Upcoming Events

Jul
17
Tue
2018
9:00 am How to become a Non-Executive Di... @ 111 Piccadilly
How to become a Non-Executive Di... @ 111 Piccadilly
Jul 17 @ 9:00 am – 4:30 pm
How to become a Non-Executive Director – Manchester 17 July 2018 @ 111 Piccadilly
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[...]
Sep
19
Wed
2018
9:00 am The Effective Non-Executive Dire... @ Institute of Directors
The Effective Non-Executive Dire... @ Institute of Directors
Sep 19 @ 9:00 am – 4:30 pm
The Effective Non-Executive Director – London 19 September 2018 @ Institute of Directors
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[...]
Oct
9
Tue
2018
9:00 am The Effective Non-Executive Dire... @ Institute of Directors
The Effective Non-Executive Dire... @ Institute of Directors
Oct 9 @ 9:00 am – 4:30 pm
The Effective Non-Executive Director – London 9 October 2018 @ Institute of Directors
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[...]

Making a difference through diversity in the boardroom

Voting is not just about boardroom composition but also the quality of organisations’ diversity policies, and that is why LGIM is putting its money where its mouth is.

The post Making a difference through diversity in the boardroom appeared first on Board Agenda.

[…]

Press release: Rogue pension and finance companies closed down after abusing millions of pounds

Fast Pensions Ltd and five other related firms have been wound up in the public interest at the High Court on 30 May 2018. The Official Receiver in the Public Interest Unit (North) is now the liquidator of all six companies.

Between 2012 and 2013, 520 people were encouraged to transfer their pension savings from existing providers into one of 15 schemes, with Fast Pensions acting as the sponsoring employer.

FP Scheme Trustees Ltd (FPST) was the trustee of all 15 pension schemes and a proportion of the funds were invested in the remaining four related finance companies.

The Insolvency Service was made aware of complaints about the management and operation of the companies and following an investigation, the High Court ordered that Fast Pensions and the five related companies be put into provisional liquidation in March 2018 following a petition presented by the Secretary of State.

Investigations found that a total of at least £21 million was invested into the 15 schemes and people were persuaded to transfer their savings through various methods. Some received cold calls questioning the performance of their pension funds or offering free pension reviews.

Others who were originally looking for credit were advised by the connected finance companies that they could get a loan if they transferred their pension savings to one of Fast Pensions’ schemes.

Advice provided was inadequate as the companies misrepresented the schemes on offer. Advisors also failed to disclose information around returns and the high risk and illiquid nature of the investments made by the schemes, as well as the benefits members would be entitled to.

Scheme members were also informed that the investments would consist of a wide ranging portfolio but investigators found that funds were misused. At least £4 million was used to pay commissions and the remaining funds were largely used to make loans to companies and other entities which appear to be connected with Fast Pensions and FPST.

The six companies failed to preserve, maintain or produce adequate accounting records and failed to cooperate fully with the investigation. This made it impossible for investigators to determine the full extent of the companies’ activities, the nature and value of the investments made or the value of the members’ pension funds.

David Hope, Chief Investigator for the Insolvency Service said:

People work long and hard to put money away for their retirements but the six companies that have been shut down paid scant regard to their members. They used unsavory tactics to attract members and failed to paint the full picture as to what would really happen with their savings.

By shutting the companies down, the courts have put a stop to their unscrupulous activities and we hope this sends a strong message that we will robustly investigate and take action where people’s funds and savings are at risk.

The Official Receiver has made an application to The Pensions Regulator for the appointment of an independent Trustee to take over the running of the pension schemes and it is anticipated that the application will take 4 to 6 weeks to complete. Further updates will be publicised in due course.

Until the application is completed the Official Receiver will continue to act as the trustee to the pension schemes and, in doing so:

will take steps to protect the investments and assets in the pension schemes will not make investment decisions during the period of appointment is unable to provide updates regarding an individual’s pension, or to authorise transfers out of the schemes, or to make any payments out of the schemes, including death benefits is unable to provide advice to pension members regarding their pensions

Members of the pension schemes who require advice should consider contacting a solicitor, a regulated financial advisor or the Pensions Advisory Service (TPAS) on: 0800 011 3797 ; email: virtual.appointments@pensionsadvisoryservice.org.uk.

