Burge Lawyers 'Working Hard' to Annul Bankruptcy; Leading Welsh Entrepreneur 'Confident' of Overcoming a Revenue Petition on Tax Bill
Byline: Sin Barry
ONE of Wales' best known entrepreneurs Matt Burge has been declared bankrupt.
Australian Mr Burge, the co-founder of mobile phone contract reseller venture CommsDirect, was made bankrupt after a petition to the High Court in London from HM Revenue & Customs.
The petition was in relation to an unpaid personal tax bill of just over pounds 305,000.
The Bristol firm of insolvency practitioners David Exel Associates have been appointed in a bid to recoup repayment on behalf of the Revenue & Customs. They have effectively taken control of Mr Burge's assets at the time of his bankruptcy on January 14th - both in the UK and overseas.
Yesterday Mr Burge, who as a bankrupt has been forced to stand down as a director of a number companies, including as chair of ice hockey team the Cardiff Devils, said that he and his legal team were "working hard" to have the bankruptcy _annulled.
He said that he had been in discussions with the Revenue & Customs with a view to losses from some of his business interests effectively being offset against his personal tax bill - through something known as a negligible value claim.
He said that a number of losses have recently crystallised including around pounds 1m he had invested in Cardiff headquartered Comms-Direct, which went into administration just before Christmas. The assets of the business were acquired by the chair of Comms-Direct, doctor turn financier Jeremy Stone and some members of the management from the administrators at KPMG just before Christmas.
A new company has been established trading as Veraco. Mr Burge stood down as a director of CommsDirect last October.
Dr Stone had invested millions of pounds of his own money in CommsDirect. …