The UK government’s Insolvency Service announced Tuesday that Stephen Todd was handed the bankruptcy order in December 2016 for having acted in the management of a limited company despite previously agreeing to a 10-year disqualification order.
Todd had been a chief executive of White Square Investments which entered administration in September 2009.
In October 2012, he agreed to the initial 10-year director ban. A bankruptcy order was subsequently made against him in April 2013.
Ban breached
Todd breached the ban when he became involved in the management of a company called IPR Capital Limited between February 2013 and April 2014 and from January 2015 to February 2015 without permission from the court.
IPR, a gold mining investment company, was incorporated in February 2013, went into provisional liquidation in February 2015 and entered full liquidation on 1 April 2015 with liabilities of over £10m ($12.5m, €11.8m).
Worst example of disregard
In handing down the maximum allowed by the court, registrar Christine Derrett said that Todd’s action was one of the worst examples of someone having disregard for the insolvency and directors’ disqualification regime which exists to protect the public.
