After an investigation by the Insolvency Service, the directors of Cleartrade Limited have been banned as company directors for a total of 43 years.
Mr Marcel McKeigue, Mr Graham Stephen Philip Hawrysh and Mr Carl Stuart Thornton sold voluntary emission reduction carbon credits (VERs) to members of the public that were completely worthless and had no investment potential. The VERs were sold by the company at highly inflated prices.
Cleartrade Limited was incorporated on 19 October 2011 and registered at a London address.
Teams within the Public Interest Unit got involved with Cleartrade Limited after an investigation by Company Investigations was passed onto the Insolvency Service.
They discovered that the company sold VERs to general members of the public between November 2011 and October 2012 as an investment and netted almost £1 million. However, the credits had no potential and the directors should’ve given this warning to investors showing an interest.
Disqualifications for all three men involved were given, with the penalty meaning that neither three parties will be able to manage, promote or become a director of a limited company until 2031.
Anthony Hannon, Official Receiver in the Public Interest Unit, says:
“This company’s claims about the profits to be made by buying its carbon credits were quite simply untrue and only the company and those working for it made money.
The lengthy periods of disqualification handed down in this case show that this kind of behaviour will not be tolerated by the Insolvency Service nor by the Court.”
The disqualification means that neither McKeigue, Hawrysh or Thornton are able to be the receiver of a company’s property, act as director or become involved with the formation, promotion or management of a limited liability partnership.
In this circumstance, the disqualification regime exists to protect members of the public who have the potential of being affected by the scam.
Budgeting is a very important activity in every business. Big companies have not only big revenues but also a budget covering everything from bathroom tissues to Christmas bonuses. When you are a small business, though, you can often find yourself in the situation of having to divide a limited amount of money into smaller and smaller slices to cover everything. The internet is filled with money saving tips for individuals – now let’s see a handful of handy ways to save your money as a small business.
If you haven’t done so already, go paperless
Today most people have miniature computers in their pockets. We use them for everything from checking our emails to playing our favorite games at the Royal Vegas Casino (strictly outside business hours, of course). We use them for secure payments, too – people make deposits to the Royal Vegas each day using their smartphones, proving that both the phones and the Royal Vegas are secure enough to handle money transfers between parties. Why do we still use printed invoices then?
Just think of how much paper you can save a month by switching to electronic invoices and correspondence. There are, of course, situations where an email can’t replace words on paper but it’s unlikely you’ll encounter such situations too often in a month.
Compare banks, go with the best
Banks are invaluable partners for businesses, yet their services cost money – and sometimes these costs are unnecessarily high. Competitors often have better rates, and you can use this to your advantage.
You can confront your bank with the competitors’ strong points, asking for a friendlier set of tariffs and rates. If they are not willing to compromise – this happens more often than you think – there’s always the option to move on to another one that has a cheaper set of services for you. The same strategy can be applied to mobile carriers, and other service providers, as long as you have a competitor to use as a leverage.
Use open-source
Unless you’re an Apple fan or one of the few people using Windows Phone, your smartphone uses open-source software (i.e. Android). Why wouldn’t your desktop computers and laptops be the same? Back in the day, when it was first introduced, Linux was scary – it wasn’t user-friendly at all. Today, in turn, Linux is available in a myriad of forms, and most distributions are just as user-friendly as Windows or Mac OS X.
There are open-source or even web-based alternatives available for most common programs, such as word processors, spreadsheets and such. And if you have to use a Windows-exclusive piece of software, you can always give it a try with Wine (a Windows compatibility layer for Linux, which basically lets you run Windows programs on Linux-powered machines).
A financial advisor has been given a bankruptcy restriction order totalling 15 years after acting in the management of a company and being subject to a director’s ban of ten years.
Mr Stephen Benjamin James Todd was handed the restriction after breaching a bankruptcy order, whilst Registrar Christine Derrett expressed that the event was one of the worst examples of disregard to the Insolvency Service that she has witnessed.
On 8 October 2012, a year before the misconduct took place, Mr Todd had been disqualified as a consequence of his actions in a previous company. The disqualification meant that he was not permitted to act as the director of a limited company or take part in the promotion, management or formation of a company for ten years.
Some time after this on 29 April 2013, Mr Todd received a bankruptcy order and on 16 December the same year, his discharge from bankruptcy was suspended indefinitely.
