Manuchehr Maleki-Dizaji, a director of Cromwell Auto Trade Limited Ltd (Cromwell), a company that traded selling vehicles and in money transfer and based in Watford has been disqualified as a director by the High Court for a period of 9 years for causing, or facilitating another to cause the company to fail to maintain, preserve and/or deliver up adequate records to explain over 1.5m receipts and payments through its bank account, and for trading as a money transfer agent when it did not have the required licence from HM Revenue and Customs to do so.
The disqualification regime exists to protect the public and Manuchehr Maleki-Dizajis disqualification from 19 August 2015 means that he cannot promote, manage, or be a director of a limited company until 18 August 2024.
This disqualification follows investigation by the Official Receiver at Public Interest Unit, a specialist team of the Insolvency Service, whose involvement commenced with the winding up of Cromwell, in the public interest following an investigation by Company Investigations into the affairs of the company.
The Official Receivers investigation uncovered that between 15 February 2011 and 11 January 2013, Cromwell failed to maintain sufficient records and could not adequately explain receipts totalling 1,678,199 (of which 574,424 were cash) and payments totalling 1,498,384 (of which 51,399 were cash). Furthermore, Cromwell traded as a money transfer agent between 11 March 2011 and 27 June 2012 making payments of at least 972,933 during this period, when it did not have the required licence from HM Revenue and Customs to trade in this manner.
Commenting on this case Paul Titherington, Official Receiver in the Public Interest Unit, said:
Cromwell Auto Trade Limited has failed to maintain or deliver up records to explain over 1.5m of monies through its bank accounts and it has also acted as a money transfer agent without the required licence
The Insolvency Service will not hesitate to use its enforcement powers to investigate and disqualify directors whose companies fail to keep adequate records and who trade without having the required legal licence.