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Jun
12
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2018
9:00 am The Effective Non-Executive Dire... @ The Plaza
The Effective Non-Executive Dire... @ The Plaza
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The Effective Non-Executive Director – Liverpool 12 June 2018 @ The Plaza
The effective Non-Executive Director course helps you to be an effective non-executive director. It instils a real sense of what is expected of NEDs, and how you can meet the challenge. This one-day interactive course is aimed[...]
Jun
26
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2018
9:00 am How to become a Non-Executive Di... @ Lockside
How to become a Non-Executive Di... @ Lockside
Jun 26 @ 9:00 am – 4:30 pm
How to become a Non-Executive Director – Birmingham 26 June 2018 @ Lockside
Find out how you can obtain a Non-Executive Director position by booking a place on this interactive 1-day course.   ‘As an introduction to the world of NED’s this course is well structured to give[...]
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9:00 am How to become a Non-Executive Di... @ Manchester One
How to become a Non-Executive Di... @ Manchester One
Jul 17 @ 9:00 am – 4:30 pm
How to become a Non-Executive Director – Manchester 17 July 2018 @ Manchester One
Find out how you can obtain a Non-Executive Director position by booking a place on this interactive 1-day course. ‘As an introduction to the world of NED’s this course is well structured to give an[...]
Sep
11
Tue
2018
9:00 am How to become a Non-Executive Di... @ Institute of Directors
How to become a Non-Executive Di... @ Institute of Directors
Sep 11 @ 9:00 am – 4:30 pm
How to become a Non-Executive Director – London 11 September 2018 @ Institute of Directors
Find out how you can obtain a Non-Executive Director position by booking a place on this interactive 1-day course. ‘A well structured and presented introduction to the responsibilities, challenges and attributes required of being a[...]
9:30 am How to become a Non-Executive Di... @ Scotland Study Centre
How to become a Non-Executive Di... @ Scotland Study Centre
Sep 11 @ 9:30 am – 5:00 pm
How to become a Non-Executive Director – Edinburgh 11 September 2018 @ Scotland Study Centre
Are you thinking of becoming a Non-Executive Director as part of a Portfolio Career or to develop your boardroom skills prior to taking up an executive director role? Join us on Tuesday, September 11 2018 to[...]

News story: Winding Up Petitions against Store First continue

In July 2017, the Business Secretary applied to the court to have Store First Limited, a self storage company, and four other related companies wound-up in the public interest.

To help progress the ongoing proceedings, the Insolvency Service has sent a voluntary questionnaire to a selection of investors of Store First Ltd and related companies to assist the court in considering the petitions.

The investors contacted will have until 4 June 2018 to complete the questionnaire and other investors are also welcome to contribute.

If you have information you would like to submit to the Insolvency Service in relation to your investment experience with Store First and related companies, please send your comments to storefirstpetition@dwf.law.

The companies involved in the action are:

Store First Limited, company registration number 07463355 Store First Blackburn Limited, company registration number 07951785 Store First St Helens Limited, company registration number 09664578 Store First Midlands Limited, company registration number 05772424 SFM Services Limited, company registration number 07160642

A further date for the court to consider the petitions has not been fixed, although there is an expectation that a trial will take place before the end of the year.

Until such time as the petitions have been heard and determined by the court we are not able to provide any further information.

[…]

Press release: Luxury car dealer banned after failing to keep accounting records

Zaid Fares Al-Safee, 29, from West London, was a registered director of Exotic Global Limited, a company that sold new cars and light motor vehicles.

The company was first incorporated in 2013 but after almost two years of trading, in June 2015 Exotic Global Limited was placed into Creditors’ Voluntary Liquidation (CVL) and an insolvency practitioner was appointed.

However, Zaid Fares Al-Safee’s failed to deliver Exotic Global Limited’s accounting records to the insolvency practitioner and this led to a report being submitted to the Secretary of State highlighting Zaid Fares Al-Safee’s lack of co-operation.

The Insolvency Service then carried out an in-depth investigation but the continued absence of accounting records prevented the government agency from being able to verify who had control of Exotic Global Limited’s affairs.

This included the income and expenditure of the company, including Zaid Fares Al-Safee’s remuneration, the acquisition or subsequent disposal of assets and the full nature of Exotic Global Limited’s trading activities.

Trading activities that were unexplained included the purchase and sale of 14 luxury vehicles in excess of £1.2 million, VAT assessments totalling £498,106.80, the expenditure of a £318k loan, as well as the purchase and sale of 45 vehicles totalling £354,553 and two personalised number plates totalling £40,023.

After a two-day trial, ICC Judge Jones in the High Court ordered on 14 March 2018 that Zaid Fares Al-Safee was to be disqualified for 13 years, banning him from directly or indirectly becoming involved in the promotion, formation or management of a company without the permission of the court.

Ken Beasley, Official Receiver for the Insolvency Service, said:

“Maintaining and keeping adequate accounting records is a legal requirement for all companies. Failure to do so is serious misconduct and the length of Mr Zaid Fares Al-Safee’s disqualification reflects this.”

