Neil Morrisey in Millions of £'s of debt due to Property Investment Collapse!!

Harry_Powell

http://entertainment.uk.msn.com/tv/news/Article.aspx?cp-documentid=149204228&GT1=61503&ocid=today

"Men Behaving Badly star Neil Morrissey is millions of pounds in debt after a property scheme he invested in collapsed, it has been reported.
The actor, who lives in Crouch End, north London, said he lost £2.5 million after investing in a string of hotels and pubs. He told the News of the World he would not file for bankruptcy and intended to pay his creditors in full.He said: "People advise you to take the easy route - it'll only last a year and you'll be back up and running. But I just thought there are too many good people who've lost their money on these deals, and I wanted to repay them as much as I possibly could. "I feel morally obliged. Afterwards I'll feel better about myself. Now I'm working very, very hard. Every second out there to earn another penny. I don't sit around and get depressed about things. It's not my character."

Morrissey, who provided some of the voices in the children's television show Bob the Builder, set up a property company five years ago. It bought pubs and hotels around the country including Brown's Hotel in Laugharne, where Welsh poet Dylan Thomas was a regular. The company overstretched itself and collapsed, forcing Morrissey's business partner into bankruptcy. But Morrissey has made an independent voluntary arrangement which means that all his earnings, minus his living costs, will go to his creditors for more than three years."

Let's all try to remember folks that property values only ever go up and property investments are sure things and as 'safe as houses'. :rolleyes:

Nice to see someone taking responsibility for their debts though. Good on him!

JonnyBravo

He's worked, presumably, all his life as an actor, yet was convinced he could switch to running a multi-million pound property company.
I wouldn't have given him a job doing that and presumably neither would anyone else.... wonder if he thought about that before he started it up.

The_Fat_el_Hombre

But Morrissey has made an independent voluntary arrangement which means that all his earnings, minus his living costs, will go to his creditors for more than three years.

Fair play to the guy

bendix

Morrissey's example should be posted over on the Bankrupt section of this board. Over there, sadly, much of the discussions seems to be about trying to get just one extra holiday on the credit card - knowing they won't pay it back - before they are declared bankrupt.

I try not to read that part of the forum too much. I'd be banned on my first post.

Harry_Powell

JonnyBravo wrote: »

He's worked, presumably, all his life as an actor, yet was convinced he could switch to running a multi-million pound property company.
I wouldn't have given him a job doing that and presumably neither would anyone else.... wonder if he thought about that before he started it up.

Just like all the BTL landlords who work as IT consultants, plumbers, car salesmen by day and entrepreneurial businessmen by night. Easy to make money in a property boom, not so easy now.

SingleSue

Bendix - It's not all about that, I think there are very few with that idea..the majority of them there are drowning in debt and at the end of the road mentally.

I spend a lot of time there reading the threads, sometimes trying to help but mainly just reading.

Harry_Powell

SingleSue wrote: »

Bendix - It's not all about that, I think there are very few with that idea..the majority of them there are drowning in debt and at the end of the road mentally.

I spend a lot of time there reading the threads, sometimes trying to help but mainly just reading.

I've read some of them and found some really sad stories where they were in business and their customers went bust after taking receipt of goods, dragging them down into bankruptcy with them. I have to say that this is the minority and most seem to have just lived beyond their means for years, spending tens of thousands more than they earn. It's not rocket science to see where it'll all end. Just a shame that the bankruptcy laws are misused by people who have simply put their financial blindfolds on and run headlong into disaster.

SingleSue

Yes a fair few have lived beyond their means but my point was that the majority were not trying to have that last holiday, last big spend out before going bankrupt on purpose.

The lightbulb comes on before then and it is usually after an attempt to pay it back, that they finally take the advice to go BR.

Adebisi

JonnyBravo wrote: »

He's worked, presumably, all his life as an actor, yet was convinced he could switch to running a multi-million pound property company.
I wouldn't have given him a job doing that and presumably neither would anyone else.... wonder if he thought about that before he started it up.

Next thing we know an actor will be running for the president of the united states, as if!!

robin_banks

Adebisi wrote: »

Next thing we know an actor will be running for the president of the united states, as if!!

Being able to act is not a bad skill for a politican to have.

Pobby

I was on a thanking spree and shouldn`t have thanked Bendix post.

It`s true that some people have been rash with money but as Harry says it is also very true about the innocents being dragged down. I have had people go pop on me costing 10s of thousands over the years.In one case it was a set up and in another it was through the guys personal spending but on the other hand I can think of one guy in particular who almost took his own life when his business went wrong.

It is sad but in this climate businesses are being driven to the wall. Sometimes perfectly good ones but cash flow has dried up.