William Stern (businessman)

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William Stern
Born
Vilmos György Stern

(1935-07-02)2 July 1935
Budapest, Hungary
Died21 March 2020(2020-03-21) (aged 84)
NationalityHungarian, British
OccupationBusinessman
Known forOwner of Stern Group, Britain's then biggest bankruptcy with debts of £118 million in 1973
SpouseShoshana Stempel (Freshwater)

William George Stern (born Vilmos György Stern, 2 July 1935 – 21 March 2020)[1][2] was a British businessman most notable as the owner of the Stern Group of companies. When it collapsed in 1973, Stern became Britain's biggest bankrupt with debts of £118 million.[3][4][5] The uninsured losses sustained by thousands of investors led directly to the creation of Britain's first Policyholders' Protection Act.[4][6] He died during the COVID-19 pandemic due to complications brought on by COVID-19.

Early life

He was born Vilmos György Stern or Ze’ev HaKohen Stern in Budapest, the youngest of three children of Chaim Stern, who owned a textile factory supplying goods to the Hungarian government.[2]

When

Hungary was invaded by Nazi Germany in March 1944, Stern along with his family, escaped on the Kastner train, which carried 1,684 Jews to safety in Switzerland
.

Career

During the 1960s, rising economic fortunes in Britain led to the creation of the first

insurance companies. One such intermediary was Nation Life Insurance, part of the Stern Group.[6]

As a result of the

British Parliament on several occasions,[7][8][9] and a BBC documentary on the subject aired in 1974.[10] Thousands of private investors lost their life savings, since at the time there was no compensation scheme in place to protect them.[4] As a direct consequence of Nation Life's failure, the 1975 Policyholders' Protection Act was introduced, which mandates investors' insurance be paid for by a one per cent levy on investment premiums.[4][6]

After being discharged in 1987, Stern resumed his business activities, until a second commercial empire under his control collapsed in the 1990s with debts of £11 million.[3][4] He was subsequently banned from serving as a company director for twelve years in April 2000, following the emergence of evidence that he had appropriated £1.5 million from the business despite his prior knowledge that it was on the brink of failure.[3][4]


Personal life

In 1957 or 1958, he married Shoshana Stempel (Freshwater).[11][2]

In 2000, Stern was living in a "£4m six-bedroom mansion" in West Heath Avenue, Hampstead, London, owned another home in Jerusalem, and a villa in the south of France.[12]

Death

He died on 21 March 2020 from COVID-19. He was eulogised as a "titan" by relative-in-law Rabbi Pini Dunner.[13][2]

References

  1. ^ "USC Shoah Foundation". USC Shoah Foundation. Archived from the original on 27 May 2012. Retrieved 22 June 2020.
  2. ^ a b c d "On the Passing of a Titan". Rabbi Dunner. 26 March 2020. Retrieved 28 March 2020.
  3. ^ a b c "Not-so-hard times for the celebrity bankrupts". Evening Standard. 17 August 2001. Archived from the original on 17 May 2008.
  4. ^ a b c d e f Charles, James (25 June 2008). "The 10 worst property investments ever". The Times. UK. Archived from the original on 7 July 2010. Retrieved 20 October 2008.
  5. Montreal Gazette
    . 2 June 1978.
  6. ^ a b c d e "Stern reminders of earlier property crashes". The Daily Telegraph. UK. 9 December 2007.
  7. ^ "Nation Life Insurance and Stern Group". Parliamentary Debates (Hansard). House of Commons. 12 November 1975. col. 815–816.
  8. ^ "Nation Life (Liquidation)". Parliamentary Debates (Hansard). House of Commons. 15 December 1975. col. 958–960.
  9. ^ "Crown Agents (Financial Assistance)". Parliamentary Debates (Hansard). House of Commons. 20 December 1976. col. 115–158.
  10. ^ "Man Alive: The Rise and Fall of William Stern". BBC. 1974. Archived from the original on 8 February 2009. Retrieved 20 October 2008.
  11. ^ "Halberstam & Anor v Gladstar Ltd / [2005] EWHC 179 (QB)". Casemine. 2005. Retrieved 12 April 2020.
  12. ^ Atkinson, Dan (19 April 2000). "Stern & son barred from boardrooms". The Guardian. Retrieved 28 March 2020.
  13. ^ Weaver, Matthew (23 March 2020). "'Devastating': vicar and headteacher among latest UK coronavirus victims". The Guardian. Retrieved 23 March 2020.