Morris bankrupt
SIMON Morris, the former Leeds United director whose property group collapsed last year with reported debts of more than £50m, has been declared bankrupt.
Bob Maxwell, partner at Begbies Traynor in Leeds and joint administrator of SRM Holdings Group, the company owned by Mr Morris, stated: “The bankruptcy was, I’m afraid, inevitable given the huge debts and significant guarantees held by creditors.
“This latest development opens a new chapter in the affair and the trustees will now have the duty to look at every aspect of Mr Morris’ personal finances.”
A bankruptcy order was filed at Leeds County Court.
Leeds-based residential and commercial property business SRM Holdings and 36 of its subsidiaries were put into administration with most of the major UK high street banks the main creditors in October 2008.
Administrators from insolvency specialists Begbies Traynor in Leeds were appointed to the business, which has its headquarters at Brewery Wharf in Leeds and owned a portfolio of more than 500 properties, mostly flats in Leeds.
Mr Morris was subsequently made redundant from his own company and was also bailed after being arrested during a series of raids by police investigating fraud and money laundering allegations.
The former Leeds United director was one of eight people arrested during raids across West Yorkshire and the West Midlands.
Mr Morris was a member of a consortium of Yorkshire-based businessmen who bought Leeds United in 2004 before it was sold to former Chelsea chairman Ken Bates 10 months later.
