Joseph Rowland, 36, a company director from Wickford, Essex has been disqualified from acting as a director for 13 years.
Following an investigation by the Insolvency Service, Mr Rowland gave an undertaking to the Secretary of State for Business, Innovation and Skills that he will not act as a director of a limited company until May 2029.
The investigation found that Mr Rowland had caused Vincent Clare Limited to market and sell Rare Earth Metals as an investment opportunity to members of the public on the basis that they would increase in value and be sold for a profit in the future when Mr Rowland knew, or ought to have known, that they could not. As a result members of the public have lost at least £142,931.
Mr Rowland also failed to maintain, preserve and/or deliver up sufficient accounting records to explain Vincent Clare’s dealings with the result that sales and purchases made by the company cannot be explained and it is not possible to determine the true financial position of Vincent Clare and total loss to members of the public.
Gemma Game, Deputy Head of Investigations, stated:
The director abused his position by taking money from individuals for investments he knew were not viable. This behaviour is compounded by the failure to deliver records which would assist in identifying other investors, or potentially recoverable assets. The Insolvency Service will always look to remove from the business community, those directors who act below the standards that should be expected of them.
Notes to editors
Director Joseph Rowland is of Wickford, Essex and his date of birth is 1 September 1979.
Company Vincent Clare Limited (Company Reg no.07767167).
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
In addition that person cannot act as an insolvency practitioner and there are many other restrictions are placed on disqualified directors by other regulations.
Disqualification undertakings are the administrative equivalent of a disqualification order but do not involve court proceedings.
Further information on director disqualifications and restrictions can be found here.
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.
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