The disqualifications follow an investigation by the Insolvency Service after Quintillion Asset Management Ltd (“Quintillion”) went in to liquidation in 2012.
Anton David Taylor (age 46) of London, Simon Mark Silva-Peake (41) of Essex and David Frederick Taylor (69) of Cumbria are disqualified from acting as directors for between 6 to 11 years.
All three directors have given undertakings to the Secretary of State for Business, Innovation & Skills which prevent them from becoming directly or indirectly involved in the promotion, formation or management of a limited company for the duration of their bans.
Mr Siva-Peake’s disqualification of 11years commenced on 9 June and Mr Anton David Taylor and Mr David Frederick Taylor’s disqualifications of 11 years and 6 years respectively both start on 28 August.
Commenting on the disqualifications, Ken Beasley, of the Insolvency Service’s Public Interest Unit said:
Investors who believed that the company was providing professional investment advice to safeguard their pensions have lost significant sums of money. The company’s actions in making high risk investments against the wishes of clients were unacceptable and the directors bear that responsibility.
By failing to preserve the company’s accounting records the directors also showed a fundamental disregard for their duties as directors of a limited company.
The disqualifications demonstrate that The Insolvency Service will use its enforcement powers to remove irresponsible and culpable directors from operating with the benefit of limited liability in the business environment.
Investigators found that the disqualified directors were responsible for transferring pension funds of at least £659,270 in breach of agreements with clients. A further £2million was transferred from client funds to investment schemes that were inappropriate to client risk profiles.
The directors’ failure to deliver up the company’s accounting records meant that investigators’ were unable to account for unauthorised transfers of client’ funds or establish who within the company was responsible for, or had knowledge of, transfers of client monies.
Notes to Editors
Quintillion Asset Management Limited (“Quintillion”) – CRO Number 05131836 - was incorporated on 18 May 2004. The registered office of Quintillion was situated at Warwick Mill Business Park, Warwick Bridge, Carlisle, CA4 8RR, United Kingdom.
Quintillion was compulsorily wound up on 14 August 2014 with estimated liabilities of £2,482,944 and assets of £220,767, an estimated deficiency to creditors of £2,262,177.
Anton David Taylor (Date of birth 29.03.1968) gave an undertaking not to act as a director for 11 years on 7 August 2014. The undertaking was accepted and commences on 28 August 2014.
Simon Mark Silva-Peake (DoB 9.6.1973) gave an undertaking not to act as a director for 11 years on 19 May 2014. The undertaking was accepted and commenced on 9 June 2014.
David Frederick Taylor (DoB 16.04.1945) gave an undertaking not to act as a director for 6 years on 7 August 2014. The undertaking was accepted and commences on 28 August 2014.
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;
- act as an insolvency practitioner; or
- be a receiver of a company’s property.
In addition 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 at: https://www.gov.uk/government/collections/information-about-company-director-disqualification
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 from: https://www.gov.uk/government/organisations/insolvency-service
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