• Text size      
  • Send this article to a friend
  • Print this article

Property tycoon declared bankrupt

A BUSINESSMAN who was once named in the Sunday Times Rich List has been declared bankrupt.

Thomas Coakley, once estimated to be worth £70 million, has been placed in sequestration after failing to pay Luxembourg-based firm Hadrian SARL.

The 50-year-old, who operates a commercial and residential property business, is also being pursued by Scots heating company Mmaxx Underfloor Heating Ltd over an alleged six-figure debt for work at his £1.5m home in Lochwinnoch, Renfrewshire.

Neil McFarlane, director of Mmaxx, said: "I imagine there are going to be a lot of people affected by this, a lot of people will lose money.

"We've been chasing Mr Coakley for more than £100,000 for five years now and I always suspected there might be nothing there to pursue.

"Thankfully our business has managed to survive without the cash but there may be others out there who are not as lucky."

Mr McFarlane recently lodged a legal action against Mr Coakley at Airdrie Sheriff Court seeking payment of the money.

However, Mr Coakley, whose address was given as Bothwell, South Lanarkshire, on the bankruptcy extract, denies that he owes the money.

Accountancy firm PriceWaterhouseCooper has been appointed as trustee in Mr Coakley's bankruptcy case.

Contextual targeting label: 
Finance

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

135907