Mr Morgan, who has been made bankrupt three times and has remained undischarged since October 1997, was convicted of acting as a director while bankrupt, obtaining credit without declaring his bankruptcy and failing to account for the loss of a substantial part of his property in the year before bankruptcy,
The court heard that despite being disqualified from acting as a company director as he was a bankrupt, he acted as the sole director and decision maker of his company, RM Services Limited, for four years (from 2005-2009).
The court also heard the finance side of the business described as 'a complete mess', and that Mr Morgan would often act completely against the advice of his managers and his solicitor. The company was dissolved in February 2009 owing £210, 874 to creditors.
The court heard that in January 2007, during his second bankruptcy, Mr Morgan obtained a mortgage of £406,000 jointly with his wife, without notifying the mortgage company of his bankrupt status. After 14 months, the mortgage was £10,000 in arrears.
In December 2007, Mr Morgan was made bankrupt for a third time. Investigations into his bank accounts showed that in the year prior to this bankruptcy there had been cash withdrawals totalling £210,192.70.
Mr Morgan was interviewed by the Official Receiver and asked to account for the money. He stated that the accounts were used for business expenses and payment of his wages as director. He was subsequently required to complete a receipts and payments account setting out particulars of the use of the money but failed to comply with these requests.
Deputy Chief Investigating Officer Liam Mannall from the Department for Business Innovation and Skills said:
"This case is a clear indication of how seriously the courts take the actions of those who abuse the bankruptcy regime and should be a warning to others tempted to break the law."
