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Bankrupt man jailed after lying about property assets in Lincolnshire

By Boston Target  |  Posted: September 18, 2012

Lincoln Crown Court

Lincoln Crown Court

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A BANKRUPT who lied to the Official Receiver about his assets has been jailed for eight months at Lincoln Crown Court.

Keith Reams, of Sutterton, failed to mention he owned property in both Boston and Heckington during questioning after he was made bankrupt over a VAT debt of £18,000.

Kirsten Mercer, prosecuting, said Reams later sold the Heckington house for £94,000 using the money to clear some of his other debts but giving some of the proceeds to an insolvency practicioner to clear the HMRC debt.

The court was told that the insolvency practitioner is now being investigated over allegations of fraud.

Miss Mercer said Reams resigned his positions as a director of both Lincs Services and the Waggoners Rest Hotel after learning of his bankruptcy but continued to illegally act in the management of both companies.

Lincs Services, which provided agricultural labour, was later wound up and the Waggoners Rest subsequently went into administration.

Reams, 67, of Stone Lane, admitted two charges of perjury and two charges of being involved in the management of a company between May 2006 and August 2007 while an undischarged bankrupt. He has previously been banned from operating as a company director.

Recorder Jalil Asif QC told him: "There was clearly culpable dishonesty."

Neil Sands, defending, said Reams only learned of his bankruptcy some years after the order was made but took immediate steps to resign his directorships.

He said Reams had spent most of his life working on the land and was now in poor health with arthritis and other problems.

"He had a very limited education. He didn't set out to be dishonest.

"He now finds himself at the age of 67 living on a state pension of £140 a week. He lives in a room in shared accommodation.

"He has had no luxury lifestyle and has had no financial gain.

"All he was doing was seeking to get more comfortable things in his final years. Ultimately what has happened is the reverse."

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  • Adrian1208  |  September 18 2012, 10:01AM

    The greed of some people, this man wont pay his debts but is sitting on a small fortune. Bankruptcy is nothing but legalised fraud!!!

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  • simonlincs  |  September 18 2012, 9:57AM

    Is it me or do crimes involving money seem to get tougher sentences that violent crimes against people,yesterday the guy who assaulted a load of teenagers got off without a prison sentence...

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