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Bankrupt director's four businesses 'wound-up'

Published on 4 Feb 2010 under category: legal

A disqualified director was found to be effectively in charge of four companies, following an investigation by the government's insolvency watchdog.

The Insolvency Service wound up the four businesses, based near Belper, run by the Stuart Andrew Yates, who was disqualified in 2007 and banned from working as a company director for eight years after he was declared bankrupt.

Two of the businesses supplied health food products under the names The Alliance Group Lifestyle Solutions and Healthier Lifestyle Solutions.

After the creditors of the former were shaken off following Mr Yates' disqualification, its assets and goodwill were transferred to the latter.

According to the watchdog, both companies were continually controlled by Mr Yates throughout their history, who diverted funds from them into an additional two companies called Sayco Associates and Sayco Midlands.

The Companies Investigation Branch of the Insolvency Service said that all four businesses were liquidated in "the public interest".

If you require information on Insolvency and Bankruptcy please call us on +44 (0)207 7831 0101 and ask for Katherine Sillett.