A Britain’s Got Talent hopeful is promising to dance his way out of debts of £1 million from a failed property business.
Dancer and street entertainer Liam Collins, 33, was a 2009 finalist in the top rating TV show.
He also ran a student letting business in the north-east with a relative that grew to a property empire of around 30 homes - but admits a series of ‘naive’ business decisions and mounting expenses led to financial disaster.
To stave off demands from creditors, Collins and his partner offered more security against their own homes, a bankruptcy hearing in Newcastle was told.
One investor is seeking to make Collins bankrupt, but Collins is trying to do a deal with more than 20 investors to hand back the letting properties and to enter a personal IVA (individual voluntary administration).
Collins insists he wants to repay his debts.
“We borrowed money to buy properties to let them in student areas, but eventually the lending was withdrawn and the market crashed,” he told the Newcastle Evening Chronicle.
“We are not declaring ourselves bankrupt, but one of the investors is making us bankrupt. We’ve made big mistakes in business but we’ve not defrauded anyone. If it takes me 50 years of dancing then I’ll pay back the money. We are incredibly sorry.”
An IVA is an alternative to bankruptcy for some borrowers.
To qualify for the debt solution, a borrowers has to show:
• More then £12,000 is owed
• The money is owed to three or more creditors
• The borrower has an income
• 25% of the borrowing plus costs can be repaid
• The borrower has no assets that would repay the debt in full
For borrowers who own their own home, an IVA does not mean the property is lost, but if equity can be released to pay some of the debts, then it’s likely a remortgage will be required.
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