Debt management directors banned after causing public distress

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Following an in-depth investigation by the Insolvency Service, Stephen Anthony Wooley and Kevin John Dursley, Directors of a debt management business were banned.

The investigation found that the two director’s actions caused distress to members of the public who were already experiencing financial difficulty. The disqualification undertakings were given to the Secretary of State for Business, Energy and Industrial Strategy to process.

Stephen Anthony Woolley, from Stoke on Trent, was the director of Security and Wealth Credit Management Limited which traded as Brightsource Financial Solutions. Woolley has been banned from acting as a director for eight years from 11 January 2018.

Kevin John Dursley, from Gloucestershire, the director of Corders Administration Limited which handled the day to day administration of the debt management plans, has been banned for three years and six months from 21 November 2017.

The investigation from the Insolvency Service’s showed that due to both companies failures, an estimate loss cost members of the public who were already facing financial trouble between £443,302 and £2,042,00.

After failing to take sufficient steps to ensure that debt management plans were properly administered by Corders Administration Limited, Mr Woolley breached his duties to the company and Security and Wealth Credit Management Limited went into administration on 16 September 2015 with debts of £2,058,219.

The Insolvency Service’s investigation showed that Mr Dursley failed to ensure that Corders Administration Limited effectively managed, supervised and administered debt management plans on behalf of Security and Wealth Credit Management Limited. Thus, resulting in Corders Administration Limited going into administration on 16 September 2015.

Aldona O’Hara, Head of Insolvent Investigations for the Midlands and West, commented on the disqualifications stating, “This is a serious case where the failures of the directors of both companies have caused distress to members of the public who were already in financial difficulty.”

“The Insolvency Service will look closely at any evidence of misconduct and take appropriate action where others have suffered as a result of directors’ actions, as has happened in this case.”

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