Insolvency Services News

Director banned for 11 years after trying to deceive the court

Director accepts 11 year undertaking for attempting to deceive court with false statements and sham*documents. On 12 September 2017 the Secretary of State for Business, Energy and Industrial Strategy accepted a disqualification undertaking from Mr C...

November 10th, 2017|

Too good to be true…it usually is. Directors given 15 year bans

Two directors have each been banned for 15 years following a ?200,000*scam. Robert Adolf Mathilde Stitzinger and Omar Babbar Amighetti were each disqualified as directors for 15 years on 16 August 2017 for their part in a bank transaction scam invo...

November 10th, 2017|

Restaurant boss gets 7 year ban for employing illegal workers

The director of a restaurant in Berkshire has been disqualified from acting as a director in connection with employing illegal*workers.

Mrs Rokeya Monir, the sole registered director of Nawab Lounge Ltd, which traded as Nawab, an Indian restaurant and takeaway in Thatcham, Berkshire has been disqualified from acting as a company director for seven years having given disqualification undertakings to the Secretary of State for Business, Energy & Industrial Strategy, which commenced on 28 September 2017 for employing three illegal workers.
Monir?s disqualification follows investigations carried out by the Insolvency Service and Home Office Immigration Enforcement.

Having inspected the premises in January 2015, Home Office Immigration Enforcement officials found three illegal workers and imposed a penalty of ?30,000.

On 27 February 2015, Home Office Immigration Enforcement issued Nawab Lounge Ltd with a Notification of Liability for a Civil Penalty for ?30,000 in respect of the company?s employment of three illegal workers. Payment was due on or before 31 March 2015, however, on 5 August 2015 Nawab Lounge Ltd went into liquidation and the penalty remained unpaid.

Commenting on the disqualification, David Brooks a Chief Investigator with the Insolvency Service said:

The Insolvency Service rigorously pursues directors who fail to pay penalties imposed by the government for breaking employment and immigration laws. We have worked closely in this case with our colleagues at the Home Office to achieve this disqualification.

The director sought to gain an unfair advantage over her competitors by employing individuals who did not have the right to work in the UK in breach of her duty as a director.

The public has a right to expect that those who break the law will face the consequences. If you fail to comply with your obligations, the Insolvency Service will investigate and you run the risk of being removed from the business environment.


October 26th, 2017|

Restaurant director in hot water for lack of accounting records

The boss of a London restaurant has been disqualified from acting as a director for failing to provide adequate accounting records of his*company. Mr Ajaz Manan Din Mir, a registered director of Emerald City Ltd, which traded as Anokha Indian Bar a...

October 26th, 2017|

Binary option scam companies wound up

Two scam companies offering a binary options trading platform to members of the public have been shut down following an investigation by the Insolvency*Service.

Hampshire Capital Ventures Limited (Hampshire Capital), and its successor, Solaris Vision Ltd, a Bulgarian registered company, registration number 204122391, were wound up by the High Court on 18 October 2017. Hampshire Capital, followed by Solaris Vision Ltd, operated using the trading styles Magnum Options and Magnum Options EU, via a trading platform, using the websites www.magnumoptions.eu and latterly www.magnumoptions.com .

There were 41 complaints made to the police against Magnum Options in the period February 2016 to March 2017, with customers reporting losses of over ?750,000.

Those websites offered members of the public the opportunity to conduct binary options trading, which is a form of fixed-odds betting on movements in financial markets. The websites made numerous claims as to possible investment returns, with an 81% return rate per trade used as a headline throughout the websites.

Solaris Vision Ltd was placed into provisional liquidation by the High Court in London on 8 August 2017, on the application of the Insolvency Service, due to its concerns that the company were posing an ongoing risk to the public by operation of its fraudulent trading platform. The websites have not been accessible since 25 September 2017.

The investigation into both companies found that they had attracted customers through viral internet marketing, offering guaranteed fixed returns as set out throughout the above websites. Customers were not made aware of terms and conditions at the point of sale. Those terms and conditions were deemed to be onerous and unfair on customers, requiring them to trade 30 or 40 times their account balances in order to make withdrawals. Even when some customers did do so, no pay-outs were made. Customers who sought withdrawals or repayments of their deposits were mainly met with silence from the companies, who were only contactable by email after the time customers signed up for trading.

In other instances the companies had made unauthorised withdrawals from customers credit or debit cards, a point which Registrar Jones stressed was of serious concern during the winding up hearing on 18 October 2017.

Neither company cooperated with the investigation.

The companies targeted customers worldwide, all the while giving the impression that they operated out of the UK, by referring to UK trading addresses on the websites. Those addresses turned out to be accommodation addresses, for which neither company were authorised to use.

Hampshire Capital has previously come to the attention of public authorities in other countries, as follows: On 13 May 2016, the British Columbia Securities Commission published a notice, referring to ?Magnum Options, operated by Hampshire Capital Ventures Ltd? and advising residents to exercise caution when dealing with ?firms that are not registered to trade or advise in BC?.

On 14 December 2016, the Director of the Securities Division of the Financial and Consumer Affairs Authority of Saskatchewan made a temporary order restraining Hampshire from carrying out certain activities.

On 16 January 2017, the Australian Securities & Investments Commission published a notice advising that Hampshire ?could be involved in a scam? and warning: ?Do not deal with this business as it is unlicensed in Australia?.

October 26th, 2017|

Last orders for directors after falsely recording cash takings

The directors of a restaurant in Wingham have been disqualified for a combined total of ten and a half*years.

Moynoor and Angura Rashid, directors of Salma Cuisine Limited which traded as Salma Restaurant, based in the village of Wingham near Canterbury, have been disqualified from acting as company directors following investigations by the Insolvency Service and HMRC.

Both gave disqualification undertakings to the Secretary of State for Business, Energy & Industrial Strategy, Moynoor Rashid banned for seven years and Angura Rashid for three and a half years.

At liquidation, the company owed in excess of ?400,000 to HMRC.

An in-depth HMRC investigation revealed significant suppression of cash takings resulting in a VAT assessment of ?85,794 and additional penalties of ?52,897 being raised. HMRC also reassessed the company?s Corporation Tax liability to be ?135,009.
Mr Moynoor Rashid was also issued with a personal liability notice of ?80,967 due to the deliberate suppression of sales income.

Commenting on the disqualification, David Brooks a Chief Investigator with the Insolvency Service said:

The periods of these disqualifications sends a clear message to other company directors that tax abuse of any kind will not be tolerated, especially when takings are channelled to directors.

Much of the public service is funded by the correct amount of taxes being paid. By not declaring and paying the correct amount of taxes, the public has been deprived from receiving the services it deserves from the public sector. The Insolvency Service therefore will not hesitate to remove bosses from the business environment in order to protect the public.


October 26th, 2017|
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