A claim for bankruptcy has been presented against the businessman behind a trust services firm which went into liquidation in 2020.

The bankruptcy petition against Edward Watkin Gittins and his wife Maura has been presented by the liquidators of Montpelier (Trust and Corporate) Services Ltd.

Mr Gittins has said he will be vigorously defending the case against him.

Montpelier (Trust and Corporate) Services Ltd was wound up by the high court in the public interest in 2020 with Gordon Wilson having been appointed as receiver and manager the previous year.

Regulator the Financial Services Authority had accused Montpelier of diverting millions of pounds of client money.

Island resident Mr Gittins was the company’s managing director and beneficial owner.

The bankruptcy petition was presented by the liquidators in January and February this year and the claims are to be heard in the high court on June 17.

Creditors can attend the hearing in person and through their lawyer to either support or oppose the making of a bankruptcy order.

Mr Gittins’ liabilities were set out in an appeal court judgment handed down in September last year.

He was described by Judge of Appeal Anthony Cross KC in the judgment as ‘someone who repeatedly fails to honour his obligations to the court which is reflected in his failure to honour obligations elsewhere’.

Costs ordered by the court in 2022 and 2024 amounted to more than £240,000. A 2020 injunction was awarded in favour of the liquidators in the sum of £482,273.

The judgment concerned an order for costs of £52,451 to be paid to the company in liquidation. Mr Gittins has sought £35,000 to be stayed but agreed the balance was payable.

But the judge of appeal heard there had been a failure to pay £192,000 ordered by the same court.

The court heard that Mr Gittins owed £21,672.87 to Manx Utilities, there was a joint loan outstanding to the Royal Bank of Scotland in the sum of £938,844 and he owed a company £30,000 for fees to his own legal counsel.

He owed the Assessor of Income Tax £183,687, the Financial Services Authority £12,490 and owed Douglas Borough Council £7,848 in respect of 59 parking fines.

Nevertheless, Mr Gittins professed to be a wealthy man whose assets exceeded his liabilities.

Among his assets are his £7m home in the island, Ballavale mansion, a £20,000 Mercedes Benz 380 SL and an island-based company which bought a stud in the Republic of Ireland in 2009 which he believes to be worth between 4m and 5m euros.

But the judge of appeal said Mr Gittins’ claim to wealth was ‘barely borne out’ by his failure to pay the £17,451 by the due date and he had sought extra time to pay by either borrowing and/or pawning family treasures. ‘These are not the actions of a rich man,’ said the judge.

Anyone who intends to appear at the bankruptcy hearing must give notice in writing to the liquidators’ advocates by 5pm on April 30.