A financial adviser has been handed the maximum bankruptcy restriction order of 15 years for acting in the management of a company while an undischarged bankrupt and subject to a lengthy director’s ban, after an Insolvency Service investigation which also found he owed HMRC over £350,000
Stephen Todd was originally disqualified as a director for ten years from October 2012 as a consequence of his conduct as a director of an earlier company in liquidation.
A bankruptcy order was subsequently made against him in April 2013 and on 16 December 2013 his discharge from bankruptcy was suspended indefinitely.
However, the investigation found that Todd nevertheless acted in the management of IPR Capital Ltd (IPR) which was incorporated in February 2013 and which went into liquidation in April 2015 with liabilities of over £10m.
In addition, Todd failed to disclose in the bankruptcy proceedings his income from IPR and other parties. In the year following his bankruptcy Todd received at least £517,100 from IPR.
Todd also received payments into his bank account totalling £59,904 from April 2013 to January 2014 from other parties.
Todd stated to the official receiver that he had assets with an approximate value of £8,800. As at 29 April 2013 his liabilities amounted to at least £454,107 of which £363,607 was due in respect of unpaid National Insurance contributions, self-assessed tax and penalties.
