Publicity Pete apparently has been banned from holding any directorships for the next 7.5 years. News set to break on walesonline so I will update the article when there's more.
Former Cardiff City chairman Peter Ridsdale has been disqualified from acting as a company director for seven and a half years after an investigation into financial irregularities concerning payments made to him by the club. The company investigations team of the UK Government’s Insolvency Service discovered that nearly £350,000 which should have been paid to a company called WH Sports Group (WHSG) was in fact paid into personal bank accounts in Mr Ridsdale’s name. Mr Ridsdale, 60, of Carnforth in Lancashire, who was chairman of Cardiff City from 2006 until 2010, has given an undertaking to Business Secretary Vince Cable which bars him from acting as a company director, and from managing or in any way controlling a company. The ban will last until April 2020. 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 until 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 in 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 {Cardiff City}, 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.” Read More http://www.walesonline.co.uk/news/w...ny-director-ban-91466-31958658/#ixzz28F266Wuj
So he got paid into his business account to start with, didn't pay any tax on it, and when it became inevitable that the company was going to go into receivership because it owed HMRC so much, money that was contractually due to the company and could have paid HMRC, was instead paid into his personal bank account to avoid them. So why isn't he up on a fraud charge? why isn't he facing a jail term? I know if I tried to defraud HMRC in this way that's where I would end up.
He should go to jail for this! No wonder the UK Treasury is in such deep stuff. How can they let taxpayers get away with this stuff?
Im telling you if it was some normal person who accidently did it with a few hundred quid theyd jump down our throats!!!!
Here in Ireland I have to pay my VAT bi monthly. A couple of weeks late and the threatening letters arrive. How can this clown rack up 400k. I detest the man even more than bates for what he did to Leeds. Delighted to see him meet his comeuppings and hopefully bates proves to be not as clever as he thinks he is either. These obnoxious dirtbags think they're above the laws of every land
Just our luck to basically get these two clowns in a row running our club. I know we had krasner or whatever in between but his hands were tied, pity the others weren't as well
