Ferguson Lacey declared bankrupt in Isle of Man

Graham Ferguson Lacey has been declared bankrupt in the Isle of Man.

It follows a request from Stilwell Limited, an Island company to which he owes money.

The businessman, a former executive chairman of the Sefton Group, had already applied for bankruptcy in England in August.

He failed to appear at the hearing at Douglas courthouse, citing ill health as the reason, neither did he instruct an advocate to enter an appearance on his behalf.

The ruling comes after a notice was served in July for payment of £963,000, which was not paid.

In his judgment, Deemster Doyle said it appeared Mr Ferguson Lacey had focused more on personal self-interest instead of the best interests of his creditors.

It was suggested the defendant had taken steps to declare himself bankrupt in England to avoid a Manx bankruptcy – possibly feeling the Isle of Man regime was harsher than the English one.

It was described as an abuse of the legal process.

The hearing was told Mr Ferguson Lacey owed in the region of £2.2 million in executions in the Island and his property in Ballasalla had now been seized by the coroner.

Deemster Doyle said Ferguson Lacey’s presence in England was primarily for medical reasons – he has received treatment and counselling for depression - and, with the Island the location of his substantial creditors, he should be declared bankrupt in the Isle of Man.