Directors of Manchester-based company which provided leads to debt collection agencies both disqualified for failing to maintain adequate company records
Arthur John James Ryan and Matthew Peter Hill, the directors of Signed and Sealed Marketing Limited, formerly known as Maximedia Limited, have been disqualified for 12 and eight years respectively following an investigation by the Insolvency Service.
The company, which traded as a lead generator for debt collection agencies, entered into creditors’ voluntary liquidation on 11 November 2014 owing debts of £166,697, of which £133,934.97 plus penalties of £800 was unpaid tax. This, combined with a failure to maintain or deliver up accounting records sufficient to explain the company’s transactions resulted in the disqualification orders. In addition, the Insolvency Service was concerned that it was unclear whether the company was processing individuals’ data in accordance with the requirements and principles of the Data Protection Act 1998.
On 24 September 2014 Mr Hill resigned as director and the company name was changed from Maximedia to Signed and Sealed Marketing Limited. The following day, the company approached an insolvency practitioner and entered into creditors’ voluntary liquidation on 11 November 2014. Mr Ryan had been acting as a director in breach of a bankruptcy order.
Robert Clarke, Investigations Group Leader at the Insolvency Service said:
A bankrupt who continues to act as a director when explicitly restricted from doing so, shows a total disregard for the insolvency regime, creditors and the business community. Directors who ignore such restrictions, and those who provide cover for them to continue to run limited companies, will be vigorously pursued by the Insolvency Service.
Directors have a duty to ensure that their companies maintain proper accounting records, and, following insolvency, deliver them to the office-holder in the interests of fairness and transparency. Without a full account of transactions it is impossible to determine whether a director has discharged his duties properly, or is using a lack of documentation as a cloak for impropriety.
Notes to editors
Signed and Sealed Marketing Limited (CRO No. 08161863) was incorporated on 30 July 2012, traded as a marketing and lead generator call-center for the debt management sector from 23 New Mount Street, Manchester, Greater Manchester, M4 4DE
The company was placed into Creditors’ Voluntary Liquidation (CVL) on 11 November 2014 with a deficiency as regards creditors of £166,597.
The Secretary of State accepted undertakings from Arthur John James Ryan and Matthew Peter Hill that they would not act as directors for a period of 12 years and 8 years respectively on 17 March 2017. The disqualifications come into effect on 7 April 2017.
Mr Arthur John James Ryan’s date of birth is March 1965.
Mr Matthew Peter Hill’s date of birth is February 1981.
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.
Further information about the work of the Insolvency Service, and how to complain about financial misconduct, is available.
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Published: 10 April 2017
From: The Insolvency Service