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Norton Motorcycles ex-owner ordered to pay back missing £14m in pensions
Stuart Garner denied permission to appeal ombudsman’s ruling on repaying funds
The former owner of Norton Motorcycles will be forced to pay back about £14m missing from the company’s employee retirement fund, after being refused permission to appeal a pensions ombudsman’s ruling.
The court’s refusal to entertain Garner’s request to appeal is another blow for the businessman, who appears to have been pushed a step closer to personal bankruptcy.
Norton slumped into administration in January and Garner is already the subject of a personal bankruptcy petition filed by Leicester City Council.
The repayment of the £14m to the pension holders – the vast majority of whom were never Norton employees – had been on hold while the court considered Garner’s request for permission to appeal.