Bradford bankrupt has restrictions extended for 8 years

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In June 2018, Sharaz Iqbal (34) was unemployed when he gave his bank details to a third-party that he knew, who then paid into his account a cheque worth almost £55,000.

Despite being insolvent at the time, the Bradford resident went onto spend more than £48,000 of the money on luxury items.

In a single-day, Sharaz Iqbal shopped at exclusive stores, bought a high-end watch worth £10,000, a holiday for himself and his wife to Turkey, as well as £18,000-worth of Euros.

The cheque was not honoured, however, and Sharaz Iqbal’s account became overdrawn, leaving a debt of more than £48,000 to his bank as he had already bought the items.

A Bankruptcy Order was made against Sharaz Iqbal in November 2018 due to the outstanding money owed to the bank and, on 15 April 2019, he signed a Bankruptcy Restrictions Undertaking further extending his bankruptcy restrictions for eight years to 2027.

Restrictions imposed on him include borrowing more than £500 without telling a lender he is bankrupt and acting as a director of a company without the court’s permission.

Gerard O’Hare, Official Receiver for the Insolvency Service, said:

Sharaz Iqbal, while insolvent, knowingly participated in the fraudulent use of his bank account. The eight year undertaking should act as a deterrent to him and others from acting in the same way.

All public enquiries concerning the affairs of the bankrupt should be made to: The Official Receiver, Level One Apex Court City Link Nottingham NG2 4LA

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