A financial adviser has been given a 15-year bankruptcy restriction order for acting in the management of a limited company despite having previously agreed to a disqualification undertaking for 10 years, and breaching a bankruptcy order.
Stephen Benjamin James Todd had offered a disqualification undertaking on 8 October 2012 not to act as a director nor directly or indirectly act as a receiver of a company's property as a consequence of his previous conduct as a director of a company in liquidation, The Insolvency Service said.
Acting in the management of IPR Capital Limited, Todd's following misconduct occurred in periods between 2013 and 2 February 2015. IPR went into provisional liquidation on 2 February 2015 and then liquidation on 1 April 2015 with liabilities of over £10m.
Todd failed to disclose his income from IPR and other parties in the bankruptcy proceedings. The Insolvency Service said he received at least £517,100 from IPR and another £59,904 worth of payments between 29 April 2013 and 6 January 2014 from "other parties".
Todd stated he had assets worth an approximate value of £8,800 to the Official Receiver. As of 29 April 2013, his liabilities amounted to at least £454,107, of which £363,607 was due because of unpaid National Insurance contributions, self-assessed tax and penalties, The Insolvency Service said.
Registrar Derrett, who handed Todd the maximum possible 15-year bankruptcy restriction order, said it was one of the worst examples of disregard for insolvency and the directors disqualification regime.
Todd was given the restriction on 15 December 2016, but the information has only just been made public by The Insolvency Service.
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