{"id":65818,"date":"2015-12-22T14:39:22","date_gmt":"2015-12-22T14:39:22","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=3996ce088f747110e03b81a078b09fcf"},"modified":"2015-12-22T14:39:22","modified_gmt":"2015-12-22T14:39:22","slug":"press-release-director-who-allowed-his-company-to-be-used-in-financial-fraud-hit-with-8-year-ban","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=65818","title":{"rendered":"Press release: Director who allowed his company to be used in financial fraud hit with 8 year ban"},"content":{"rendered":"
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The disqualification, from 7 December 2015, prevents Mr Wakefield from directly or indirectly becoming involved in the promotion, formation or management of a company for the duration of the term. <\/p>\n

An Insolvency Service investigation found Mr Wakefield signed up to a factoring agreement and allowed sales invoices totaling over \u00a3400,000 to be assigned to the factoring company, who advanced over \u00a3240,000 to Wakefield Trading Ltd.<\/p>\n

When the factoring company attempted to collect the monies due, it was unable to collect the vast majority of the cash as most of the \u201ccustomers\u201d were unable to be located.<\/p>\n

Money paid into the company\u2019s bank account by the factoring company was either withdrawn in cash or paid to unknown recipients directly, for which Mr Wakefield was unable to provide a satisfactory explanation.<\/p>\n

No records for Wakefield Trading Ltd have been delivered up by Mr Wakefield to the Liquidator, as he is required to do, contending that these are in the possession of a third party. <\/p>\n

Commenting on the disqualification, Robert Clarke, Investigations Group Leader at the Insolvency Service said:<\/p>\n

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Company Directors should note that if they allow their company to be used by a third party for potentially criminal activities the Insolvency Service will vigorously investigate such cases and they will be subject to a long period of disqualification.<\/p>\n<\/blockquote>\n

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Furthermore, directors should be aware of their requirement to maintain proper accounting records and, in the event of insolvency, to deliver these up to the Liquidator.<\/p>\n<\/blockquote>\n

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In this particular case, Mr Wakefield allowed himself to be manipulated by another and must now suffer the consequences of his own inaction.<\/p>\n<\/blockquote>\n

Notes to editors<\/h4>\n

Mr Wakefield\u2019s date of birth is 15 July 1970 and he resides in Leicestershire. <\/p>\n

Wakefield Trading Ltd (CRO No. 08127688) was incorporated on 3 July 2012 and traded from rented premises at Unit 1a, Global House, Hillside Farm, Rempstone Road, Wymeswold, Leicestershire LE12 6UB.<\/p>\n

Mr Wakefield was an appointed director from incorporation. The company ceased trading 2 January 2013 and entered Creditors\u2019 Voluntary Liquidation on 26 November 2013 with liabilities totaling \u00a3273,004.80. <\/p>\n

On 16 November 2015, the Secretary of State accepted a Disqualification Undertaking from Simon Wakefield, effective from 7 December 2015, for a period of 8 years. The matters of unfitness, which Mr Wakefield did not dispute in the Disqualification Undertaking were that:<\/p>\n