Press release: Debt management boss joins husband on disqualified director list

first_img act as a director of a company take part, directly or indirectly, in the promotion, formation or management of a company or limited liability partnership be a receiver of a company’s property Notes to editorsSmooth Financial Consultants Ltd (Company Reg no 05346052) was incorporated on 28 January 2005. The business also traded under the name of ‘The Debt Advice Centre’. The company went into Administration on 2 August 2013, with an estimated deficiency as regards creditors of £967,569.Mark John Broadstock is of Rixton, Warrington and his date of birth is February 1980. He was appointed as a director of Smooth on 1 March 2005, and remained so appointed until the date of Administration.Josephine Lester Broadstock is of Rixton, Warrington and her date of birth is March 1985. She was appointed as a director of Smooth on 26 May 2011 (having previously resigned on 1 October 2009), and remained so appointed until the date of Administration.Robert Marek Jones is of Bramhall, Stockport and his date of birth is November 1978. He was appointed as a director of Smooth on 31 January 2012. He left the company in May 2013, and resigned his directorship on 28 June 2013.The disqualification orders against Mrs Broadstock and Mr Jones were pronounced by HHJ Halliwell in the High Court of Justice, Chancery Division, Manchester District Registry on 8 August 2018.Miss Lucy Wilson-Barnes of Cobden House Chambers appeared for the Secretary of State and Mr Louis Doyle of Kings Chambers appeared for Mr Jones. Mrs Broadstock represented herself.A disqualification order has the effect that without specific permission of a court, a person with a disqualification cannot: The lengthy bans the directors have all received are entirely justified. Despite the detriment that was being caused to the clients, the directors continued to be well remunerated, and Mr and Mrs Broadstock, or third parties connected to them, even benefitted from spending of over £14,000 on the company’s credit card on a legal dispute, a holiday and airline tickets, an anniversary party, and a payment towards the cost of 4 season tickets in the executive lounge of a premier league football club. Not only was there continued misuse of the client funds and breaches of regulatory guidelines, the directors breached the trust of their clients, which is particularly distasteful given the financial difficulties they already experienced. Disqualification undertakings are the administrative equivalent of a disqualification order but do not involve court proceedings.Persons subject to a disqualification order are bound by a range of other restrictions.The Insolvency Service administers the insolvency regime, investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver to establish why they became insolvent. It may also use powers under the Companies Act 1985 to conduct confidential fact-finding investigations into the activities of live limited companies in the UK. In addition, the agency deals with disqualification of directors in corporate failures, assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees, provides banking and investment services for bankruptcy and liquidation estate funds and advises ministers and other government departments on insolvency law and practice.Further information about the work of the Insolvency Service, and how to complain about financial misconduct, is available.Contact Press OfficeMedia enquiries for this press release – 020 7674 6910 or 020 7596 6187 Office currently closed during the coronavirus pandemic. Josephine (Josie) Broadstock, 33 of Warrington, together with Robert Jones, 39 of Stockport, have been banned from being company directors following an Insolvency Service investigation.Husband and wife, Josie and Mark Broadstock, along with Robert Jones, were directors of Smooth Financial Consultants Ltd (Smooth). The company was incorporated in June 2005 and traded as The Debt Advice Centre before trading from Jackson House, Sale, Cheshire in 2012.Mark Broadstock was the Managing Director and Robert Jones was appointed as the Finance Director in January 2012, while Josie Broadstock was appointed a director on 26 May 2011.In return for a monthly fee, Smooth administered debt management plans and made payments to creditors on behalf of individuals experiencing difficulties in making payments to their creditors, for loans and credit cards.However, Smooth went into administration on 2 August 2013 and on 24 July 2014, went into creditors’ voluntary liquidation.During a 5-day trial in July 2018, the court heard that regulations governing debt management companies state that funds belonging to clients are to be held in a separate ‘ring-fenced’ client account. However, from at least 12 February 2013 onwards, Smooth made transfers from the client account to its own company account in excess of the agreed fees.The transfers were used for on-going running costs and for the benefit of the directors, who between them received salaries and dividends of £115,992 from 12 February 2013 to 2 August 2013, as well as third parties connected to Mr and Mrs Broadstock.The court also heard that between 12 February 2013 and 2 August 2013, Smooth failed to pay an estimated value of £572,001 to its clients’ creditors and after a winding up petition had been presented against the company on 1 July 2013, Mark Broadstock transferred £109,512 from the client account to a connected company.None of the funds were used for the benefit of the clients and after Smooth had gone into Administration, the administrators only recovered £49,678 from the connected company. Administrators estimated the shortfall on the client account to be £848,690.Before the court hearing, the Secretary of State accepted a disqualification undertaking from Mark Broadstock, on 9 June 2017 in which he did not dispute that he failed to ensure Smooth made all payments due to clients’ creditors, he caused or allowed transfers to be made from the client account in excess of fees due to Smooth, and after a winding up petition had been presented, he transferred £109,512 from the client account to a connected company for no genuine trading purpose. His ban became effective on 30 June 2017 and lasts for 10 years.On 8 August 2018 the Court made disqualification orders against Josie Broadstock (8 years) and Robert Jones (7 years), both of which commenced on 29 August 2018.The Court found that in failing to prevent the clients’ funds which were held on trust from being misused between 12 February 2013 and 2 August 2013, during which time cheques raised for clients’ creditors but withheld amounted to £572,001, Josie Broadstock’s conduct fell below the standards of probity and competence that could reasonably be expected of her as a director.Robert Jones left the company in May 2013 and while he was not aware that cheques to clients’ creditors totalling £69,223 were withheld prior to his departure, the court found he was aware that a substantial shortfall to clients had accrued by 12 February 2013, and in not taking any steps to prevent the company from continuing to misuse trust monies to meet its own cash requirements, his conduct also fell below the expected standards of probity and competence.Robert Clarke, Group Leader of Insolvent Investigations North at the Insolvency Service, said:center_img Email [email protected] You can also follow the Insolvency Service on: Press Office Media Manager 0303 003 1743 This service is for journalists only. For any other queries, please contact the Insolvency Enquiry Line.For all media enquiries outside normal working hours, please contact the Department for Business, Energy and Industrial Strategy Press Office on 020 7215 1000. Twitter LinkedIn YouTubelast_img read more

