Milton Keynes man who coached people how to become property millionaires is given tough bankruptcy restrictions

A city property developer who misled investors has this month been made subject to more tough bankruptcy restrictions.

Glenn Armstrong was declared bankrupt in February 2021 after it was revealed that he owed creditors up to £5m.

This month he has been handed a Bankruptcy Restrictions Order at the High Court, following investigations by the Insolvency Service.

The 64-year-old was previously subject to an 18-month interim BRO secured in August 2022 and imposing restrictions until the court made a final decision on the case.

The new order means he is unable to borrow more than £500 without telling a lender that he is subject to extended restrictions. He is also not allowed to act as a company director without the court’s permission for the next 12 years, until 2036.

Bankruptcy proceedings began against Armstrong in April 2018, when a creditor petitioned to make him bankrupt.

Following this petition, Armstrong provided false and misleading information to four individuals, enabling him to obtain £273,000.

He had signed an undertaking with the Financial Conduct Authority in December 2018 where he stated he would not enter into any further loan agreements either directly or through his companies.

Armstrong also deprived creditors of £458,738 through transfers he made to associated parties

Joe Sullivan, Official Receiver at the Insolvency Service, said: “Glenn Armstrong’s conduct in misleading investors was unacceptable and we are pleased to have secured stringent bankruptcy restrictions against him.

“The 12-year Bankruptcy Restrictions Order which follows on from an interim 18-month BRO reflects the seriousness of the case and misconduct identified by the Insolvency Service.

“We will not hesitate to take robust action when financial wrongdoing is uncovered.”

Glenn Armstrong once appeared in on Channel 4's How the Other Half Live and The Secret Millionaire programmes. He launched the Property Millionaire Academy, selling courses and home study programmes for people wanting to make cash out of property.

A former taxi driver, at one stage owned 200 properties worth around £30 million in and around Milton Keynes.

He lived in a mansion in Sherington, near Newport Pagnell, until moving out suddenly a few years ago.

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