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Radio directors banned for loan fraud
Two directors of a reputable radio station have been banned for 22 years, after defrauding a lender in an attempt to secure a number of loans.
Robert James Smith and Emily Victoria Smith, directors of Chance DAB Limited have been banned from holding a position of business authority, following an investigation from The Insolvency Service.
Mr Smith, 34, and his wife, 29, gave undertakings to the Secretary of State for Business, Innovation and Skills not to act as directors or in any way manage or control limited companies for 11 years each until September 2024.
The investigation showed that Chance, which went into liquidation on 28 April 2011, applied for a loan in November 2010 from a lender for the supposed purposes of equipment purchase.
However, the funds were diverted to pay for overhead expenses.
In January 2011, the company applied for a second loan from the same lender, this time stating it was to provide working capital.
Again, the loan was provided.
Around 31 January 2011, the company ceased to trade and no sales had been generated.
No repayments on the loans were ever made by the company and at the point of liquidation; it owed at least £106,248 to lenders and at least 20 other creditors.
Speaking on the news, Sue MacLeod, Head of Insolvent Investigations in Birmingham, said: “Directors who seek to obtain finance from financial institutions, by providing false information show a total disregard for the finance provider and the business community generally.
“These disqualification undertakings send a clear message to other company directors that if they run a business in a way that is detrimental to either its lenders or its creditors, they will be investigated by the Insolvency Service and removed from the business environment for a long time.”
By Ian Walker
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