundreds of thousands of pounds. Glenn Armstrong was handed a bankruptcy restrictions order at the High Court earlier this month after investigations by the Insolvency Service. The developer was previously subject to an 18-month interim BRO in August 2022, which imposed restrictions until the court made a final decision on the case. The order means Armstrong is unable to borrow more than £500 without telling a lender that he is subject to extended restrictions, or act as a company director without the court’s permission until 2036. Armstrong was declared bankrupt in 2021. Bankruptcy proceedings began against Armstrong in April 2018, when a creditor petitioned to make him bankrupt. Following that petition, Armstrong provided false and misleading information to four individuals, enabling him to obtain £273,000. He had signed an undertaking with the Financial Conduct Authority in December 2018 in which he stated he would not enter into any further loan agreements either directly or through his companies. Armstrong also deprived creditors of £458,738 through transfers he made to associated parties. At one point, Armstrong purportedly owned up to 200 properties with a total value of £30m in and around Milton Keynes. He previously appeared on Channel 4 series How the Other Half Live, and set up a firm called Glenn Armstrong’s Property Millionaire Academy. Joe Sullivan, official receiver at the Insolvency Service, said: “Glenn Armstrong’s conduct in misleading investors was unacceptable and we are pleased to have secured stringent bankruptcy restrictions against him. “The 12-year bankruptcy restrictions order which follows on from an interim 18-month BRO reflects the seriousness of the case and misconduct identified by the Insolvency Service. “We will not hesitate to take robust action when financial wrongdoing is uncovered.”