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Director disqualified for 11 years 30 July 2013

A prize-winning director has been disqualified from acting as a company director for 11 years, following an investigation by The Insolvency Service.

Saul Loggenberg, former director Mocor Ltd, was banned for paying himself instead of his creditors.

Vicky Bagnall, director of investigation and enforcement services at The Insolvency Service, said: “The Insolvency Service will rigorously pursue company directors who seek to benefit themselves ahead of their creditors by extracting company funds when others are not being paid.

“Limited liability protection is only available to those who comply with their obligations as company directors. If those obligations are ignored, that protection will be withdrawn.”

Loggenberg, formerly of Greater Manchester and who now lives in South Africa, became sole director of Mocor Ltd in September 2010, following his acquisition of the company, including its cash on deposit of £326,862.

Mocor Ltd entered Creditors Voluntary Liquidation (CVL) on 30 June 2011, owing creditors approximately £280,000.

The sale was subject to a share-purchase agreement dated 24 September 2010, which specified that these funds be used primarily for rent and business rates up to 4 April 2011.

During his undertaking to the Secretary of State for Business, Innovation and Skills, Loggenberg did not dispute he failed to pay his landlord the rent arrears of £298,126 and business rates arrears of £119,077,while paying himself £121,241 on 24 September 2010.

Loggenberg had previously won prizes for entrepreneurship from both the UK Institute of Directors and the Shell RBS Entrepreneur of the Year awards in 2000.

 

 

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