Antony Clive Blakey, 65, of Littlehampton, West Sussex, Director of green energy research company Ultra Green Group Ltd, has been disqualified for 7 years by the Brighton County Court for causing the company to trade at unreasonable risk to creditors by incurring debts of over 629,000 when the company was insolvent and had transferred its assets overseas
The disqualification follows an investigation by the Insolvency Services Investigation Team in Birmingham. The order, made on 23 July 2015, prevents Mr Blakey from acting as a director of a limited company for a period of 7 years from 13 August 2015.
Brighton based Ultra Green Group Ltd went into voluntary liquidation in January 2011 with an estimated deficiency of 2,770,180.
The Insolvency Services investigation found that on 28 April 2010, by which time Ultra Green Group Ltd was insolvent and unable to pay its debts as they fell due, Mr Blakey transferred the companys contracts and all its green energy technologies to a connected overseas company for 1. Despite this Mr Blakey then caused Ultra Green Group Ltd to carry on trading and to incur new debts of over 629,000 in a failed proposal to clean up oil from the May 2010 Gulf of Mexico oil spill. With no income and no means to generate funds in the short term, creditors were left unpaid and the company ceased trading in December 2010.
Commenting on the disqualification, Robert Clarke, Insolvent Investigations Group Leader at The Insolvency Service, said:
The disqualification of Mr Blakey sends out a clear message that when a company finds itself in an insolvent position, the primary concern of its directors should be to ensure that creditor interests are protected and debt levels minimised.
The reckless manner in which Ultra Green was used to incur liabilities in pursuit of speculative projects placed creditors at high risk and exacerbated the losses ultimately incurred.
The Insolvency Service is committed to ensuring that creditors are adequately protected from directors who show such cavalier disregard for their interests.