Appointed as a single joint expert to conclude on the date upon which a company was insolvent, the extent to which the actions of the director may have contributed to the financial downturn of the company and the position of the director’s loan account at the date of insolvency. We confirmed that, while the director had not misused company funds, he had prejudiced the creditors of the company by extracting funds to repay director’s loans after the point at which the company was insolvent. The case settled after our report was issued.
Appointed to comment on the value of transactions between the company (which had gone into liquidation) and one of two shareholders. Drawing our conclusions was made more complex due to the quality of accounting records held by the company and numerous accounting inconsistencies found.
Advising the liquidator acting for a group of language schools on the merits of 12 potential claims against the group’s former director. The claims involved the sale of a subsidiary at undervalue, making poor and uncommercial investment decisions, acting with a clear conflict of interest with regard to sums paid to family members and acting in breach of the director’s contract of employment.