The director of a wine investment firm has been disqualified from acting as a company director for nine years.
Ofosuherne Ofrori-Duah of Vintage International Limited was found to have caused the company to trade with undue risk to clients, following an investigation by the Insolvency Service.
The investigation found as of 30 June 2011, eighteen months before the company entered liquidation, there were outstanding customer orders of at least £293,056 – half of which had been placed at least six months earlier.
By this point the company was already insolvent and lacked the necessary funds to purchase stock and complete customer orders.
However, the company continued to take new customer orders totalling £917,410 between 1 June 2011 and the date of liquidation.
Vintage International entered voluntary liquidation in October 2012, owing £1,063,424 to clients in outstanding orders. The company’s total assets were valued at £21,789, with a shortfall including trade and other creditors estimated to be £1,121,546.Mark Bruce, a chief investigator at the Insolvency Service said: “The director of Vintage failed to ensure proper corporate governance was in place to clearly monitor client orders and the financial position of the company.
“The Insolvency Service will always look to remove from the business community those directors who act below the standards that should be expected of them given the circumstances of their company’s trading.”