All public enquiries concerning the affairs of the companies should be made to: The Official Receiver, Public Interest Unit (North), PO Box 16663, Birmingham, B2 2JP; email: piu.north@insolvency.gsi.gov.uk.

Notes to editors

The six companies that are subject to compulsory liquidation are:

Fast Pensions Ltd, CRO 08121954, incorporated on 28 June 2012 and the registered office: Crown House, 27 Old Gloucester Street, London WC1N 3AX FP Scheme Trustees Ltd, CRO 09126225, incorporated on 11 July 2014 and the registered office: 20-22 Wenlock Road, London N1 7GU Blu Debt Management Ltd, CRO 06699233, incorporated on 16 September 2008 and the registered office: Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ Blu Financial Services Ltd, CRO 05912973, incorporated on 22 August 2006, and the registered office: Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ Blu Personal Finance Ltd, CRO 07758290, incorporated on 31 August 2011 and the registered office: – Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ Umbrella Loans Ltd, CRO 07331044, incorporated on 30 July 2010 and the registered office: Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ

The 15 pension schemes involved:

Broughton Retirement Plan DM1 Retirement Plan Elphinstone Retirement Plan EP1 Retirement Plan Fleming Retirement Plan FP1 Retirement Plan FP2 Retirement Plan FP3 Retirement Plan Galileo Retirement Plan Golden Arrow Retirement Plan Leafield Retirement Plan […]

Board moves at RBS; BP; and Safestyle

RBS CFO quits prior to its AGM; BP’s outgoing chairman to head up influential European business group; and Safestyle’s chairman quits after one month in the role.

The post Board moves at RBS; BP; and Safestyle appeared first on Board Agenda.

[…]

Press release: Takeaway bosses disqualified after submitting false tax returns

Following collaboration between the Insolvency Service and HMRC, Genc Ali Demir (53) and his nephew Mehmet Demir (26) have been disqualified from acting as company directors for seven years each after they suppresed takings and sales that had been omitted from submitted VAT returns.

The disqualifications relate to Mehmet Ali and his uncle’s management of Camden Kebab Ltd, which traded as kebab takeaway ‘Real Taste’ from 44 Camden High Street, North West London.

The Companies House register listed Mehmet Ali as the only registered director of Camden Kebab Ltd but investigations showed that his uncle played a key role in running the business.

An in-depth HMRC investigation revealed that the company had failed to record all of its takings and had therefore under-declared the VAT due to HMRC. As a result, HMRC raised a VAT assessment of £71,474.

During May and June 2016, HMRC carried out further investigations which uncovered, among other things, that the company ran a cash-only business and that the books and records it ought to have kept were inadequate and/or unsatisfactory.

At liquidation on 21 April 2017, HMRC stated that the company owed in excess of £297,000 for arrears of VAT, Corporation Tax and penalties.

HMRC issued Personal Liability Orders against both Genc Ali Demir and Mehmet Demir as their investigations led them to conclude both individuals ran the business despite officially it only being Mehmet Demir. Further investigations by the Insolvency Service following the company’s liquidation, confirmed the findings by HMRC.

As a result, Genc Ali Demir and Mehmet Demir gave disqualification undertakings which were accepted by the Secretary of State for Business, Energy & Industrial Strategy, on 5 and 9 April, respectively.

The disqualifications mean that both Genc Ali Demir and Mehmet Demir cannot be directors of a company whether directly or indirectly, or be involved in the management of a company in any way for the duration of their disqualifications – from 26 April and 30 April respectively – unless they have permission from court.

Lawrence Zussman, Deputy Head of Investigations with the Insolvency Service, said:

These disqualifications send a clear message to other company directors that tax abuse of any kind, particularly when it comes to suppression of takings by directors, will not be tolerated.

