Independent Insurance ex-chief executive Michael Bright is likely to retain his house in Marbella, despite being declared bankrupt.
Bright and his lawyer Trevor Sears met Bright's bankruptcy trustee Philip Sykes, of accountancy firm Moore Stephens, this morning.
Sykes, speaking to Insurance Times immediately after the meeting, said Bright was “extremely co-operative”.
Bright has three major creditors – HSBC, from which he borrowed £4.28m late last year; Natwest, with which he has a property mortgage believed to be worth more than £1m; and the Inland Revenue.
Both the Kent property and a London apartment are up for sale, but Sykes said Bright's wife could buy his interest in the Marbella house, so keeping it in the couple's possession.
“The position now is that his interest in the properties is vested in me but his wife's vested interests remain with her,” he said.
“I wouldn't rule out selling it or Mrs Bright buying out his interest.”
Sykes said the Marbella house would be dealt with “in slightly slower time” than the rest of the properties.
If the properties are sold, half the proceeds will pay off Bright's creditors and half will go to his wife.
Sykes said Mrs Bright could also buy Bright's share of the properties' contents from him and retaining them.
He said Bright owed “a couple of hundred thousand pounds” to the Inland Revenue.
He said Bright was also aware his pension could be the target of actions r
