Ungenius in History 3: The Biggest Bankruptcy

1 Feb

Stephen Pile’s Book of Heroic Failures reporting:

British bankruptcy history was made in 1978 by Mr William Stern. The 43-year-old property dealer’s assets totalled £10,070. His total liabilities were in excess of £100,000,000.

Hearing the case in the Royal London Bankruptcy Court, Mr Alan Sales, the Official Receiver, said, ‘This bankruptcy has been described as the world’s biggest, but really it is a very ordinary bankruptcy with noughts at the end.’

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