William Lee Fenton, a financial controller, has given a 14 year Bankruptcy Restrictions Undertaking for misappropriating 90,326 from his employer. No repayments were made to his employer, who petitioned for his bankruptcy, leading to his bankruptcy in October 2013.
Mr Fentons restriction follows an investigation by the Insolvency Service.
Mr Fenton (40) has given an undertaking to the Secretary of State for Business, Innovation & Skills, to be bound for 14 years, by the restrictions set out in insolvency law that a bankrupt is subject to until they are discharged from bankruptcy normally 12 months until 2029. In addition, he cannot manage or control a company during this period without leave of the court.
Mr Fentons misappropriations occurred over the course of twelve months in 2012 and 2013.
The investigation found that between 13 February 2012 and 31 January 2013, Mr Fenton changed the details on supplier invoices so that payments made against those invoices would go into his personal bank account and not into suppliers accounts as intended. He used the monies to fund a lifestyle beyond his actual means. At the date of his bankruptcy order, he owed his employer, banks and other financial institutions.
On 22 October 2013, a Bankruptcy Order was made against Mr Fenton, on the petition of his employer. His total debts were 159,247.
Commenting on the case Carol Butler, Official Receiver for Exeter, said:
The Insolvency Service will look closely at any evidence of misconduct and take appropriate action where others have suffered as a result of a bankrupts actions, as has happened in Mr Fentons case.
Mr Fenton is currently being investigated by the police to determine whether criminal proceedings should be instigated.