An Individual Voluntary Arrangement (IVA) has been set up to enable property developer Chek Whyte to pay off the money he owes to creditors and avoid bankruptcy.
The businessman, who shot to fame when he appeared on the second series of Channel 4 programme Secret Millionaire, told the Nottingham Evening Post he was delighted by the decision, which came following a vote by a variety of creditors.
“I’m elated and ecstatic to get the vote. It was a very marginal decision,” he commented.
“Trying to get the votes verified was quite a complex decision. It’s been traumatic.”
Mr Whyte’s businesses owe approximately £33 million after they ran in to trouble as a result of the economic downturn.
An earlier attempt had been made to set up an IVA, but this failed due to opposition from some of the creditors and HM Revenue & Customs, leading to him being declared bankrupt at the start of last month.
He can now apply to have this annulled by the courts.
By Chris Trimble