Norfolk businessman handed a 10 year bankruptcy restriction order for submitting and disposing of money from duplicate insurance claim
Jeremy Taylor, a plant hirer, has been given a 10-year Bankruptcy Restrictions Order by for failing to disclose to one insurer that he continued with a duplicate claim for damages with another insurer for £61,209 which he received in addition to his original claim for £84,409.38.
Mr Taylor’s restriction follows an investigation by the Insolvency service, which also found he personally disposed of £75,000 received, to the detriment of his creditors at a time when he was insolvent. The money was transferred to two limited companies of which Mr Taylor was director and £36,000 was debited in cash from his bank account.
Mr Taylor was given a 10 year Bankruptcy Restriction Order by District Judge Reeves and will be bound by the restrictions set out in insolvency law that a bankrupt is subject to while bankrupt until 18 May 2025. In addition he cannot manage or control a company during this period without leave of the court.
In relation to the duplicate insurance claim, the investigation found Mr Taylor failed to disclose to his insurer that he had continued with a duplicate claim for damages with another insurer, leading to him receiving payment from both insurers for a single insured loss.
As a result, one of the insurers has submitted a claim of £61,209 for the duplicate payment. The settlement of £84,409.38 paid by the other insurer, to the bank account the limited company, in two installments in September and October 2012.
Between 14 May 2013 and 29 May 2013, at a time when Mr Taylor was insolvent and a County Court Judgement had been made against him, disposed of £75,000 received in compensation, to the detriment of his creditors. This money was also transferred to the bank account of two Limited companies of which Mr Taylor was director from which £36,000 cash was debited.
Commenting on the order, Julian Goode, the Deputy Official Receiver, said:
The Insolvency Service always looks very closely at individuals who disregard their duties and responsibilities whilst bankrupt. They should not imagine that scrutiny ends when the bankruptcy order is made.
We will investigate and take action where wrongdoing is uncovered.
Notes to editors
On the 31 October 2013 a Bankruptcy Order was made against Mr Taylor on his own petition with debts of £2,073,657.
Jeremy Taylor is of Norfolk and his date of birth is 9 May 1971.
If the Official Receiver considers that the conduct of a bankrupt has been dishonest or blameworthy in some other way, he (or she) will report the facts to court and ask for a Bankruptcy Restrictions Order (BRO) to be made. The court will consider this report and any other evidence put before it, and will decide whether it should make a BRO. If it does, the bankrupt will be subject to certain restrictions for the period stated in the order. This can be from 2 to 15 years.
These are restrictions set out in insolvency law that the bankrupt is subject to until they are discharged from bankruptcy – normally 12 months and include that bankrupts:
- must disclose their status to a credit provider if they wish to get credit of more than £500
- who carry on business in a different name from the name in which they were made bankrupt, they must disclose to those they wish to do business with the name (or trading style) under which they were made bankrupt
- may not act as the director of a company nor take part in its promotion, formation or management unless they have a court’s permission to do so
- may not act as an insolvency practitioner, or as the receiver or manager of the property of a company on behalf of debenture holders
- may not be a Member of Parliament in England or Wales
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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Published: 2 September 2015
From: The Insolvency Service