Much of the public service is funded by the correct amount of taxes being paid. By not declaring and paying the correct amount of taxes, the public has been deprived from receiving the services it deserves from the public sector.

Further, whether you are a registered director or not if there is evidence that demonstrates you acted in the capacity of the management of a company the Insolvency Service will be proactive in taking action against you which could result in disqualification as is the case here.

Notes to editors

Genc Ali Demir and Mehmet Demir were directors of Camden Kebab Ltd (Company number 08427880) which was incorporated in March 2013 before entering into Creditors’ Voluntary Liquidation on 21 April 2017.

Genc Ali Demir is of London and his date of birth is April 1965. Mehmet Demir is also of London and his date of birth is April 1992.

Genc Ali Demir and Mehmet Demir have been disqualified for 7 years each from 26 April 2018 and 30 April 2018 respectively.

In giving his undertaking, Mehmet Demir did not dispute that he caused or allowed Camden Kebab Limited to suppress and conceal sales figures which resulted in the company under-declaring and underpaying VAT and Corporation Tax in that:

In November 2015, HMRC VAT officers’ visited the premises and inspected the company’s VAT records. The company operated a cash-only business and the records were found to be inadequate and unsatisfactory. During May and June 2016, HMRC VAT officers’ carried out several test purchases and compared these to the company’s till rolls. HMRC VAT officer raised a protective assessment based on an estimated 30% of sales being declared. On 23 February 2017 a VAT assessment for £71,474 plus interest of £1,933.41 was raised covering the periods ending 31 December 2014 to 31 December 2016. Camden Kebab entered into Creditors’ Voluntary Liquidation on 21 April 2017. The outstanding liability to HMRC as at the date of liquidation was £297,588.90 based on HMRC’s final proof of debt in respect of VAT, Corporation Tax, and penalties.

In giving his undertaking, Genc Demir did not dispute that he caused or allowed Camden Kebab Limited (“the company”) to suppress and conceal sales figures which resulted in the company under-declaring and underpaying VAT and Corporation Tax in that:

In November 2015, HMRC VAT officers’ visited the premises and inspected the company’s VAT records. The company operated a cash only business and the records were found to be inadequate and unsatisfactory. During May and June 2016, HMRC VAT officers’ carried out several test purchases and compared these to the company’s till rolls. HMRC VAT officer raised a protective assessment based on an estimated 30% of sales being declared. On 23 February 2017 a VAT assessment for £71,474 plus interest of £1,933.41 was raised covering the periods ending 31 December 2014 to 31 December 2016. Camden Kebab entered into Creditors’ Voluntary Liquidation on 21 April 2017. The outstanding liability to HMRC as at the date of liquidation was £297,588.90 based on HMRC’s final proof of debt in respect of VAT, Corporation Tax, and penalties.

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 7637 6498 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

[…]

Bolton NHS Foundation Trust – Non-Executive Director

Non-Executive Director – Bolton NHS Foundation Trust Job Reference: 241-255CD-18 Employer: Bolton NHS Foundation Trust Department: Trust HQ Location: Bolton Salary: To be Confirmed GP NON-EXECUTIVE DIRECTOR Put your talents to good use and make a positive difference to the lives of the people in your community. The Governors of Bolton NHS Foundation Trust are […]

The post Bolton NHS Foundation Trust – Non-Executive Director appeared first on NEDworks.

[…]

Air France-KLM appoints interim governance structure

New governance arrangements at Air France-KLM include the appointment of Anne-Marie Couderc as chairman.

The post Air France-KLM appoints interim governance structure appeared first on Board Agenda.

[…]

News story: Carillion: Official Receiver’s update

A spokesperson for the Official Receiver said:

Over the past week one employee has transferred to a new supplier and regrettably 29 staff who mostly worked in central functions have been made redundant and will leave the business later this week. 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 11,638 jobs (64% of the pre-liquidation workforce) have been saved and 2,332 (13%) jobs have been made redundant through the liquidation a further 1,116 employees (6%) 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 […]

Detailed guide: Make a complaint to the Insolvency Service

Updated: added info on making a complaint about the re-use of a company name.

