Adviser handed 15-year bankruptcy restriction order
A financial adviser has been handed the maximum bankruptcy restriction order of 15 years for managing a limited company despite being declared bankrupt and subject to a lengthy director’s ban.
Registrar Christine Derrett stated that Stephen Benjamin James Todd’s affairs was "one of the worst examples of someone having disregard for the insolvency and directors disqualification regime which exists to protect the public".
In 2012, Mr Todd had been disqualified from acting as a director or taking part in the formation or management of any company for ten years due to his conduct as a director of an earlier company in liquidation.
A bankruptcy order was subsequently made against Mr Todd in 2013 and his discharge from bankruptcy was suspended indefinitely.
However Todd later acted in the management of IPR Capital Limited which was incorporated on 8 February 2013 and which went into liquidation on 1 April 2015 with liabilities of over £10 million.
The court also found that Mr Todd failed to disclose in the bankruptcy proceedings his income from IPR and other parties.
From 29 April 2013 (the date of his bankruptcy) to 15 April 2014, Mr Todd received at least £517,100 from IPR. He also received payments into his bank account totaling £59,904 during the period 29 April 2013 to 6 January 2014 from other parties.
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.