Jonathan Dean France, a businessman and former proprietor of the Embassy Racing motor racing team, has been handed a 12-year bankruptcy restriction for failing to disclose to his trustee in bankruptcy, property including paintings and jewellery worth well over 1million.
The restriction follows an investigation by the Insolvency Service.

Mr France, 41, of Huddersfield, West Yorkshire, gave a bankruptcy restriction undertaking to the Secretary of State for Business, Innovation and Skills, not to manage or control a company until 9 July 2025 without leave of the court.

The investigations found that following his bankruptcy in November 2008, Mr France failed to disclose property - including paintings and jewellery valued by him at 260,365 - and that he continued to conceal his assets by making false statements to his trustee in bankruptcy.

In addition, Mr France failed to comply with his statutory obligations as an undischarged bankrupt by failing to disclose the receipt of a bonus payment of 850,000 from his employer in January 2011, rental income of 31,254 and other assets including Rolex watches and Aston Martin cars.
Mr France is already subject to a 14-year director disqualification undertaking given in 2004 for his conduct as a director of the Wakefield based company Eric France and Son (Metals) Ltd.

Commenting on the case, Ken Beasley of the Insolvency Services Public Interest Unit, said:

Mr France sought to prevent assets being recovered for the benefit of his creditors. His failure to disclose assets of over 1million to the Official Receiver and to his trustees, as well as his subsequent attempts to conceal assets by making false statements were a clear and dishonest attempt to pervert the insolvency regime.

I am grateful for the assistance of the Trustees in Bankruptcy, Chris Nutting and David Standish of KPMG and their solicitors, Eversheds in assisting our investigations.

The bankruptcy restriction protects the public against any future misconduct by Mr France and sends a clear message that the Insolvency Service will take steps to uphold the integrity of the insolvency regime and protect the interests of creditors.


Source: http://insolvency.presscentre.com/