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Bankrupt running property development company banned from directorships

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  • 05/03/2020
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Bankrupt running property development company banned from directorships
A bankrupt man from Hartlepool who ran a property development company has been banned for nine years from directorships.

 

Matt Matharu directly breached his bankruptcy restrictions by acting as a director of Abba North East Ltd.

Abba North East started trading in January 2017 with the aim of purchasing properties to refurbish before selling on for a profit.

The business bought two properties through a mixture of company funds and loans, but only a year later, stopped trading in January 2018.

Suppliers for goods were not paid and the company was wound-up in the court in May 2018 following a creditor’s petition.

Fellow director of the company Andrew Phillip Bood has also been disqualified for failing in his duties.

He was the registered director, but it was later found that Matharu was actually running the company.

Matharu is now banned from acting as a director or directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company.

Bood has been disqualified for four years effective from December 2019.

Robert Clarke, chief investigator for The Insolvency Service, said: “When Matt Matharu was made bankrupt, it was clearly explained to him that he couldn’t be involved in managing a company.

“At the time he was active at Abba North East, he also told the trustee of his bankruptcy that he was unemployed.

“It is imperative that companies are transparent in their dealings so that other businesses know exactly who is managing the company and those who seek to hide their involvement, as well as those who aid the deception, can expect to be removed from the corporate arena for a lengthy period.”

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