Insolvency Advice & Business Rescue – Full UK Coverage
Let HBG help you with your financial issues with our free and expert advice from our many experienced partners and consultants. Speak with someone TODAY
Our business turnaround and insolvency services include:
For the past 35 years our partners and consultants have been helping and supporting businesses and business owners recover from difficult trading situations. For us the concept of HBG Advisory is to help companies identify trading issues with an emphasis on survival. We pride ourselves on our empathetic approach and always look to restore and revitalise the individuals original passion for business, leaving them and the business in a far better place. Whether you are a small business or a large corporate, we have the experience and skills to help you find an improved financial future.
Phone 0800 612 5448 or use our form to contact us today for expert advice
Latest insolvency news
Director of Exeter wedding venue company has started 2019 with a nine year ban after continuing to accept payments despite knowing the company was insolvent. Incorporated in October 2014, Mamhead House And Castle Limited (MHAC) was a company that o...
Six directors have been banned for a total of 54 years after they misled more than 300 people to invest ?12 million into residential property developments. Four of the directors are based in Malaysia, including Kien Cheong Yew who has been disquali...
A residential builder has been disqualified for continuing to take payments from clients despite the company being insolvent.
Woking?s Aidan Mark Newman (47) was the director of Montrose Design & Build Limited, a company that was incorporated in February 2015 and carried out residential building work.
But after only two years, Montrose Design and Build struggled to be profitable and had to cease trading before entering into Creditors Voluntary Liquidation to wind-up the company in January 2017.
Liquidators appointed to close the company then reported to the Insolvency Service that large amounts of money were owed to customers as their building work had not been completed despite having made staggered payments to Montrose Design & Build.
Further enquiries led investigators to discover that prior to entering into liquidation, Aidan Newman contacted an insolvency practitioner in September 2016 in order to arrange a Company Voluntary Arrangement. This would have seen the troubled company locked into a binding agreement with its creditors to pay off debts owed.
Yet despite knowing the company was in a precarious position, Aidan Newman allowed the company to accept payments totalling more than ?190,000 from eight customers with existing claims in the liquidation.
Customers told investigators that Aidan Newman admitted that he used payments from one set of customers to fund building work for another, requested payments be paid earlier than originally scheduled and said that he had purchased materials using payments received when not all materials had been bought.
And investigators found that Aidan Newman had been a director of another construction company that had gone through a compulsory liquidation following a petition by the tax authorities. The company was closed down in March 2015, a month after Aidan Newman incorporated the new company ? Montrose Design & Build.
On 5 December 2018, the Secretary of State accepted a disqualification undertaking from Aidan Mark Newman, after he admitted causing Montrose to trade and/or undertake transactions at the unreasonable risk of creditors, at a time when Montrose was insolvent, causing losses to creditors who have claimed at least ?390,691 in the liquidation.
Effective from 25 December 2018, Aidan Newman is banned for six years from acting as a director or directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company.
Anthea Simpson, Chief Investigator for the Insolvency Service, said:
Aidan Newman continued to trade despite knowing Montrose was insolvent and caused financial distress to his clients.
This ban should serve as a warning to other directors that if they continue to run an insolvent business in a way that is detrimental to either its customers or its creditors, they will be investigated and as a result could lose the protection of limited liability trading.
Full insolvency news section available here – Over 600 insolvency news stories since 2012