Notes to editors

Mr Zaid Fares Al-Safee is from London and his date of birth is May 1988.

Exotic Global Limited (Company Registration number 08753565) was incorporated on 29 October 2013 and traded from Park West Garage, Underground Car Park, Park West Place, London, W2 2QZ.

The Investigation found that between 29 October 2013 and 03 June 2015, Zaid Fares Al-Safee failed to ensure that Exotic Global Limited maintained or preserved adequate accounting records or in the alternative, he failed to deliver up such records as were maintained or preserved.

A disqualification order has the effect that without specific permission of a court, a person with a disqualification cannot:

act as a director of a company take part, directly or indirectly, in the promotion, formation or management of a company or limited liability partnership be a receiver of a company’s property

Disqualification undertakings are the administrative equivalent of a disqualification order but do not involve court proceedings. Persons subject to a disqualification order are bound by a range of other restrictions.

The Insolvency Service administers the insolvency regime, investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver to establish why they became insolvent. It may also use powers under the Companies Act 1985 to conduct confidential fact-finding investigations into the activities of live limited companies in the UK. In addition, the agency authorises and regulates the insolvency profession, deals with disqualification of directors in corporate failures, assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees, provides banking and investment services for bankruptcy and liquidation estate funds and advises ministers and other government departments on insolvency law and practice.

Further information about the work of the Insolvency Service, and how to complain about financial misconduct, is available.

Contact Press Office

Media enquiries for this press release – 020 7596 6187 or 020 7637 6498

Press Office

The Insolvency Service

4 Abbey Orchard Street
London
SW1P 2HT

Email press.office@insolvency.gsi.gov.uk

Media Manager 020 7596 6187

This service is for journalists only. For any other queries, please contact the Insolvency Enquiry line on 0300 678 0015.

For all media enquiries outside normal working hours, please contact the Department for Business, Energy and Industrial Strategy Press Office on 020 7215 1000.

You can also follow the Insolvency Service on:

Twitter

LinkedIn

YouTube

[…]

When banks go bad, who’s to blame?

Feel like you’ve been wronged by a financial institution but don’t know where to direct your anger? Blaming an organisation for deceit can feel like blaming the sky for rain: there’s no person there to respond to our outrage, writes Stephanie Collins.

[…]

Campaign for RBS shareholder committee takes another turn

UK Government Investments, the body representing the British government on the board of the Royal Bank of Scotland, could be pivotal in winning approval for a shareholder committee.

The post Campaign for RBS shareholder committee takes another turn appeared first on Board Agenda.

[…]

Culture at heart: Steven Baert, Novartis

Steven Baert, the group head of human resources at Novartis, explores the thinking behind culture change at the Swiss pharmaceuticals behemoth.

The post Culture at heart: Steven Baert, Novartis appeared first on Board Agenda.

[…]

News story: Carillion: Official Receiver’s update

A spokesperson for the Official Receiver said:

Secure ongoing employment has now been found for 64% of Carillion’s former workforce – in the past week another 19 staff have moved to new suppliers. Regretably two staff will be leaving the business this week taking total redundancies to 12% of the pre-liquidation workforce. They will be provided with every support to find new work by Jobcentre Plus’ Rapid Response Service.

Discussions continue with potential purchasers for Carillion’s remaining contracts and with staff, elected employee representatives and unions as these arrangements are confirmed.

Further information: in total, to date 11,637 jobs have been saved and 2,303 jobs have been made redundant through the liquidation a further 1,115 employees have left the business during the liquidation through finding new work, retirement or for other reasons this information does not include jobs attached to contracts where an intention to purchase has been entered into but has not yet formally occurred just over 3,000 employees are currently retained to enable Carillion to deliver the remaining services it is providing for public and private sector customers until decisions are taken to transfer or cease these contracts further information about rights in redundancy is available on gov.uk […]

News story: FCA and Insolvency Service strengthen relationship with MoU

The FCA and the Insolvency Service have strengthened ties after signing a Memorandum of Understanding (MoU) committing both organisations to increase collaboration around enforcement activities.

In it’s 2016 Corporate Governance reform: green paper, the government outlined measures to strengthen the UK’s corporate governance framework. Part of that saw the government call for greater co-ordination between the FCA and the Insolvency Service.

The two organisations responded by reviewing their regulatory powers to take enforcement action against directors and companies operating contrary to the public interest before jointly signing a brand new MoU.

The MoU establishes a framework of co-operation between the two enforcement bodies and commits the FCA and Insolvency Service to share relevant information in a timely manner, as well as robust coordination of enforcement activities where appropriate.

In particular, the MoU commits the Insolvency Service and FCA to share information relating to misconduct, investigations and enforcement so that the two organisations can better use their powers to tackle corporate and financial misconduct and the commission of financial crime.

Sarah Albon, chief executive of the Insolvency Service, said:

“While we conduct different activities and have different responsibilities, the Insolvency Service shares similar objectives with the FCA when it comes to tackling financial wrong-doing.

