• iconNews
  • videos
  • entertainment
  • Home
  • News
    • UK News
    • US News
    • Australia
    • Ireland
    • World News
    • Weird News
    • Viral News
    • Sport
    • Technology
    • Science
    • True Crime
    • Travel
  • Entertainment
    • Celebrity
    • TV & Film
    • Netflix
    • Music
    • Gaming
    • TikTok
  • LAD Originals
    • Say Maaate to a Mate
    • Daily Ladness
    • Lad Files
    • UOKM8?
    • FreeToBe
    • Extinct
    • Citizen Reef
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
Snapchat
TikTok
YouTube

LAD Entertainment

YouTube

LAD Stories

Submit Your Content
Billionaire boss is bankrupt and £725 million in debt months after boasting about bank account

Home> News> UK News

Updated 18:51 8 Dec 2023 GMTPublished 18:32 8 Dec 2023 GMT

Billionaire boss is bankrupt and £725 million in debt months after boasting about bank account

A few months ago he was talking up his bank account, now he's bankrupt

Joe Harker

Joe Harker

A man who just a few months ago said he'd amassed a £1.9 billion fortune was declared bankrupt by a court on 1 December.

Robert 'Bob' Bull had a £10 million mansion complete with its own bowling alley and a dozen supercars in the garage, at least according to The Sun who got to poke around the place earlier this year.

His company, RoyaleLife, was in the business of turning caravan parks into villages of bungalows and had been valued at £4 billion.

However, according to Bloomberg a county court in Southampton made a bankruptcy order against him as he faces debts of £725 million.

Advert

Lawyers making a class action bankruptcy petition against Bull said that his 'previous claims to be very wealthy were wrong'.

Bob Bull and fiancee Sara Nilsen, who had been the youngest politician in her native Norway.
Instagram/@saranilsen

Bull owes around £725 million in 22 loans to his creditors and a legal representative for him told the court that he'd been trying to get an individual voluntary arrangement (IVA), basically an agreement with those he owes money to reduce the debt.

Bloomberg reports that Bull is trying to ask creditors to accept 0.25 percent of what he owes them, meaning he'd owe £2 million instead of £725 million.

Ben Channer, a lawyer for the former billionaire now gone bankrupt, said: "It is not a great return to the creditors, but it is a return."

Advert

However, Rory Brown, a lawyer for one of the creditors said of the potential arrangement: "We don’t know of any creditors saying ‘Oh yes, 0.25 pence in the pound, that would be marvellous.'"

"Mr. Bull’s previous claims to be very wealthy were wrong."

To get his IVA, Bull would need more than three quarters of creditors to agree to the idea, but a lawyer for another of the lenders has said that over a quarter of them have said they'll vote against it.

Earlier this year Bob Bull's fortune had been put at £1.9 billion but now he has been declared bankrupt.
Instagram/@saranilsen

This wouldn't be the first time Bob Bull has gone bankrupt, as he told The Times in May that he'd had it happen before in 2016.

Advert

Bull had been a new entry on The Sunday Times rich list this year, which ranks the 1,000 richest people in the UK, at number 88 with an estimated fortune of £1.9 billion.

Speaking about his first bankruptcy, he said his dad 'came out of semi-retirement to help me borrow £9.7 million' and that let him turn things around within a year.

Whether he will find some way back from his second bankruptcy is a matter for the future.

LADbible has contacted Bob Bull's representatives for comment.

Featured Image Credit: Robert Bull/LinkedIn Sara Nilsen/Instagram

Topics: UK News, Money

Joe Harker
Joe Harker

Joe graduated from the University of Salford with a degree in Journalism and worked for Reach before joining the LADbible Group. When not writing he enjoys the nerdier things in life like painting wargaming miniatures and chatting with other nerds on the internet. He's also spent a few years coaching fencing. Contact him via [email protected]

X

@MrJoeHarker

Advert

Advert

Advert

Choose your content:

6 hours ago
7 hours ago
  • 6 hours ago

    Man horrified to discover his new home is actually someone else's Airbnb

    Ben Echianu, from Manchester, branded the woman whom he believes posed as a landlord as 'heartless'

    News
  • 6 hours ago

    Christian Horner releases statement after being sacked by Red Bull after 20 years

    Horner shared a lengthy statement on social media

    News
  • 7 hours ago

    Donald Trump shuts down reporter who asked Jeffrey Epstein question following release of CCTV footage

    It seems the US President deems the topic to be no longer up for discussion

    News
  • 7 hours ago

    Cardiologist who had heart attack warns people to not 'make same mistake' over little-known warning sign

    The irony isn't lost on Dr William Wilson

    News
  • MrBeast reveals true amount of money he has in bank account after recently becoming billionaire
  • Over one million Brits will be getting a pay rise next week and see more money going into their bank
  • Britain's youngest ever lottery winner shared her heartbreaking 'one regret' after ending up bankrupt
  • UK bank is introducing new £60 charge to access accounts from today