Michael Bright, the former chief executive of collpased Independent Insurance, has followed up his bankruptcy announcement with the news he intends to sell his three properties.
Michael Bright, the former chief executive of collpased Independent Insurance, has followed up his bankruptcy announcement with the news he intends to sell his three properties.
Bright's debts are said to stand at £5m in total. He owes the private banking group, HSBC Republic, £4.3m for a loan he took out to buy Independent shares before it went into liquidation in June. It is thought the sale of the properties will go some way to repaying the loan.
The three properties are a converted oasthouse in Kent, a flat in Wapping and home in Spain. The first two are said to be valued at £1m each. All three are held jointly by Bright and his wife.