However, he was found to act in the management of IPR Capital Limited after the disqualification was handed to him. On 8 February 2013, the company went into provisional liquidation and on 2 February two years later, IPR Capital Limited went into liquidation with liabilities of over £10 million.
The court also found that the financial advisor failed to disclose his income from IPR (at least £517,100 from 29 April 2013 to 15 April 2014) amongst other parties in his bankruptcy proceedings. Payments were found to be placed into his bank account from other parties, which totalled £59,904.
The financial advisor stated that he had assets with an approximate value of £8,880 to the Official Receiver, yet he was found to have liabilities of over £454,107 in April 2013. Of this sum, £363,607 was due as a result of unpaid self-assessment tax, penalties and National Insurance payments.
The new restriction order means that Mr Todd must disclose his status as a person subject to bankruptcy restrictions if he wishes to take out credit of over £500, and he is subsequently unable to act as an insolvency practitioner or take part in the management of a limited company.
The restriction is in place until 13 December 3031.
So you have finally attained financial sufficiency. You’re probably in your late twenties and you are currently enjoying the benefits of having a disposable income. Perhaps you’re in your late forties. All your children have moved out and suddenly you no longer have any dependants. You also no longer have any pressing financial obligations and have managed to put all aspects of your finances under control i.e. debts, savings and budgeting. This state of affairs leaves room for a very inviting endeavor and that is making investments. For many beginners, taking the first step us usually the most difficult part of the process. This situation is made worse in scenarios where the individual isn’t well informed and therefore prone to making unwise decisions. The following is list of tips every beginner should consider abiding by.
It’s never too early to start investing
The ultimate beginners guide to making good investments wouldn’t be complete without first making it clear that it’s never too early to start investing. As long as all your financial bases are covered then you’re good to go. The biggest argument for starting your starting your investment journey is simple. The earlier you begin the more money you’ll make in the long run. The odds of a 50 year old first-time investor making more money than a 25 year old first-time investor during his/her lifetime are rather low. Start young and you’ll have more prosperous years.
Knowledge is power
Never underestimate the importance of wise counsel from someone with more experience than you. They have walked down the path you’re about to embark on and have made the same mistakes you will inevitably make. Having them on your side will help you avoid these mistakes. Take the time to consult your bank’s investment advisor regarding all the options at your disposal. Speak to individuals who have been in the business for years and know all the classic rookie mistakes. These interactions will provide you with the necessary information and insight to execute your vision.
Begin with what’s most familiar to you
It’s always better to begin by investing in something you know well and can easily vouch for. Making such moves will enable you to quickly transition from dipping your toes in the water to taking a confident plunge. If you choose to invest in stocks, your passion for Apple products might push you to invest in Apple stocks. If you are a big fan of MacDonald’s then that’s probably where you should begin. However, if you have bigger goals with your money that go beyond getting a feel of the investment sector you should seek some consultation.
Diversify as much as possible
Most beginners tend to be young individuals who more often than not, don’t possess the bulk of assets required to develop such a robust diversified portfolio. This is what makes mutual funds such an attractive option. In the simplest terms, Mutual funds come about when a number of investors bring together their money which is afterwards put under the stewardship of a mutual fund manager who makes all the important decisions regarding how best to invest this money. Individuals can also invest in a CFD (contract for difference) which carries a host of benefits for the investor. One can learn more about CFDs by working with a company that offers them e.g. CMC Markets.
Work with an investment company with a proven track record
There are plenty of investment companies out there that are more than willing to begin working with you but you need to ask yourself a number of questions before giving them custody over your money.
Do they have a proven history of success?
Have there been any complaints lodged against the practices of the company? Are there any pending cases in court?
Do they understand the goals you have and do they possess the ability to deliver?
These questions will enable you to easily narrow down to the best investment company for you. An example of a highly rated investment company is LPL financial which posted a net profit of 42 million dollars for its fourth quarter ended December 2016. This represents an increase of 0.46 % per share.
The director of OMI Partnership Limited has been disqualified for over three years for trading to the detriment of HM Revenue and Customs.
The limited company, trading as The Albion in a pub near Bristol, the director was appointed from 9th November 2004. Mr Owain George, the former landlord, has received the ban following an investigation by the Insolvency Service who discovered that he had unfairly discriminated against the Revenue and Customs body.
Mr George chose to pay other creditors in advance of the company’s VAT owed to the body for between January 2014 and 13 February 2015.
