Neil Morrissey 'opts for IVA to repay £2.5m'
Neil Morrissey, the star of the comedy show Men Behaving Badly, is millions of pounds in debt after a property scheme in which he invested collapsed, it was reported at the weekend.The actor, who lives in Crouch End, north London, said he lost £2.5m after investing in a string of hotels and pubs. He told the News of the World he would not file for bankruptcy and intended to pay his creditors in full.
"Bankruptcy's the easy way out," he told the paper. "I decided no, I'd step up to the plate, try to do the right thing and get everyone their money back."
Morrissey has instead entered into an individual voluntary arrangement (IVA), which means that all his earnings, minus his living costs, will go to his creditors for more than three years.
He said: "People advise you to take the easy route – it'll only last a year and you'll be back up and running. But I just thought there are too many good people who've lost their money on these deals, and I wanted to repay them as much as I possibly could.
"I feel morally obliged. Afterwards I'll feel better about myself. Now I'm working very, very hard every second out there to earn another penny. I don't sit around and get depressed about things. It's not my character."
Morrissey, who provided some of the voices in the children's television show Bob the Builder, set up a property company five years ago. It bought pubs and hotels around the country, including Brown's Hotel in Laugharne, where Welsh poet Dylan Thomas was a regular.
The company overstretched itself and collapsed, forcing Morrissey's business partner into bankruptcy.
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