- Friday, 16 October 2009Former Secret Millionaire star Chek Whyte has entered into an
individual voluntary agreement (IVA) in order to pay off his creditors, it has been revealed.
Mr Whyte, who is best known for his appearance on the Channel 4 show, saw his property empire collapse during the recession, leaving him with millions of pounds worth of debt.
Having previously been subjected to a bankruptcy order, the property mogul will now embark upon repaying his creditors over a prearranged period of time.
Mr Whyte expressed both relief and pleasure following the decision by his creditors to allow him to adopt an IVA in order to repay them.
He said: "I'm elated and ecstatic to get the vote. It was a very marginal decision. Trying to get the votes verified was quite a complex decision. It's been traumatic."
It was widely reported earlier this year that Men Behaving Badly star Neil Morrissey entered into and IVA in order to repay his creditors following the collapse of a number of hotel and pub investments.
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