However, on the 13th February 2015, OMI Partnership Limited went into Creditors Voluntary Liquidation with an estimated deficiency of £627,825 and the owner received a disqualification. There was also an outstanding VAT bill of £180,567.
Due to the disqualification, Mr. George is unable to act as a director of a company, be the receiver of a company’s property or take part in the promotion, management or formation of a limited liability partnership. The ban also means that the disqualified director is unable to be a registered social landlord and is not permitted to undertake a director, trustee or committee member of a social housing association.
The disqualification is in place until August 2020.
Senior investigator in this case, Robert Clarke, says:
“Company directors have a duty to ensure businesses meet their legal obligations, including paying taxes. Deliberate neglect of tax affairs is not a victimless action – it deprives public services of vital money and introduces unfair competition in the business market.
The Insolvency Service will investigate and take action against directors who do not comply with their obligations.”
The directors of Handmade Limited, a film company, have been disqualified for a total of 22.5 years after misleading investors and leading them them losing millions. The judge in the case called the event a “lack of candour” by the directors, and are now unable to act as the director of a limited company as a result of the disqualification.
Following an investigation by the Insolvency Service, Mr Patrick Anthony Meehan has received a ban for 13 years, David Bernard Ravden has been banned for five and a half years whilst Peter William Parkinson is under the disqualification for four years.
Handmade Limited, the company in which the dodgy investing had taken place, was a film production and international rights company formerly known as Handmade Plc.
The company was put into administration on 11 July 2012 and entered liquidation on 24 April the following year.
The three men had principal director and shareholder roles that controlled information surrounding the company’s affairs. The investigation discovered that the men involved had failed to stop the following incidents from occurring:
Obtaining a $5m funding for a film project that had previously been cancelled, and using the money to pay off relatives of one director. The investor company invested the money into a special-purpose vehicle yet the star of the film had subsequently been injured, so the project could not go ahead.
Disclosing all debts in an AIM prospectus to raise $17m, then expended the money on undisclosed to advisers, potential investors or shareholders.
As a result of the disqualification, neither three of the directors are able to act as the director of a limited company until their ban period has been completed. They are also unable to partake in the management, formation or promotion of a company, or be the receiver of a company’s property.
When it comes to selling your home it’s important that the pictures show off the best features and show it in a good light. Even if your home is in fantastic condition, prospective buyers can be put off by bad photos so it’s vital that you take the time to get them right. Unfortunately not everyone takes this advice.
In some cases it might just be that the estate agent just didn’t have time to take any other pictures, but in others it appears as if the pictures used have been deliberately taken to make the property look terrible. Dakota Murphey, independent content writer working alongside Hunters Estate Agents, shares ten photos that are the latter; they are some of the most awkward, unusual and downright bizarre estate agent photos ever taken.
Source: Terrible Real Estate Agent Photos
“I’m just going to take a photo to help sell the house, do you want to get out of the shot?”
“No, no. I’ll just hide behind this door and stare at the camera like a serial killer”
“Great idea”
Source: Terrible Real Estate Agent Photos
It is never a good sign when an estate agent has had to resort to a bad Photoshop job of a couple being waited on in order to make a property look more appealing.
Source: Terrible Real Estate Agent Photos
Either the current homeowner enjoys fishing in his own lavatory bowl or there is a critical shortage of storage space in the house. Neither option sounds like a positive scenario.
Source: Terrible Real Estate Agent Photos
Why bother with separate rooms when you can have your easy chair, cooker, washing machine and tumble dryer within three feet on each other? For a change of scenery you can casually lean against the washer. It’s the ultimate in compact living.
Source: Terrible Real Estate Agent Photos
This might well the epitome of elegant interior design. Perhaps the best feature is the set of fluffy seafoam turquoise cushions that manage to clash brutally with literally everything else in the room.
Source: Terrible Real Estate Agent Photos
That window is certainly a good size for a small kitchen. But it does feel unlikely that they would allow in so much sunlight that it would necessitate an indoor parasol. It is also possible that this photo is as a result of a hastily-constructed extension where the owners did not feel the need to move the garden furniture at any point during the build.
Source: Terrible Real Estate Agent Photos
After extensive analysis from scientists and experts it has been sadly confirmed that this swimming pool is far too small an environment for an adult dolphin to thrive in. This is something that prospective owners should consider if they also harbour dreams of riding their own pet dolphin in unsuitable clothing.
