Property guru and self-styled millionaire investor Glenn Armstrong has had tough bankruptcy restrictions imposed on him after he misled four individuals and deprived creditors of hundreds of thousands of pounds.
Armstrong has been handed a Bankruptcy Restrictions Order lasting 12 years at the High Court after investigations by The Insolvency Service.
IMPOSED RESTRICTIONS
The 64-year-old was previously subject to an 18-month interim BRO secured in August 2022 which imposed restrictions until the court made a final decision on the case.
Glen Armstrong
Armstrong, of Pearcy Close, Harold Wood, 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 for 12 years under the order.
Bankruptcy proceedings began against Armstrong in April 2018, when a creditor petitioned to make him bankrupt.
Following this petition, Armstrong provided false and misleading information to four individuals, enabling him to obtain £273,000.
Armstrong had signed an undertaking with the Financial Conduct Authority in December 2018 where 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.
He was declared bankrupt in February 2021.
MISLEADING INVESTORS
Joe Sullivan, Official Receiver at the Insolvency Service, says: “Glenn Armstrong’s conduct in misleading investors was unacceptable and we are pleased to have secured stringent bankruptcy restrictions against him.
Joe Sullivan, The Insolvency Service
“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.”
The Glenn Armstrong’s Property Millionaire Academy website says: “Glenn found a way to buy houses with no money and get cash back from every purchase. He is most famous for buying 52 properties in 48 weeks and was ranked the 8th highest paid sole trader social landlord in the UK in 2014.
“As an acclaimed property investor he became known as the UK’s #1 Property Investor and Mentor, and as such has featured on SKY TV, The Home Channel, Property TV and in the Daily Telegraph. Following Glenn’s amazing success, he has also been featured on Channel 4’s ‘How the Other Half Live‘.”