“The MoU firmly establishes our relationship with the FCA and going forward we will endeavour to work closer together in order to put a stop to those companies and individuals who pay scant regard to the law and hurt economic confidence.”

Memorandum of Understanding (MoU) (PDF, 214KB, 12 pages)

[…]

Press release: Crime doesn’t pay for imprisoned former bankrupt faced with losing ‘proceeds of crime home’

In 2016, Alan Yeomans, then of Shedley Manor, Yeavley, was sentenced to 6 and a half years imprisonment for offences including money laundering, bankruptcy offences, and cultivation of cannabis.

At the sentencing hearing at Derby Crown Court, HHJ Shant QC described Mr Yeomans as a liar who had become involved in drug dealing.

Mr Yeomans then faced confiscation proceedings at Derby Crown Court, brought by the Insolvency Service. On 17 May 2018, HHJ Bennett made a confiscation order against Mr Yeomans, which deprives him of £650,000, being the proceeds of his crimes. If Mr Yeomans fails to pay his confiscation order he faces a further prison sentence of 66 months.

The court recognised that Yeomans, aged 63, had obtained £1 million benefit from his various criminal activities. The assets held by Mr Yeomans included his home, Shedley Manor, as well as Rolex watches and valuable works of art and antiques.

Shedley Manor is a property built by Mr Yeomans and concealed in a barn in the Derbyshire countryside.

Alan Yeomans’ prison sentence followed his conviction in 2016, on charges of failing to disclose to the Official Receiver that he owned antiques and oil paintings worth £83,250, acting in the management of three Derbyshire companies, Shearstud Limited, Easy Tools Limited and B Clarke Limited and money laundering.

At his trial, he pleaded guilty to these offences plus being involved in the production of cannabis and possession of illegal CS gas canisters which were found during the search.

Mr Yeomans continues to serve his prison sentence and will now lose his home and much of his property seized from “Shedley Manor” during the investigation.

Glenn Wicks, the officer in charge of the investigation, commented:

He has been made bankrupt twice and the second bankruptcy was extended by the Official Receiver.

The Insolvency Service has made this man pay for his crimes. He is serving a prison sentence and we have now taken action to ensure that he has not profited from his crimes.

Notes to editors

Alan Yeomans is a two-time bankrupt, having been made bankrupt in 1993 and 2009.His date of birth is November 1954.

Following an Insolvency Service investigation, Mr Yeomans signed a Bankruptcy Restrictions Undertaking (BRU) in 2010, for six years.

In 2016, Mr Yeomans received a lengthy prison sentence for a number of crimes ranging from fraud in companies to being involved in the illegal growth of cannabis.

Alan Yeomans, then of Shedley Manor, Yeavely, Derbyshire was charged with failing to disclose to the Official Receiver that he owned antiques and oil paintings worth £83,250, acting in the management of three Derbyshire companies, Shearstud Limited, Easy Tools Limited and B Clarke Limited and money laundering. He pleaded guilty to these offences plus being involved in the production of cannabis and possession of illegal CS gas canisters which were found during the search.

The Insolvency Service, an executive agency sponsored by the Department for Business, Energy and Industrial Strategy (BEIS), administers the insolvency regime, and aims to deliver and promote a range of investigation and enforcement activities both civil and criminal in nature, to support fair and open markets. We do this by effectively enforcing the statutory company and insolvency regimes, maintaining public confidence in those regimes and reducing the harm caused to victims of fraudulent activity and to the business community, including dealing with the disqualification of directors in corporate failures.

Further information about the work of the Insolvency Service, and how to complain about financial misconduct, is available.

Further information about the work of the Criminal Investigations and Prosecutions team is available

BEIS’ mission is to build a dynamic and competitive UK economy that works for all, in particular by creating the conditions for business success and promoting an open global economy. The Criminal Investigations and Prosecutions team contributes to this aim by taking action to deter fraud and to regulate the market. They investigate and prosecute a range of offences, primarily relating to personal or company insolvencies.

Contact Press Office

Media enquiries for this press release – 020 7674 6910 or 020 7596 6187

Press Office

The Insolvency Service

4 Abbey Orchard Street
London
SW1P 2HT

Email press.office@insolvency.gsi.gov.uk

Media Manager 020 7596 6187

This service is for journalists only. For any other queries, please contact the Insolvency Enquiry line on 0300 678 0015.

For all media enquiries outside normal working hours, please contact the Department for Business, Energy and Industrial Strategy Press Office on 020 7215 1000.

You can also follow the Insolvency Service on:

Twitter LinkedIn YouTube […]

LGIM launches gender diversity fund to promote women on boards

Asset manager LGIM will track the score of 350 UK companies for a new fund focused on promoting improved gender diversity standards.

The post LGIM launches gender diversity fund to promote women on boards appeared first on Board Agenda.

[…]

Guidance: Complain about the re-use of a company name

How to complain to the Insolvency Service if a director or sole trader is re-using the name (or a similar name) of a company in compulsory or creditors’ voluntary liquidation.

[…]