Tory MP who owed TAXMAN £1 million declared bankrupt - 'It's a stressful time'
A briefing paper from the House of Commons Library says MPs who become bankrupt are, under certain circumstances, unable to sit and vote in Parliament
A Tory MP who owed the taxman £1million has been declared bankrupt.
A judge in a specialist court heard how he owed around £1.7 million.
Judge Nicholas Briggs made a bankruptcy order against Adam Afriyie, who represents Windsor, at an online hearing in the Insolvency and Companies Court on Tuesday.
The judge was told Adam Afriyie owed about £1 million to HM Revenue & Customs (HMRC) and about £700,000 to Barclays.
In May, another judge approved a plan for Mr Afriyie to sell a property.
Mr Afriyie, who did not attend Tuesday’s hearing, had written asking for more time to sell the property.
He wanted proceedings adjourned until March and said he could pay off his debts in full if the property was sold.
Representatives of HMRC and Barclays had given the judge detail of how much was owed and opposed an adjournment.
Barrister Fiona Whiteside, who represented Barclays, said the bank had “lost patience”, and added: “We have seen no credible evidence that the property will be sold any time soon.”
Mr Afriyie, who is aged in his 50s, was elected in 2005.
News of the bankruptcy proceedings emerged in late 2019.
Mr Afriyie said after the hearing: “This has been ongoing for many years following business failures some time ago.
“I am ultimately responsible for some of the bank borrowing through personal guarantee.
“I’ve been trying to sell our home and downsize for some time, but it’s a tough market.
“It is a stressful time and it’ll be tough for a while, but I’m far from the only person in a difficult position, and I will continue to do my best to support my constituents until the next general election when I’ll be standing down.”
A 2003 briefing paper from the House of Commons Library says MPs who become bankrupt are, under certain circumstances, unable to sit and vote in Parliament.
The paper says “bankrupts may not be elected to Parliament”.
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