Property fraudster O'Kane bankrupt
A convicted international property fraudster who conned investors out of nearly £4m has been declared bankrupt.
Friday, 15 June 2012
The High Court adjudication was made against Kevin O'Kane following petitions by more than 40 victims of a Turkish holiday home scam.
His assets are now to be liquidated in an effort to pay back some of his debts running into millions of pounds.
Earlier this year the 52-year-old, from Ballynease Road, Portglenone, Co Antrim was jailed for four-and-a-half years for running the bogus operation.
O'Kane, a one-time oil and coal merchant, was found guilty of more than 150 offences of obtaining money or property by deception and fraud by false representation.
He portrayed himself as the landowner, builder and developer of the Golden Beach villas development when, in reality, he owned nothing of the scheme.
One of his victims, who handed over £75,000, has been left with a monthly bank bill of £600 for the next 17 years.
Once criminal proceedings were completed investors secured summary judgment for all money owed to them.
But with no sign of repayment, those who paid out for villas in Turkey petitioned to have O' Kane declared bankrupt.
The action was brought by one law firm on behalf of 20 creditors, and supported by the legal representatives of another 25 investors.
In total they are seeking to have around £3.5m paid back to them.
Following a brief hearing Darren Toombs, of Carson McDowell Solicitors, confirmed a bankruptcy order was made against O'Kane.
He said: "Mr O'Kane's assets will now be vested with the official receiver pending the appointment of a trustee in bankruptcy who will act to liquidate or realise his assets in the best interests of creditors."