Kulbarg Singh has been banned as a director after selling 拢1.5m worth of assets for less than 聽拢500,000 to another company that he also controlled to keep money beyond his creditors.
In 2021 he sold seven classic for just 拢1 to another of his companies.
Kulbarg Singh, 62, was the director of Aldridge Construction Engineering Ltd when he entered into an asset purchase agreement with Ace Earth Solutions Ltd in 2021.
At least 拢1.5m of company assets were sold, with Aldridge Construction Engineering Ltd entering liquidation the following year.
Among the under-priced sales were two Daimlers from 1936 and 1965; Jaguars from 1969 and 1978; and three Rolls Royces from the 1970s.
Combined, the seven cars had a value of 拢101,500 but Singh sold them to Ace Earth Solutions Ltd for just 拢1.
Singh, of Haselour Lane, Harlaston, Tamworth, has been disqualified as a director for six years following Insolvency Service investigations.
Insolvency Service chief investigator Kevin Read said: 鈥淜ulbarg Singh deliberately sold assets worth 拢1.5m for much less than they were worth, putting the money out of the reach of creditors.
鈥淒irectors who abuse their position will face serious consequences. Selling historic cars worth over 拢100,000 for just 拢1 shows the extent of Singh鈥檚 misconduct.
鈥淪ingh鈥檚 six-year disqualification sends a clear message that we will pursue those who breach their responsibilities as a director.鈥�
Aldridge Construction Engineering Ltd was set up in November 2015. Singh said the company was involved in the resurfacing of roads and later installing gas pipes.
In April 2021, Singh sold company assets worth at least 拢1.5 million for just more than 拢465,000 to Ace Earth Solutions Ltd, a company he was director of between February 2020 and April 2022.
The sale resulted in Aldridge Construction Engineering Ltd losing more than 拢1m, leaving it insolvent.
By the time the company went into liquidation in June 2022, it had no assets and total liabilities to HM Revenue & Customs and other companies of more than 拢1.5m.
The Official Receiver, as liquidator of Aldridge Construction Engineering Ltd, is currently exploring options to pursue recovery action to return money to creditors who lost out as a result of the sales.
Singh is now banned from being involved in the promotion, formation or management of a company without the permission of the court until 24th July 2031.
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