Businessman loses bankruptcy battle

A former music manager has been adjudicated bankrupt by a court after offering to pay £1.35 million to a bank he owes almost £2.6 million to.

Sam Alder argued Lloyds Bank International was being unreasonable when it turned down the offer - in 2013 he'd been ordered by a court to repay the cash.

High Bailiff John Needham said Mr Alder had made the offer on the first day of an adjudication hearing, and had liabilities totalling £6 million.

He found in favour of the bank and said Mr Alder was bankrupt.