Source: Terrible Real Estate Agent Photos
If a property had a broken window you might think someone might like to remove the shards of glass before taking a photo… but not this estate agent. Perhaps this is just a rather overzealous example of ‘shabby chic’.
Just stand really still. I’m sure no-one will even notice you’re there.
Source: Terrible Real Estate Agent Photos
Bold aesthetic choices for the bathroom might well be en vogue but this feels like a step too far. Swastikas are fairly polarising, as symbols go. It just might be possible that this homeowner is limiting their target market a little too much.
Saiful Alam, the director of Watford-based Indian restaurant and takeaway Nuha Limited, has been disqualified from acting as a company director for a minimum of six years due to employing two illegal workers.
The sole registered director of the food business located on Langley Way was found to be employing two illegal staff in December 2014 after an inspection from HOIE officials. He received a penalty of £30,000 and payment was due by 21st April 2015. However, Mr Alam opted to place Nuha Limited into liquidation beforehand so the penalty remained unpaid.
The takeaway was incorporated in January 2004 and in March 2015, the time of liquidation, the company had recorded a loss that totalled in excess of £139,000. This deficiency included the penalty given, along with a further £30,000 that was owed as a result of unpaid tax and VAT.
Chief Investigator at the Insolvency Service, David Brooks, says:
“The Insolvency Service rigorously pursues directors who fail to pay penalties imposed by the government for breaking employment and immigration laws. We have worked closely in this case with our colleagues at the Home Office to achieve this disqualification.
The director sought to gain an unfair advantage over his competitors by employing individuals who did not have the right to work in the UK in breach of his duty as a director.
The public has a right to expect that those who break the law will face the consequences. Running a limited company, means you have statutory protections as well as obligations. If you fail to comply with your obligations the Insolvency Service will investigate and you run the risk of being removed from the business environment.”
Due to the disqualification, Saiful Alam is unable to claim himself as a director of a company (whether indirectly or directly), and is unable to be involved in the managerial roles of a company for a total of six years with the penalty being in-force from the 31st January 2017.
As a person with a disqualification order against naming themselves as a company director, they are also unable to be a receiver of a company’s property or take part in the formation, promotion or management of a limited liability partnership.
Are we all agreed that online security is the single most important aspect of your internet connection? In an increasingly digital world where pretty much everything can now take place online – from socialising to shopping, from email to online banking, from filling in your tax return to applying for a passport – your data is only as safe as the integrity of your connection.
The consequences of being a victim of computer hackers gaining unauthorised access to your personal data, and taking control of your identity or finances don’t bear thinking about. So how do you best protect your online accounts, internet services, smart devices and computer hard drive from digital crime?
Standard Log-In Procedures
Any online user will be familiar with standard security procedures for log-in details, which typically require you to submit a simple username and password to obtain access to your account. However, with cybercriminals becoming ever more sophisticated, and internet fraud generally on the rise, this may no longer offer enough protection.
If, say, your email client or Facebook account has ever been hacked – sadly, not an unusually occurrence these days – you will no doubt have wondered how on Earth they got in. Hopefully, no real harm was done before you discovered the problem.
Your next immediate thought will have focused on what else, other than recovering the account and changing your password pretty damn pronto, you can do to increase future security on the account.
The answer is to add an extra layer of security by enabling Two Factor Authentication, or TFA or 2FA, also sometimes called Two Step Verification.
What is Two Factor Authentication?
Two Factor Authentication adds an extra step to your basic log-in procedure, in addition to your password (which, on its own, is your single factor authentication). The second factor is what makes your account more secure.
The additional second factor is something that only the authorised user can supply, for example an extra piece of confidential information that only the user would know, or a physical token. For TFA to be successful, two of the following three types of personal credentials must be verified:
Something you know – such as a personal PIN number, a password or passcode or a pattern
Something you have – such as a smartphone, bank card, card reader or fob
Something you are – such as biometric information including fingerprints, voice recognition or iris recognition.
Using TFA will make it harder for potential intruders to gain unauthorised access. No security protocol can ever be 100% watertight, but since the cyber criminal will need more than simply your username and password to hack into your accounts, there should be fewer numbers of internet fraud, ID theft cases and phishing attacks for you to have to worry about.
How new is the TFA concept?
