Directors of a debt advice firm in Keighley disqualified for 6 years
Latest News & Events
Good News for Consumers who for pay for advice on managing their debts. A New Debt Management Plan protocol will seek to ensure that consumers will not be charged any fees before…
News & Events
25 Dec 2011 22:19
Director disqualified for 15 years for property scam
Director disqualified 15yrs for property scam
A director has been disqualified for 15 years for property scam, report the Insolvency Service.
A director of Maple Grow Limited, Mahmood Anwar Yaqub, has been disqualified from being a company director or in any way managing or controlling a limited company by Birmingham County Court for 15 years, following an investigation by the Insolvency Service.
The investigation found that Mr Yaqub, 48, and other directors of the company obtained mortgage advances of almost £1.8m on six properties which they knew were worth less than £1m.
They had previously purchased the properties for around £960,000 before selling them to their own company.
The properties have subsequently been sold for less than £600,000 to who?. Maple Grow Limited went into Administration on 26 March 2009 with liabilities of around £3.5m.
Mr Yaqub’s disqualification came into effect on 14 December.
Four other directors of Maple Grow Limited have already offered disqualification undertakings totalling 32 years to the Secretary of State.
Commenting on the disqualifications, Claire Entwistle, Director of Company Investigations North said:
“The order given by Birmingham County Court in respect of Mahmood Anwar Yaqub sends a clear message to other company directors; if you run a business in a way that is detrimental to either its customers or its creditors you will be investigated by the Insolvency Service and removed from the business environment.”
Article credit : Millie Dyson of myi
Read More News
HM Revenue and Customs has saved about £126m by introducing online filing of tax returns, but it needs a better understanding of the costs and benefits of the project to inform future…
Leader of Brentwood’s Liberal Democrats, Cllr David Kendall, has called for the resignation of a senior member of Brentwood Council’s Tory administration after the council failed to…
The number of English and Welsh companies going bust was 4.4 per cent higher in the second quarter than a year earlier, as firms struggled to compete in the current economic climate.
Limited liability is not complete protection for directors and they must carefully consider their actions and, indeed, failures to act in order to avoid “piercing the corporate veil”.…
Bankrupt clients from Ireland have used a Leicester solicitor and UK courts to wipe out more than €1bn debts taken out in the republicplus read Thatchers seven steps for Irish…
Debt Statistics released June 2012
Almost 300,000 businesses failed last year, according to a new report by the Office of National Statistics.
No more nodding NEDs (Non Executive Directors) - FSA to make non-execs consumer champions
Following action taken by the director of the Serious Fraud Office (SFO) in the High Court, an order has been made for Mabey Engineering (Holdings) Ltd to pay more than £130,000 in…
National money education charity Credit Action today revealed that one person is declared insolvent or bankrupt every 60 seconds during the working week.
Fewer people were declared insolvent in 2011 in England and Wales than during the previous year, but the number of companies going bust increased.
Director Disqualification and Farepak. Business secretary Vince Cable has stepped up the pressure on HBOS to boost the coffers of the Farepak compensation fund, after the bank was rebuked for…
Director Disqualification - Rental Company. Daniel Richard Maurice McCarthy, the director of Jupita Ltd, a rental company based in the Wirral, has been disqualified as a director for eight…
Good News for Consumers who for pay for advice on managing their debts. A New Debt Management Plan protocol will seek to ensure that consumers will not be charged any fees before signing a…