Renowned local businessman Graham Ferguson Lacey has been declared bankrupt.
Island based company Stilwell Limited brought the bankruptcy claim against Mr Ferguson Lacey over an outstanding payment of £962,976.
Throughout a court hearing it transpired Mr Ferguson Lacey had previously applied for bankruptcy in August of this year.
In total it’s estimated he owes in the region of £2.2 million in executions alone in the Isle of Man.
Mr Ferguson Lacey was not present at the proceedings citing ill health.
Despite suggestions he declare himself bankrupt in England Deemster Doyle said he felt it should happen on Island given the location of his creditors.
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