The company raised over £3.5 million from the sale of over 300 plots of land on five sites at Grassmoor, Chesterfield; Knowsley, Merseyside; Marsh Lane, Nantwich; Willaston, Nantwich; and Lower Tean, Uttoxeter.
Mr Wren accepted that the misconduct identified by CIB’s investigation made him unfit to be a company director, including that he had caused or allowed the company to:
· Misrepresent to purchasers of land that a “planning services disbursement”, for which they each paid a £500, would be paid into a bank account and held on trust. No such arrangements were ever in place.
· Enter into borrowing arrangements before receiving the Companies House certificate allowing the company to do so;
· Continue to sell plots already sold, despite an undertaking to cease doing so.
· Fail to keep proper accounting records;
· Paid £300,000 “drawings” to himself in addition to his “wages” of £50,000 in contravention of section 263 of the Companies Act 1985.
· Make misleading statements on its website.
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