THE former mayor of Longridge has been expelled from the Royal Institution of Chartered Surveyors after being declared bankrupt.

A disciplinary by the regulatory body heard that Coun Rupert Swarbrick was declared bankrupt after he was unable pay back debts totalling £2.3million in March 2009.

The debts related to his property firm, Magenta Holdings Limited, based in Eastgate, Accrington.

The hearing was told that the circumstances which led to Coun Swarbrick’s bankruptcy arose as a result of property investments which ‘ultimately he was unable to fund’.

The report stated: "Mr Swarbrick was a highly visible man in his community and the panel believes the public and professionals with whom he was dealing would have known of his RICS membership.

"According to the panel a sanction was necessary, but that neither a caution nor a reprimand would ‘adequately reflect the gravity of this matter’.

"Mr Swarbrick has admitted in evidence to the receiver that he was, at the time, living beyond his means."

It was revealed that Coun Swarbrick became unable to pay service charges on a number of properties which he had bought in 2006 with a significant bank loan.

"Whilst the panel recognises that market changes were beyond Mr Swarbrick’s control it considers that the investments amounted to rash and hazardous speculation and this factor aggravates the view it has taken of this case."

Coun Swarbrick was ordered to pay £3,239 in costs to the RICS Speaking yesterday he said: "Some developments got badly caught out by the credit crunch and I simply couldn't pay back some of the loans from banks.

"It has taken the institution a few years to reach a decision and after a disciplinary hearing I was expelled."

In October last year, Coun Swarbrick, launched a new business, Boundless Communications, a rural internet service provider.

He said: "I hope this new business will get me back on my feet."