BUSINESSMAN Richard Carr stashed away more than £500,000 soon after his businesses went into administration – despite owing millions to his creditors.

Following the collapse of his two main companies last year, the 50-year-old former leisure company boss and property developer ran up more debt by continuing to live his former lifestyle.

The details emerged as Mr Carr agreed to restrictions which will prevent him becoming a company director again for 10 years without a court’s permission.

Details released by the Insolvency Service show how, within weeks of Future 3000 and Ravine Lifestyle going into administration last July, Mr Carr incurred credit of £104,509.

He also put £100,000 into a US bank account, which he said was to repay money to an American friend.

The following month nearly £270,000, the proceeds of property sales, was paid into the bank account of a relative’s husband. His creditors, who were owed more than £8 million when Mr Carr was later declared personally bankrupt last autumn, received nothing.

On August 12 and August 21 last year, investigations showed, Mr Carr made total cash withdrawals of £150,000 from his UK bank account.

Mr Carr’s previous success had afforded him a glamorous lifestyle with fast cars and boats, as well as a home in Poole’s exclusive Sandbanks.

He was made bankrupt at Bournemouth County Court on October 10, 2008. The order was due to come to an end on Monday.

But, following his “unfit conduct,” the father-of-one is now facing 10 more years of restrictions after signing a bankruptcy restriction undertaking of which details were disclosed yesterday.

Bournemouth Official Receiver Tony Ryan said: “Mr Carr’s business failures resulted in him becoming liable for significant sums under company guarantees.

“At a time when he was aware of these liabilities, his actions put his personal assets beyond the reach of his creditors, and such culpable conduct warranted investigation by the Insolvency Service following the Bankruptcy Order made against him on October 10 2008.

“His trustee in bankruptcy continues to seek recoveries for the benefit of his creditors.”

An official statement of Mr Carr’s “unfit conduct” said: “Although Mr Carr either knew or ought to have known that he was personally insolvent, he continued to use his existing credit facilities to fund his previous lifestyle, which he made no attempt to moderate.”

When his two main companies went into administration, Mr Carr was liable for £7.5m of the companies’ debts, which he had personally guaranteed.

He also owed more than £17,500 on his credit cards and £14,477 to his personal bank. His assets at the time totalled £536,194, comprising a credit bank balance, proceeds from the sale of two properties and a £500 watch.

Mr Carr must now disclose his status if he wishes to get more than £500 credit or carry on a business in a different name.

He cannot act as a company director without the court’s permission, act as an insolvency practitioner or become an MP in England or Wales.

After being declared bankrupt he told the Daily Echo that he would be doing some consultancy work with other companies “to keep the wolf from the door”.

He added: “You’ve got to keep smiling and move on.”

Mr Carr said yesterday he did not wish to comment until the original bankruptcy order comes to an end on Monday.

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