The billionaire executive is now facing bankruptcy and a debt of £725 million, just months after proudly discussing the balance in their bank account.

Just a few months after boasting about amassing a £1.9 billion fortune, Robert 'Bob' Bull, who owned a £10 million mansion with a personal bowling alley and a fleet of supercars, has been declared bankrupt by a court on December 1. The Sun, which had the opportunity to explore his residence earlier this year, reported on the opulent lifestyle. Bull's company, RoyaleLife, specializing in transforming caravan parks into bungalow villages, was valued at £4 billion. However, according to Bloomberg, a county court in Southampton issued a bankruptcy order against him due to debts totaling £725 million.

Lawyers involved in a class-action bankruptcy petition against Bull contested his previous claims of immense wealth, asserting they were inaccurate.

Bull is indebted to his creditors with approximately £725 million across 22 loans. In an effort to address this, his legal representative informed the court that he has been seeking an individual voluntary arrangement (IVA), essentially a agreement to reduce the debt with those he owes money to.

According to Bloomberg, Bull is proposing that creditors accept only 0.25 percent of the owed amount, which would translate to £2 million instead of the full £725 million. Ben Channer, the lawyer representing the bankrupt former billionaire, acknowledged that it's not a substantial return for creditors, but it is a return nonetheless.

Contrastingly, Rory Brown, a lawyer representing one of the creditors, expressed skepticism about the proposed arrangement, stating, "We don’t know of any creditors saying ‘Oh yes, 0.25 pence in the pound, that would be marvelous.'"

Additionally, Brown emphasized that Mr. Bull's previous claims of considerable wealth were inaccurate.

For the IVA to proceed, Bull would need the approval of more than three-quarters of his creditors. However, a lawyer representing another lender revealed that over a quarter of them have already expressed their intention to vote against the proposed arrangement.

Bob Bull has faced bankruptcy previously, as revealed in his interview with The Times in May, where he disclosed experiencing a similar situation in 2016.

Despite his recent financial setbacks, Bull made a notable entry on The Sunday Times rich list this year, securing the 88th position among the 1,000 wealthiest individuals in the UK with an estimated fortune of £1.9 billion.

Reflecting on his initial bankruptcy, Bull shared that his father played a crucial role, stating, "My dad came out of semi-retirement to help me borrow £9.7 million," enabling him to successfully turn things around within a year.

The question of whether Bull will be able to rebound from his second bankruptcy remains uncertain and is a matter for the future.

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