Bookmaker Billy King Jr took his 82-year-old uncle Hugh King to court over the unpaid debt.
A high profile Glasgow businessman has been made bankrupt by his bookmaker nephew over an unpaid £400,000 loan.
Lawyer Angela McCracken, acting for Billy, told the court that none of the cash has been repaid since the loan was given in September 2019. Ms McCracken objected to the case being continued and added: "I've been receiving emails since this case started that money is coming. It was always going to be a few days away but it never came. We've been here many times before."Mr Hugh King is a very wealthy man. He has a number of assets, not least what could be described as a palatial mansion. He just doesn't want to pay.
Billy is a director of the family-run William King bookmakers, with shops across Glasgow. His dad, Billy Sr, Hugh's older brother, passed away last September, aged 85. He was also a director of William King, which was founded in the 30s. Insolvency experts Begbies Traynor had seized a luxury property, also in Whitecraigs. The house had been bought by a Gibraltar-based property firm in 2008 for £1million. It was sold last month for offers over £675,000, with proceeds going to pay off King's debts.
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