Doubts on Montague mansion
Monday 24 October 1994
Mr Montague faces a bankruptcy hearing at the end of this week in Oxford County Court. He is said to have amassed personal debts of more than pounds 40m.
The value of country estates rose astronomically during the 1980s, but the price falls during the recession were at the forefront of the property slump.
Mr Montague bought the estate from Sir Simon Hornby, chairman of WH Smith, in 1990 - the year when the downturn in property prices started to accelerate sharply.
Barclays Bank has an pounds 8m mortgage secured against the estate, but it is not yet clear whether it will back the move being made to bankrupt Mr Montague by Royal Bank of Scotland, which is owed some pounds 2.3m, or whether it will support Mr Montague's attempts to avoid bankruptcy by having his creditors agree to an individual voluntary arrangement.
Mr Montague's other debts include one of pounds 7m to Commerzbank, the German bank, on a 139ft yacht. Worldwide prices of luxury yachts have also been ravaged by the recession. More than half the Montague family's debts are with Commerzbank. RBS could face a tough fight against Commerzbank to have its bankruptcy order passed by the courts.
Emergency call 'started off dumb, but got pretty serious'
Britain First criticised for using actress's memory to draw attention to their 'hate-filled home page'
Thought you'd seen it all after the Jeremy Paxman interview?
Greatest mystery about the hit BBC1 show is how it continues to be made at all, writes Grace Dent
"History is violent," says the US Army tank commander Don "Wardaddy" Collier
Animal welfare charities have urged the boy band to cut the scenes
Argentinian scored 'rabona' wonder goal for Tottenham in Europa League – see it here
- 1 This 'woman calls police to order pizza' story isn't going where you're expecting
- 2 Watch what happened when food critics were unknowingly served McDonald's
- 3 Jimmy Carr's controversial Oscar Pistorius joke goes a bit too far at the Q Awards
- 4 Ottawa shootings: Bruce MacKinnon's cartoon is the perfect tribute to soldier Nathan Cirillo
- 5 Of course, teenage girls need role models – but not like beauty vlogger Zoella
Isis releases first video showing the stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
This 'woman calls police to order pizza' story isn't going where you're expecting
FCKH8: YouTube reinstates provocative anti-sexism video showing young girls swearing
Diwali: What is the festival of lights – and how is it celebrated around the world?
Jimmy Carr's controversial Oscar Pistorius joke goes a bit too far at the Q Awards
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Residents should throw a street party and mix with immigrant neighbours, councils told
Attacks on 'Ukip Calypso' show how skewed people’s priorities are
iJobs Money & Business
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...
£100 - 125k: Guru Careers: A CTO / Chief Technology Officer is needed to join ...
Competitive (DOE): Guru Careers: A COO / Chief Operating Officer is needed to ...