Two people have been charged after drugs and cash were seized by cops during raids at addresses in a Scots town.
Investigators seize £1m property linked to Scotland's biggest bankrupt businessman
08.01.2023 - 12:49 / dailyrecord.co.uk
Investigators trying to claw back money from Scotland’s biggest bankrupt businessman Gregory King have seized a £1million property. The controversial ex-lawyer went bust in 2017 with estimated personal debts of around £120million following the collapse of his hedge fund firm Heather Capital.
Insolvency experts have been conducting a global hunt for assets which can be sold to pay King’s creditors. As well as the luxury home in Glasgow, Begbies Traynor has identified a £5.5million Marbella villa with links to the former lawyer.
The four-bed home in the affluent Whitecraigs area on the outskirts of Glasgow was bought by a Gibraltar-based property firm in 2008 for £1million. In October liquidators finally took possession of the property, which was put up for sale at offers over £675,000 and was sold last week, with proceeds going to pay off King’s debts.
Before his bankruptcy King was said to have enjoyed a lavish lifestyle owning a Mercedes, Range Rover and several Harley-Davidsons. A creditors’ report obtained by the Sunday Mail said: “As part of our inquiries, a number of potential assets/claims have been identified. One of the most significant of those is in Scotland.
“This property is owned by a company registered in Gibraltar named Belvedere Avenue Properties. Upon review of the files relating to this company, it is our view that this entity is 100 per cent owned by the bankrupt.”
A source told the Sunday Mail: “The recovery of the house in Whitecraigs after so many years is a major coup by Begbies Traynor.
“Its sale should enable it to return more money to the creditors.”
Begbies Traynor is also targeting other parts of a property empire linked to King.
Last year it recovered and sold a £5.5million Marbella hilltop villa on
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