You may not be aware that you’ve probably been using TFA for some time – the concept is not new in the real world. Think about every time you use your credit card to make a purchase in a retail store – mostly likely, you need to have the actual card (something you have) and a PIN number (something you know) or a signature (something you are) to make a successful transaction.
Of course, TFA has become increasingly relevant in the digital environment. 6 years ago, Google introduced Two Step Verification for their online users, which was swiftly followed by Microsoft and Yahoo.
You may well be familiar with online banking, where TFA is used to protect account holders. You will have been issued with a proprietary hardware token or card reader by your bank which needs to be used along with your Personal Identification Number (PIN) to log into your bank account. Often, there are additional steps involving your bank fob to complete financial transactions.
Apple, Facebook, Twitter, LinkedIn and Amazon are just some of the many online companies who now have TFA security options that users can enable. If you haven’t already done so, you are strongly advised to take advantage of the extra security features.
How easy is TFA to enable and use?
Every internet service will have its own procedure for enabling Two Step Authentication – some are just a minor adjustment to your account settings while others can be more involved. Once you’re set up with the new, safer log-in procedure, it will obviously take slightly longer to sign into your account.
Depending on your levels of patience and willingness to spend that little bit of extra time to ensure added account security, the extra inconvenience of TFA is surely a small price worth paying for added account security.
Negativity in the workplace is a curse for any professional environment. Delivering a triple whammy to your business, it zaps morale, wipes out staff loyalty and kills productivity. Hopefully, this is not the situation your company is having to deal with.
But just to make sure it won’t ever happen to your business, we have online blogger Lloyd Wells’ compilation of his 5 top tips to develop a positive company culture – to keep everyone happy, alert and pleased to go the extra mile – for the benefit of all. Much of the information in this post is the result of a research project into office behaviours, where our aforementioned blogger sourced data and opinions from leading news sites, staff management sites like Planday.com/uk and a range of authoritative opinions across the many social platforms.
Create a vision statement
It is important for your employees to know that their job is contributing to the overall aims of the company, and that each individual job makes a difference. By drawing up a clear vision statement of your company values, where it is heading and what it is contributing towards making the world a better place, you send out a powerful message that you care about more than just profits. Laying the foundation for a positive work culture in this way means that everyone can buy into your corporate values, with all members of the team working together towards a common goal.
Employ positive people
Positive energy is a powerful motivator in the workplace, and it can move mountains, if necessary. Just as negative attitudes can quickly become corrosive, able to sour relationships and even affect the entire workplace, PMA (positive mental attitude) has the opposite effect. When hiring new staff, actively seek out positive people. A friendly smile and an upbeat disposition are a great start, as are a ‘can do’ attitude and problem solving skills. At interview, find out how candidates would handle conflict and interaction with others – that should give you a good indication. For existing staff, let everyone know that negative attitudes won’t be tolerated and tackle specific issues with relevant individuals.
Establish an open door policy
Encourage positive interaction with your team at all levels by making sure that your door is always open for them. Actively ask for employees’ opinions, carefully listen to their viewpoints and take their suggestions into consideration. An approachable and accessible boss who is in tune with his team will gain the respect of those working for him. Conversely, a distant manager who is never available to speak to and seems uninterested in anyone else’s opinion will find it much harder to establish a positive company culture. Worst of all worlds is the ‘seagull manager’ who ‘flies in, makes a lots of noise, cr*ps on everything, and then leaves’.
Engage your employees
If you value your staff, don’t practise ‘mushroom management’, aka keeping them in the dark and feeding them manure. Let your employees take an active interest in what’s going on in the company. A positive company culture comes from above, and keeping everyone informed of company news, commercial successes and exciting new changes or new horizons will help your team develop a shared sense of team spirit. Whether you set up daily or weekly meetings with the entire team, or send round newsletters or regular company updates, honesty and openness will pay dividends.
Show your appreciation
Finally, let your staff know they’re valued and appreciated. Remuneration is an obvious place to start with, and it’s not just about rates of pay either – don’t forget annual leave, sick leave, health cover, pensions package, training costs, travel loans, car allowance and similar benefits. Establish reward systems for performance excellence, with prizes for added motivation. However, it’s important to bear in mind that job satisfaction goes far beyond the material benefits. We all like to be appreciated for what we do, so an official ‘pat on the back’ for a job well done or a heartfelt ‘thank you’ for going the extra mile can work wonders for reinforcing a positive company culture.
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