David Green, aged 56 and from Liverpool, signed a disqualification undertaking following an investigation by the Insolvency Service.
David Green was the director of Bilt Group Limited, which was incorporated in February 2016 as the vehicle to carry out significant construction projects in Liverpool, particularly in the Chinatown area.
Just 10 months later, however, in December 2016 Bilt Groups’s principle customer decided to terminate the company’s contract as it was not satisfied with the standard of work.
Without revenue coming into the company, Bilt was unable to pay its debts and went into liquidation, owing £590,000 to creditors.
Insolvency practitioners appointed to wind-up the company found that payments worth in excess of £1 million had been paid by Bilt to third parties and were not necessarily legitimate business expenditure.
Investigators from the Insolvency Service discovered that around £375,000 had been moved to a separate company that was also under David Green’s control, while payments in excess of £660,000 were made to third parties not clearly linked to the company’s trading activities.
Martin Gitner, deputy head of insolvent investigations at the Insolvency Service, said: “David Green was trusted with funds to carry out important redevelopment projects in Liverpool. But he blatantly disregarded his responsibilities when he paid significant sums to third parties totally unconnected to the building works.”
Separately, the Serious Fraud Office revealed in January 2019 that it has opened a criminal investigation into a suspected fraud relating to the Liverpool Chinatown redevelopment.