Property guru Glenn Armstrong, of Property Millionaire Academy, has been declared bankrupt, owing £4.9 million to dozens of creditors.

Armstrong, who has appeared on Channel 4’s How the Other Half Live and The Secret Millionaire, has spent years selling courses and home study programmes for people wanting to make cash out of property. He now has 21 days to appeal the decision.

His bank accounts will now been frozen and an insolvency practitioner will go through his affairs; 38 creditors are listed in the court papers, each looking to claim back huge amounts of up to £537,000.

Armstrong also has 10 unpaid county court judgements against his related companies dating back to 2017, totalling £566,987, as well as 10 unpaid personal county court judgements totalling £418,342.

- Advertisement -

Crimestoppers

In addition, Armstrong has been reported to the CrimeStoppers COVID Fraud Hotline by journalist Chris Mitchell, who says it has opened a file for investigating fraudulent Bounce Back loans.

Armstrong was one of many property gurus who posted videos discussing the loans, and although he was one of the more cautious advice givers, suggested these loans could be used in some circumstances to buy property.

Mitchell’s website – glennarmstrong.org.uk – asserts that over the last few years, hundreds of people say they have lost money when investing via his various businesses.

Mitchell says it’s the third time the high-profile investor has been declared bankrupt – once in 1992 and again in 2006 – and that creditors had previously found it hard to go to the police and explain what had happened to them because the financial circumstances were so complicated.

“It’s great that this will send the public a message,” says Mitchell. “I know many people who have given him money – one woman was an NHS worker who gave him £10,000. He won’t be able to do any property investment if he’s bankrupt as the insolvency practitioner will be hot on his heels.”

LandlordZONE has attempted to contact Glenn Armstrong.

9 COMMENTS

  1. Absolutely ridiculous to suggest he will not be able to do it again… What makes this bankruptcy any different to the last two? Was the IP not hot on his heels previously??

  2. He’ll be discharged in about a year.
    He will be able to gon benefits which is equivalent to a £35000 gross wage.
    I doubt many of those who lent him money are on wages like that!

  3. Why do Landlord Zone keep on calling him a property guru? They keep on calling these low lifes gurus. Do they even know the definition of a guru? Evidently he is not a guru. By doing so they are legitimising his business strategies surely?
    Yes in the headline it is in inverted commas but in the rest of the article (& many other articles it is not).

    Also if the author insists on using the term guru then they should say why they are using this term for him. For example, is he a self styled guru or has someone given him that title? Shoddy journalism.

    • Thanks for the feedback jc – indeed we use the inverted commas around the word guru to indicate it’s not being used in the literal sense. Also, it’s distracting for readers if we then use the inverted commas every time the word is used – I think it’s reasonable to assume readers know the term ‘property guru’ isn’t always a flattering one, particularly in the light of this story. Sorry if you disagree. Nigel – editor

  4. Companies House shows that Christoz Wild, the sartorial man who appears in videos with Glenn, is the new front of Glenn’s activities.

  5. He has now found a very lucrative way to make money through dodgy property Courses. Many are falling for his promises paying up to 10k ago. This is why it’s about time the government intervenes & licensed all these dirty companies. If this door isn’t closed people like Him will continue to reborn everyone a court shoots them down – sad but true.

LEAVE A REPLY

Please enter your comment!
Please enter your name here