Neil Morrissey
Which showbiz stars are losing out in the credit crunch?
Neil Morrissey has lost £2.5 million after the property scheme he invested in has collapsed. The company invested in pubs and hotels around the country, but after over stretching itself, collapsed.
Morrissey has vowed to pay back every penny to his creditors and not file for bankruptcy. So he has set up an independent voluntary agreement (IVA) so all his earning, minus his living costs, will be used to pay off the debt over a minimum three year period.
