Daniel Jon Knowles (36), from Bromsgrove, Worcestershire, was a director of HE Knowles (Manufacturing) Ltd. Integrated in November 2016, the corporate offered steel merchandise for the development commerce.
When HE Knowles (Manufacturing) Ltd offered merchandise to clients, they’d additionally submit the invoices to an exterior financing firm to safe funds upfront.
The finance firm would then recoup the bill quantity they’d loaned to HE Knowles (Manufacturing) Ltd from the producer’s clients in a course of often known as ‘factoring’.
HE Knowles (Manufacturing0 Ltd entered right into a Company voluntary association in April 2019 earlier than going into administration in January 2020, owing the finance firm £510,000 and different collectors an extra £1.3 million.
The producer’s administration triggered an investigation by the Insolvency Service and enquiries uncovered that from January 2018 to December 2019, Daniel Knowles claimed £510,000 from the finance firm.
However as an alternative of offering clients with banking particulars for the finance firm, Daniel Knowles despatched invoices to clients with HE Knowles (Manufacturing) Ltd’s financial institution particulars.
When the finance firm tried to gather the excellent funds from the producer’s purchasers, clients stated they’d already paid HE Knowles (Manufacturing) Ltd straight.
On 5 January 2021, the Secretary of State accepted an endeavor from Daniel Knowles, disqualifying him from being an organization director for 8 years after he didn’t dispute that he had misused factoring amenities by diverting buyer funds away from its bill finance supplier.
The director’s ban began on 26 January 2021.
Martin Gitner, Deputy Head of Bancrupt Investigations on the Insolvency Service, stated:
Daniel Knowles knew the phrases of the settlement with the finance suppliers and that any buyer invoices ought to comprise the fee particulars of the finance firm. As a substitute, he intentionally inserted his personal firm’s financial institution particulars, realizing it could lead to HE Knowles (Manufacturing) Ltd receiving funds that ought to have been paid to the factoring firm.
This prolonged ban reveals we take these issues very significantly and can search to disqualify those that select to behave unscrupulously.
Notes to editors
Daniel Jon Knowles is of Bromsgrove and his date of delivery is April 1984
HE Knowles (Manufacturing) Ltd (Firm Reg no. 10473767)
Disqualification undertakings are the executive equal of a disqualification order however don’t contain courtroom proceedings.
Individuals topic to a disqualification order are sure by a range of restrictions.
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