Maud faces bankruptcy order following years-long litigation
Property investor Glenn Maud will be made bankrupt by the end of June unless he seeks to take a long-running battle with creditors to the Court of Appeal.
High Court judge Mr Justice Snowden today handed down judgment making a bankruptcy order that will take effect at 4pm on 29 June 2020, unless Maud or Navarro Ventures (an entity beneficially owned by Maud’s estranged wife that has also been involved in the litigation) files an appellant’s notice with the Court of Appeal by that time.
In doing so, the judge described the “complex and highly unusual bankruptcy proceedings” as “labyrinthine”.
Property investor Glenn Maud will be made bankrupt by the end of June unless he seeks to take a long-running battle with creditors to the Court of Appeal.
High Court judge Mr Justice Snowden today handed down judgment making a bankruptcy order that will take effect at 4pm on 29 June 2020, unless Maud or Navarro Ventures (an entity beneficially owned by Maud’s estranged wife that has also been involved in the litigation) files an appellant’s notice with the Court of Appeal by that time.
In doing so, the judge described the “complex and highly unusual bankruptcy proceedings” as “labyrinthine”.
This is the latest in a series of rulings in the complex, multi-jurisdictional litigation involving Maud and his business partner Derek Quinlan over their €1.9bn purchase of Santander’s headquarters (pictured) in 2009, through their vehicle Marme Group.
At the time, the deal was thought to be the biggest property transaction ever to take place in Europe. The so-called “Santander Asset” is a substantial office and real estate complex in Boadilla del Monte, Madrid, known locally as “Financial City”. It houses the international headquarters of Banco Santander and is let on a long lease to a company in the group.
Maud has for years faced the threat of bankruptcy from creditors – the Libyan Investment Authority and Edgeworth Capital (Luxembourg) – seeking hundreds of millions of pounds. Edgeworth obtained judgment against him in the sum of €40m in 2015, while the LIA first presented its bankruptcy petition in 2014, over a debt then totalling £17.6m.
Following further protracted litigation in Spain, the Santander Asset was finally acquired last year by Sorlinda – a property vehicle owned by billionaire property tycoons David and Simon Reuben – which made a cash offer of €283m.
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