Mr Williams (61) also personally benefitted by causing £107,200 in transactions to the detriment of creditors from 25 January 2013 and June 2013.
The disqualification, which follows an investigation by the Insolvency Service, and Mr Williams has given an undertaking to the Secretary of Sate for Business, Innovation and Skills, which prevents him from becoming involved in the promotion, formation or management of a company until 2022.
Sue MacLeod, Chief Investigator of the Insolvency Service, commented:
In investigating insolvent companies, the Insolvency Service always looks very closely at individuals who demonstrate a disregard for creditors and appropriate action is taken where wrongdoing is uncovered.
Notes to Editors
Russell Gwyn Williams Date of birth is 30 March 1954.
Bets Centres Ltd (CRO No. 04565073) was incorporated on 16 October 2012. It traded from three separate locations in and around Cardiff. The company was subject to a creditors’ voluntary liquidation on 14 August 2014 and had an estimated deficiency of £373,803.
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 is available.
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.