Failed finance transmission disqualifies TV company director
Bruce Pilley, a director of TVCatchup Ltd (TVC), has been given a nine-year director disqualification for failing to disclose the existence of a winding up order when negotiating a loan agreement
9 Aug 2017
TVC was a television programming and broadcasting business that went into creditors voluntary liquidation in May 2015 following administration, owing £1,975,128 to creditors including £523,396 in respect of liabilities due to a loan provider.
In March 2014, HMRC presented a petition to wind up the company to the High Court. The following month, Pilley discussed the winding up petition with HMRC by telephone on three separate occasions. Despite this, he went to enter into a joint loan facility agreement in April 2014.
According to the terms and conditions of that agreement, Pilley was obliged to disclose the existence of the winding up petition to the loan provider. Pilley did not do so, and TVC subsequently drew down £523,396, in breach of the terms and conditions of the agreement.
In May 2014, the loan provider became aware of the existence of the winding-up petition and in June, appointed administrators. When TVC entered administration, the facility agreement provider was owed £640,564 including interest which had accrued.
Aldona O’Hara, chief investigator of insolvent investigations Midlands & West at the Insolvency Service, said: ‘The Insolvency Service will rigorously pursue company directors who deliberately breach the trust of those providing financial assistance.
‘Fair treatment of customers and creditors is essential for business confidence which is, in turn, essential for economic growth.
‘This disqualification is a reminder to others tempted to do the same that the Insolvency Service will rigorously pursue enforcement action to seek and remove from them the privilege of trading with limited liability to protect the public for a lengthy period.’