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Three times bankrupt director's company collapses 17 September 2010

Terence Freeman, formerly known as Terence Sparks, had his ban from acting as a company director extended following an investigation into the affairs of GFX Capital Markets Ltd (GFX), a spot foreign exchange trading company.

The Insolvency Service investigation found that while he was still an undischarged bankrupt and already disqualified as a director, Mr Freeman set up GFX , became its director and had sole overall responsibility for the company’s currency trading activities. 

GFX traded from around June 2006 until January 2009, however, in late 2008 clients of the company became concerned when it failed to satisfy their demands for the return of their funds. 

Freeman claimed that GFX lost around 75 per cent of its trading capital in one day in September 2008 due to the volatility of market conditions.  In March 2009 a dissatisfied investor petitioned for the company to be put into liquidation, and investor claims in the liquidation total over £17m.

Stephen Speed, chief executive of the Insolvency Service, said: “The public and other company directors should be reassured that The Insolvency Service has robust powers which we will not hesitate to use to protect consumers from directors like Mr Freeman who ignore the terms of their disqualification and go on to commit serious misconduct.”

This most recent disqualification means that Mr Freeman is prohibited from being concerned in the management of any company until September 2025.

At this time it is not known whether any investors will get their money back.

 

 

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