Infamous property guru Glenn Armstrong, who misled dozens of investors by promising to make them rich, has been handed tough bankruptcy restrictions lasting 12 years.

The 64-year-old was previously subject to an 18-month interim Bankrputcy Restrictions Order secured in August 2022, but following a High Court judgement, he is now unable to borrow more than £500 without telling a lender about the restrictions, or act as a company director without the court’s permission.

It's the latest chapter in a long-running legal drama which began when a creditor applied to make him bankrupt in April 2018. Following this petition, investigations by the Insolvency Service exposed Armstrong, of Pearcy Close, Harold Wood, of giving false and misleading information to obtain £273,000 from four individuals.

Deprived

Armstrong had signed an undertaking with the Financial Conduct Authority in December 2018 to not enter into any further loan agreements either directly or through his companies. He also deprived creditors of £458,738 through transfers he made to associated parties.

The property developer, who appeared on TV programmes How the Other Half Live and The Secret Millionaire programmes in the late noughties, was declared bankrupt in February 2021 when it was reported that he owed creditors £4.9 million.

In August 2022, his seven-bedroom ‘trophy mansion’ that he often used within his marketing effort, was repossessed by bailiffs. However, Armstrong’s website – the Property Millionaire Academy – is still flaunting his wealth and offering to make BTL investors rich.

Joe Sullivan, official receiver at the Insolvency Service, says Armstrong’s conduct in misleading investors was unacceptable.

He adds: “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.”