Debt setback for former property tycoon following court hearing

Mr Linfoot was the main owner and chairman of Leeds-based residential property developers, KW Linfoot plc, until February 2009 when the company went into voluntary liquidation.

Soon after, his assets which included Ravenswick Hall, set in 198 acres near Kirkbymoorside, and Bishopsthorpe Garth, York, were valued at £184,501 as against an estimated deficiency of more than £7.5m.

Both of the properties are heavily mortgaged and at Ravenswick Hall the cost of repairs has been estimated at around £1m.

In March 2010, Mr Linfoot agreed to an individual voluntary arrangement – designed as an alternative to bankruptcy – under the terms of which he was to pay £2,700 a month for five years, a 
total of £162,000.

Although Mr Linfoot had duly paid his monthly contributions, the supervisor of the arrangement served a notice of default on him in January this year.

Now an application to amend the agreement has been refused at Leeds County Court.

Mr Linfoot went to court after a creditors’ meeting refused to sanction an amendment to his individual voluntary arrangement in April 2012. He had wanted the voluntary payments he is making and sums due from the sale of some number plates to be paid by a third party.

Bank of Scotland and National Westminster Bank voted against the amendment and it was blocked after Mr Linfoot failed to achieve the required 75 per cent majority of creditors in favour.

In court, Mr Linfoot’s lawyers argued that the meeting should have been adjourned in order to investigate a purchase offer of £4,678,000 for Ravenswick Hall, and an offer of £2,600,000 for Bishopsthorpe Garth, both received in April this year.

However, Judge John Behrens has moved to dismiss Mr Linfoot’s application.