Pay day loan company utilized 1.2m pension liberation scheme to cover debts

Pay day loan company utilized 1.2m pension liberation scheme to cover debts

Three directors of an insolvent pay day loan company which received money from retirement liberation schemes have already been disqualified.

Three directors of an insolvent cash advance company which received money from retirement liberation schemes have now been disqualified.

Speed-e-Loans.com (SEL), utilized 1.2 million from personal investors through the schemes to generally meet its existing debts.

Directors Philip Miller, Robert Alan Davies and Daniel Jonathan Miller have already been prohibited from acting as directors for nine, six and 5 years correspondingly for breaching fiduciary duties and the duties of care, ability and diligence.

At management, the company had assets detailed at 150,000 and liabilities to creditors of 4.4 million

SEL proceeded to get personal investment via liberation schemes while it had not been solvent and had ceased financing to new business. Investors additionally took in liability for the significant taxation fee and experience of the possibility of charges.

Moreover it continued to get investment for an additional five months after learning this 1 for the agents accountable ended up being involved with a fraudulence test. Continue reading “Pay day loan company utilized 1.2m pension liberation scheme to cover debts”