How to complain about the Insolvency Service (including an official receiver)

If you’ve been in contact with the Insolvency Service and are not happy with the service you’ve received, we want you to tell us. We can then try to resolve your complaint and ensure it doesn’t happen again.

Complaints about the Insolvency Service can include issues with the following departments or staff:

Official Receiver’s Office Insolvency Adjudicator Long Term Asset & Distribution Team Debt Relief Order Team Redundancy Payments Office Companies Investigation Section Headquarters

Read more about our complaints procedure and about how to complain.

How to complain about an insolvency practitioner

If a case is being handled by an insolvency practitioner and you’re not happy with the service you have received, you can visit Complain about an insolvency practitioner and submit your complaint using the online form.

A link to guidance on making a complaint is provided at the top of the online complaint form.

An insolvency practitioner can also be called a:

trustee in bankruptcy cases supervisor in a Company Voluntary Arrangement (CVA) or Individual Voluntary Arrangement (IVA) liquidator if a company has been wound up or is in voluntary liquidation receiver, administrator or administrative receiver How to complain about a limited company

You can make a complaint if you have reasonable grounds to suspect a currently active company of:

causing significant harm to customers, suppliers, etc breaking the law, eg fraud serious misconduct, eg company assets not being used properly having significant irregularity in its affairs

To make a complaint, visit Complain about a limited company and follow the instructions provided

Complain about the re-use of a company name

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.

How to complain about someone who’s bankrupt or subject to a Debt Relief Order (DRO)

You can make a complaint to the official receiver about someone who is bankrupt or subject to a DRO if:

you suspect them of breaking the terms of their bankruptcy or the terms of their DRO, for example are acting as a company director without the permission of a court you suspect them of misconduct before or after the bankruptcy or DRO, for example hiding assets or obtaining credit they knew they could not pay

To make a complaint visit Complain about a bankrupt and follow the instructions provided

How to complain about someone who has broken the terms of a restrictions order or undertaking

You can report someone to the Insolvency Service Intelligence Hub if you suspect them of breaking the terms of their:

Bankruptcy Restrictions Order (BRO) or a Bankruptcy Restrictions Undertaking (BRU) Debt Relief Restrictions Order (DRRO) or a Debt Relief Restrictions Undertaking (DRRU)

For example, they may have acted as a company director without the court’s permission or tried to borrow money without saying they are subject to restrictions.

Find out more about the terms of a BRO/BRU and the terms of a DRRO/DRRU.

To make a complaint, fill in our online Investigations and Enforcement Services Breach Questionnaire and follow the instructions provided

How to complain about a disqualified director

You can complain about a director who has been banned but is:

working as a director of a company or a member of a limited liability partnership (LLP) without the court’s permission getting involved in the promotion, formation or management of a company without the court’s permission acting as an insolvency practitioner breaching any other restrictions of a ban

To make a complaint, visit Report a disqualified director and follow the instructions provided.

Further information Insolvency enquiry line

Contact form http://www.insolvencyd…

Telephone 0300 678 0015

For information about the insolvency process contact the Insolvency Enquiry Line during office hours. Open 9am to 5pm Monday to Friday except Wednesday 10am to 5pm. We can give you general information about: insolvency, what official receivers do and where you can go to get the information or advice you need.

We can’t give you: legal or financial advice, information on specific insolvency cases, information or advice on matters directly relating to other government departments.

[…]

Clive Palmer claims court order to freeze his assets part of a ‘witch-hunt’

Businessman Clive Palmer tells 7.30 he rejects claims he owes former Queensland Nickel workers money, and says the decision of the Queensland Supreme Court to freeze his assets is part of a witch-hunt.

[…]

An asset to responsible investment: Michael Herskovich, BNP Paribas

Michael Herskovich, head of corporate governance at BNP Paribas Asset Management, tells Board Agenda how sustainability is central to its values, and why it is engaging with others to follow suit.

The post An asset to responsible investment: Michael Herskovich, BNP Paribas appeared first on Board Agenda.

[…]