THE former billionaire Kevin Leech could be released from his bankruptcy if the creditors accept a £5.1m offer.
A trust set up by the St Saviour resident, who was declared en désastre in October 2002, has offered to buy the claims of creditors.
This will allow all creditors who are owed £100,000 or less to receive all or most of their money.
It falls well short of the £88m that Mr Leech owed to HSBC, who originally filed the bankruptcy claim, but it is understood that the bank has been realising assets since the de-claration of bankruptcy and this proposed settlement is specifically aimed at the smaller creditor.
If creditors agree to accept a slice of the £5.1m pie, and the Royal Court agrees, Mr Leech will receive an early release from his désastre, which is usually four years after the declaration.
It means that he will be able to participate in the management and control of any business and can hold directorships.
It will also prevent any further claims being made against Mr Leech in the context of this action.
Article posted on 14th July, 2004 - 12.00am
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