A car dealer who bought and sold luxury cars has been banned from running companies for 13 years after he failed to maintain adequate accounting records.
Zaid Fares Al-Safee, 29, from West London, was a registered director of Exotic Global Limited.
After almost two years of trading, in June 2015 Exotic Global Limited was placed into Creditors’ Voluntary Liquidation (CVL) and an insolvency practitioner was appointed.
However, Zaid Fares Al-Safee’s failed to deliver Exotic Global Limited’s accounting records to the insolvency practitioner and a report was submitted to the Secretary of State highlighting Zaid Fares Al-Safee’s lack of co-operation.
Unexplained activities
Trading activities that were unexplained included the purchase and sale of 14 luxury vehicles in excess of £1.2 million, VAT assessments totalling £498,106.80, the expenditure of a £318k loan, as well as the purchase and sale of 45 vehicles totalling £354,553 and two personalised number plates totalling £40,023.
After a two-day trial, ICC Judge Jones in the High Court ordered on 14 March 2018 that Zaid Fares Al-Safee was to be disqualified for 13 years, banning him from directly or indirectly becoming involved in the promotion, formation or management of a company without the permission of the court.
Ken Beasley, official receiver for the Insolvency Service, said: “Maintaining and keeping adequate accounting records is a legal requirement for all companies.
“Failure to do so is serious misconduct and the length of Mr Zaid Fares Al-Safee’s disqualification reflects this.”