Chek Whyte was declared bankrupt in early September after failing to arrange a Individual Voluntary Agreement (IVA) with his creditors. However, yesterday, Whyte managed to persuade an incredibly small majority of creditors to accept a new IVA at a private meeting at his business advisors office in Nottingham.
Creditors and solicitors for Whyte spent nearly six hours thrashing out the deal and at the end the votes apparently had to be recounted it was so close.
Whyte told the Nottingham Evening Post that "It was a very marginal decision. Trying to get the votes verified was quite a complex decision. It's been traumatic."
The Post reports that the IVA agreement "is thought to allow Mr Whyte to maximise payments to creditors by letting him refinance or sell ongoing developments to raise the money owed".
None of the creditors would talk about the meeting or what went on. Whyte can now apply to the courts to have his bankruptcy order annulled.