Former football directors investigated by Insolvency Service

Wednesday 14th September 2011 Four former directors of Luton Town Football Club (LTFC) have been disqualified from acting as directors or in any way managing or controlling limited companies.An investigation into their activities was conducted by the Insolvency Service which found that, between July 2004 and February 2007, the directors were deemed to have breached Football Association (FA) and FIFA rules and regulations on payments to football agents.The FA enquiry found that LTFC had dealt with unlicensed football agents and made payments of £157,000 through its holding company Jayten Stadium Limited, using funds provided by LTFC which should have been paid by LTFC itself and routed through the FA. During the same period, the directors had also caused or allowed LTFC to trade at the risk and detriment of HM Revenue and Customs (HMRC), which was owed just over £3.5 million. They had arrears with PAYE and NIC within a few months of starting to trade and recently had not declared or paid the company’s VAT liability. The court heard there was a pattern of non-payment and chasing from HMRC.Robert Burns, head of investigation and enforcement services at the Insolvency Service, stated on their website that: “One of the main purposes of the Company Directors Disqualification Act is to ensure that proper standards of conduct of company directors is maintained and to raise those standards where appropriate.”William John Tomlins, the former Chairman of LTFC, was disqualified for 6 years, Derek Robert Peter, the former Chief Executive and a chartered accountant, was disqualified for 7 years, while Richard Sidney Bagehot and John Mitchell were each disqualified for 3 years.Robert Burns added: “These disqualifications should serve as a reminder that the Insolvency Service will investigate unacceptable conduct by company directors regardless of the nature of the business involved.”

LTFC started trading in mid-2004 and on 22 November 2007 went into administration owing its creditors approximately £7m.

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Former US TV star Larry Wilcox completes debt management course

Larry Wilcox, the former star of US TV show CHiPs, has this week completed a finance and debt management course as part of his bankruptcy agreement.

Wilcox is best known for his starring role on the American television action drama series CHiPs, which ran from September 1977 to June 1983. He played Officer Jon Baker alongside Eric Estrada in the role of Officer Francis “Ponch” Poncherello.

The entertainment news website TMZ reported that Wilcox, who has also been a producer and a businessman as well as an actor, was ordered to go on the personal financial management course by a judge as part of his bankruptcy. The aim was to teach the former TV actor how to manage his money properly and hopefully avoid further debt problems in the future.

Wilcox’s money troubles came to light after he pleaded guilty to securities fraud conspiracy in November 2010. Around this time, Wilcox filed for bankruptcy due to debt problems reportedly totalling $1.5 million (£1 million).

He was sentenced in January 2011 to three years’ probation for creating a bogus company in order to generate fake stock sales, and he was also ordered to complete 500 hours of unpaid community service.

As part of the bankruptcy agreement, it was reported that Wilcox’s wife of more than 25 years, Marlene Wilcox, was ordered to complete the two week debt and money management course alongside her husband. The couple completed the course on Monday 13th July, 2011.

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Former magistrate faces bankruptcy fighting rape allegations

A former magistrate from Blandford St Mary in Dorset reportedly has severe debt problems and is facing bankruptcy after he was accused of rape, prompting him to spend thousands in legal costs fighting the case.

Tony Hunt, 69, had served as a magistrate in Southampton magistrate’s court for years before his life was turned upside down by an allegation of rape. Hunt, who was at that time a senior traffic warden, claims he embarked upon a brief affair with a married woman, and that the same woman accused him of rape seven years later.

In 2003, Hunt was found guilty of the charge in Winchester Crown Court and was sentenced to four years in jail. He launched an appeal and presented new evidence, and as a result he was released from prison after two years.

Mr Hunt made an application to the Home Office for compensation for being wrongly imprisoned for two years, but his claim was rejected. Desperate for justice, he then launched a legal case against his former colleague for ‘malicious prosecution’, but this too failed.

The former magistrate and his family are now facing bankruptcy due to the astronomical costs of legal proceedings over the years. Mr Hunt lost his job after his conviction and has been unable to get another job, meaning his debt problems are only getting worse.

The family is said to owe at least £500,000 in costs to international law firm Hogan Lovells, which represented the woman in the case. Speaking to the Telegraph newspaper, Mr Hunt commented on this:

“I spent two years in prison as an innocent man and now they are seeking over £400,000 and trying to bankrupt me.”

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Dragons’ Den winner sues former star

Wednesday 26th January 2011

A former contestant on the hit-BBC show is suing one of the former judges.

James Caan’s departure from Dragons’ Den three weeks ago was explained by his PR representatives at the time as being due to his philanthropic commitments. However, another possible reason for his exit emerged today when the Daily Mail reported that he is being sued by a contestant from the hit BBC show. Sharon Wright - a single mother of 40 from Scunthorpe - pitched her gadget, the ‘MagnaMole’, which threads cables safely through cavity walls, to the Dragons last year. She won £80,000 investment from Mr Caan and fellow Dragon Duncan Bannatyne in exchange for a 22.5 per cent share of her company. The ‘MagnaMole’ won the Diamond Award for Innovation at the British Inventions Show in 2008 and Ms Wright had sold 41,000 of them by 2009.However, when she came to examine the contract drawn up for her by Mr Caan’s lawyers, she discovered that the investment would only be a loan, Mr Caan would become chairman of her company and she would have to reduce her salary from £50,000 to £12,000. Mr Caan would effectively be buying nearly a quarter of her company for £29.Sharon Wright was eventually able to arrange a termination of the contract, but not before she had suffered a nervous breakdown. Her lawyer - Dean Dunham, who has a history of representing celebrities from chefs to premiership footballers - confirmed to the Daily Mail that he had just issued a High Court writ against Mr Caan, but said: “I can’t comment at present. The case is ongoing. The damages we are asking for have yet to be assessed.”
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