As part of Investec’s argument, it claimed investigators discovered that Mr Barclay “regularly moves addresses – apparently for tax reasons”.
The bank said: “The debtor has been actively avoiding service since November 2023. He has refused to provide an address for service and has instructed his accountants not to disclose his address.”
Mr Barclay has enlisted insolvency experts at Begbies Traynor to explore a so-called individual voluntary arrangement with creditors.
This has led to the bankruptcy hearing being delayed until a future date.
As part of its submissions, Investec sought to alert the court to Mr Barclay’s current financial position, claiming he still has “substantial assets in the UK”.
The bank highlighted Mr Barclay’s involvement in various property companies, the estate agent Yopa and a Swedish start-up.
It said: “While the debtor has resigned all his directorships in the Yopa group, he continues to be involved in the management of another estate agency named Hillgate Management.
“Hillgate Management is a Barclay family company, albeit one founded by Sir Frederick and David Barclay rather than the debtor.”
It is against the Hillgate entity that Mr Barclay secured a separate £23.5m banking facility with Deutsche Bank.
Investec said this loan was secured “to fund certain investment opportunities”, adding that “this is another example of the debtor incurring personal liability to fund his UK businesses”.
The dispute comes amid broader questions about the Barclay family’s finances.
Last week, a £278m black hole emerged in The Telegraph’s finances as a result of loans extracted by the family, which are unlikely to ever be repaid.
A spokesman told the Independent, “The business has been managed responsibly and within all legal frameworks, with all accounts approved by auditors.”
Alongside his older half-brothers Aidan and Howard, Alistair Barclay forms part of a trio which controls the bulk of the family’s business interests via an offshore trust. This includes The Telegraph, The Spectator and online retailer Very.
They are the current owners of The Telegraph but have no control over it. RedBird IMI acquired the option to take ownership last year but was blocked by the Government from doing so over press freedom fears. On Friday RedBird IMI put the business up for sale again.
Alistair first came to prominence in 2020 when he was accused of installing a bugging device in a private area of the Ritz hotel, which the family owned and was used by Sir Frederick Barclay for business meetings.
Investec declined to comment. Mr Barclay was approached for comment.