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

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

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.

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."

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.

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