A FLOORING tycoon siphoned more than £600,000 from his failing firms and fled to Dubai leaving 25 staff on the dole.
Darren Gemmell has been banned from being a company director for nine years after a probe by the Insolvency Service.
They found he transferred £645,000 from Glasgow businesses Larry's Laminate Land and Robyn's Rug Gallery days before they collapsed with debts of more than £500,000. It was paid into his personal account in Dubai.
Gemmell, 36, then fled to his luxury flat on Jumeirah beach in the tax haven, where he also owns a property in the £7.2billion Palm development, while 25 staff turned up for work.
Insolvency experts Findlay Hamilton were left to try to get creditors their cash back.
The report says: "Those transfers were to his benefit and to the detriment of creditors."
After the DIY king fled in April 2005, one worker said: "We're sickened he is living it up in Dubai while we scrabble about looking for work."
See Full Article
If you are concerned about your business debts and want to avoid becoming bankrupt then call us now. We will listen to your needs and work to help you.
Call us now on: 0800 071 1616
Email us at: info@debtsgone.co.uk
See our website: www.debtsgone.co.uk
Saturday, 9 June 2007
Posted by Debtsgone LTD at Saturday, June 09, 2007
Labels: DIY KING FLOORED
Subscribe to:
Post Comments (Atom)
Blog Archive
-
▼
2007
(260)
-
▼
June
(29)
- Controversial stockbroker Pacific Continental Secu...
- June 25 (Reuters) - U.S. Energy Systems Inc. (USEY...
- HSBC chairman Stephen Green warns that credit glut...
- MPs from Leeds yesterday called on the Treasury an...
- After 20 months of negotiations over restructuring...
- Soon-to-be prime minister Gordon Brown must act to...
- County Court Judgement is the term for a judgement...
- TL Risk Solutions has launched a product aimed at ...
- Debtor is one of the account balances in financial...
- People borrowed more money in the first quarter of...
- The £11.1bn takeover of Alliance Boots appeared to...
- MORE Sydney families are being pushed to the wall ...
- IVMD, the Inverness medical device developer, has ...
- A GREAT Clifton man has been disqualified from act...
- Popular IVA community website, IVA.co.uk, threaten...
- John C. Coffee, a Professor of Law at Columbia Law...
- The Rugby Football League have deducted points fro...
- Liquidation has two meanings in finance. The first...
- Under the law of unintended consequences, as defin...
- A company that provides controversial individual v...
- A FLOORING tycoon siphoned more than £600,000 from...
- Trade Group R3 Speaks Out - Nick O'ReillyWhen I he...
- A creditor is a party (e.g. person, organization, ...
- Concern has been voiced over the long-term problem...
- The number of corporate insolvencies is expected t...
- Isolvency practitioners and banks are meeting late...
- Several reports claim that UK insolvency rules mus...
- The fallout from the Just Group’s insolvency led t...
- With bankruptcy and insolvency predicted to grow b...
-
▼
June
(29)
No comments:
Post a Comment