From the Insolvency Service's website
http://news-insolvency.bis.gov.uk/Press-Releases/Former-football-club-chairman-Peter-Ridsdale-banned-as-a-director-for-over-seven-years-68112.aspx
Former football club chairman Peter Ridsdale banned as a director for
over seven years
03 October 2012 13:20
Insolvency Service
Peter Ridsdale, the former chairman of Leeds United, Barnsley and
Cardiff City football clubs, has been disqualified from acting as a
company director for seven-and-a-half years, following an investigation
by Company Investigations team in Manchester, part of The Insolvency
Service.
Mr Ridsdale, 60, of Carnforth, Lancashire, has given an undertaking to
the Secretary of State for Business, Innovation and Skills (BIS) barring
him from acting
as a company director, and from managing or in any way controlling a
company, from 19 October 2012 to 18 April 2020, due to his conduct as a
director of W H Sports Group Limited (WHSG).
Sophie Victoria Ridsdale, 45, Mr Ridsdale’s wife and co-director of
WHSG, has also been disqualified after providing a similar undertaking
which will run for three-and-a-half years from 19 October 2012 to 18
April 2016.
Investigators found that WHSG traded from 2003 to 2007 and was used by
Mr Ridsdale to provide sports and leisure consultancy services to
football clubs. .
The company went into liquidation on 22 April 2009 with assets of
£22,592 and liabilities of at least £478,698, including £442,353 owed to
HM Revenue & Customs (HMRC).
In signing the undertaking, Mr Ridsdale did not dispute that:
· Between May 2007 and March 2009, he acted improperly and in breach of
his duties to WHSG by causing payments totalling £347,000, received for
invoices raised by WHSG for services provided to a football club of
which he was the Chairman, to be paid into personal bank accounts held
in his own name, to the detriment of WHSG and its creditors.
· He also failed to disclose the relevant transactions to the liquidator
of WHSG, who did not become aware of them until July 2010 when
information was provided by the football club.
· He failed to ensure that WHSG complied with its statutory obligations
to make Corporation Tax, PAYE and National Insurance Contributions(NIC),
and VAT,
returns and payments to HMRC as and when they were due. At liquidation
WHSG’s liabilities included £166,421 in unpaid Corporation Tax,
£102,279, in unpaid PAYE and NIC, and £173,653 relating to unpaid VAT.
· He failed to ensure that WHSG complied with its statutory obligations
to prepare
and file accounts with the Registrar of Companies by the due dates for
three successive accounting periods.
Commenting on Mr Ridsdale’s ban, Claire Entwistle, Director of Company
Investigations North at The Insolvency Service, said:
“As someone who has had many directorships, Mr Ridsdale ought to be
aware of the responsibilities that come with such a position.
The protection of limited liability is available to those who comply
with their obligations as company directors. If those obligations are
ignored, the protection will be withdrawn, as Mr Ridsdale has found to
his cost.
“One of the main purposes of the Company Directors Disqualification Act
is to ensure that proper standards of conduct of company directors are
maintained, and these disqualifications should serve as a reminder that
The Insolvency Service will investigate unacceptable conduct and deal
robustly with directors who harm creditors by using unacceptable
financial practice. “
Ends
Notes to Editors
1. W H Sports Group Limited was incorporated on 22 April 2003 and was
placed into voluntary liquidation on 22 April 2009.
2. Disqualification undertakings have the same effect as
disqualification orders made by a court, and are therefore legally
binding. Without obtaining permission from a court, a disqualified
person may not:
act as a director of a company;
take part, directly or indirectly, in the promotion, formation or
management of a company;
be a liquidator or administrator of a company;
be a receiver or manager of a company’s property.
Further information on director disqualifications and restrictions can
be found on The Insolvency Service’s website, here.
3. The Insolvency Service administers the insolvency regime,
investigating all compulsory liquidations and individual insolvencies
(bankruptcies) through the Official Receiver, to establish why they
became insolvent. The Service also authorises and regulates the
insolvency profession; deals with disqualification of directors in
corporate failures; assesses and pays statutory entitlement to
redundancy payments when an employer cannot or will not pay employees;
provides banking and investment services for bankruptcy and liquidation
estate funds; and advises ministers and other government departments on
insolvency law and practice. Further information about the work of The
Insolvency Service is available from www.bis.gov.uk/insolvency.
4. Media enquiries should be directed to:
Kathryn Montague, Media Relations Manager, Telephone 020 7674 6910 or
Ade Daramy, Press Officer on 020 7596 6187
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PETE CASS (1962 - 2011) Rest In Peace Mate
