An investigation by the Insolvency Service found Nicholas Constable, director of property agency Xenex Developments, failed to ensure the company dealt with its rental income in the correct manner. Constable had diverted nearly £900,000 of...
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Wrongful trading is a type of civil wrong found in UK insolvency law, under Section 214 Insolvency Act 1986. It was introduced to enable contributions to be obtained for the benefit of creditors from those responsible for mismanagement of the...
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David Parker, a tax accountant and business manager with 1980's pop band UB40, and the group’s bass player Earl Acton Falconer, have been banned from being company directors along with Lanval Reginald Storrod, who were directors of Reflex...
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Case Study – Bankruptcy Restrictions Order. 12-year bankruptcy restriction given after man received £8.5million from investors for failed spread betting scheme. What is a Bankruptcy Restriction Order (“BRO”)? Firstly what is a bankruptcy...
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Bankruptcy Restriction Orders (“BROs”) Introduction A BRO can be applied for within one year of the Bankruptcy Order being made or after one year with the permission of the Court. Only the Official Receiver or the Secretary of State can...
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We often get asked when dealing with creditors in insolvency situations, what the order of priority is for payments. Who ranks above whom? Where does the bank and HMRC rank? If the bank has security, do employees rank ahead of them? The simplest...
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A Director from a civil engineering and plant hire firm in Northern Ireland has been disqualified for six years in respect of his conduct as a director. Michael Fleville & Sons plant hire entered liquidation on 18 July, 2014, with estimated...
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Owain George is the former landlord of The Albion in Clifton Village and former Bristol Mayor candidate has been disqualified from being a director following the failure to pay HMRC. George stood as an independent candidate for Bristol mayor in...
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A director from an Indian Restaurant from the famous London Brick Lane district has been disqualified from acting as a company director for eight years after failing to provide proper accounting records. Mr MD Taj Uddin, 37, was the director of...
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Joseph Jordan, 24, has been banned for 14 years following an investigation by the Insolvency Services’ Public Interest Unit. Mr Jordan was disqualified for misrepresenting the sale of ‘fancy coloured diamonds’. It was discovered that Mr...
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