Lancashire-based property entrepreneur Tim Knowles has been banned from taking on any new directorships for four years, following the winding-up of one of his property companies.
Knowles, who owns £500m of property through his investment vehicle, First Investments, has been disqualified from becoming a company director without the prior approval of the court until 2011.
The disqualification was ordered because the company, which was placed into voluntary liquidation in 2002 due to unpaid creditors and insufficient cash reserves, continued to trade while insolvent and failed to make any tax payments, including VAT.
However, Knowles can continue as managing director of First Investments, and as a director of 30 other related companies, provided that he appoints a non-executive director who is a qualified accountant.
Knowles said the judge did not allege any financial impropriety.
“In the eyes of corporate law, the buck stops with me, and I acknowledge that fully,” he said. “I am only grateful that the judge imposed a reduced period for disqualification and granted a Section 17, which means I can take my business interests forward.”