Is this a recession or isn’t it? Brown must decide and act now

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IMCA Speedway Motors Weekly Racing National Point Standings through July 17

first_imgSmiley’s Racing Products Southern SportMods – 1. James Hanusch, Belton, Texas, 1,096; 2. Taylor Florio, Copperas Cove, Texas, 1,084; 3. Gregory Muirhead, Mabank, Texas, 1,079; 4. Damon Hammond, Burleson, Texas, 1,005; 5. Larry Underwood, Temple, Texas, 906; 6. Chris Cogburn, Robinson, Texas, 766; 7. Chris Florio, Copperas Cove, Texas, 733; 8. Casey Brunson, Lott, Texas, 613; 9. Garett Rawls, Elm Mott, Texas, 596; 10. Jeff Shepperd, Waco, Texas, 580; 11. Justin Nabors, Kemp, Texas, 571; 12. Austin Moore, Axtell, Texas, 565; 13. Trevor Egbert, Salado, Texas, 556; 14. Jon White Jr., Red Oak, Texas, 544; 15. James Skinner, Burleson, Texas, 533; 16. Cullen Hill, Healdton, Okla., 526; 17. James McCreery, Midlothian, Texas, 519; 18. Brandon Geurin, Robinson, Texas, 511; 19. Kyle Wilkins, Italy, Texas, 508; 20. Kaden Honeycutt, Willow Park, Texas, 503. IMCA Modifieds – 1. Jordan Grabouski, Beatrice, Neb., 1,181; 2. Kelly Shryock, Fertile, Iowa, 1,155; 3. Anthony Roth, Columbus, Neb., 1,138; 4. William Gould, Calera, Okla., 1,090; 5. David Goode Jr., Copperas Cove, Texas, 1,086; 6. Chris Morris, Taylor, Texas, 1,079; 7. Shane DeMey, Denison, Iowa, 1,077; 8. Zachary Madrid, Tucson, Ariz., 1,035; 9. Joel Rust, Grundy Center, Iowa, 1,016; 10. Jarett Franzen, Maquoketa, Iowa, 1,013; 11. Tim Ward, Chandler, Ariz., 986; 12. Clay Money, Penokee, Kan., 984; 13. Kelsie Foley, Tucson, Ariz., 970; 14. Kevin Green, Waco, Texas, 942; 15. Jeremy Mills, Britt, Iowa, 941; 16. Jake Pike, Pahrump, Nev., 924; 17. Jim Thies, Mapleton, Iowa, 921; 18. Jeff “Bubba” Stafford Jr., Wittmann, Ariz., and Aaron Johnson, Brainerd, Minn., both 920; 20. Ricky Thornton Jr., Adel, Iowa, 899. IMCA RaceSaver Sprint Cars – 1. Mike Houseman, Des Moines, Iowa, 747; 2. Kenneth Duke, Selinsgrove, Pa., 741; 3. Mike Moore, Des Moines, Iowa, 706; 4. Scott Lutz, Jonestown, Pa., 667; 5. Ryan Lynn, Hollidaysburg, Pa., 595; 6. Toby Chapman, Panama, Neb., 576; 7. Zach Newlin, Millerstown, Pa., 575; 8. Colin Smith, Sheldon, Iowa, 571; 9. Jake Martens, Fairview, Okla., 570; 10. Ty Williams, Arcadia, Okla., 564; 11. Jack Potter, Lees Summit, Mo., 558; 12. Larry McVay, Bordentown, N.J., 540; 13. Andy Shouse, Oklahoma City, Okla., 526; 14. Jonathon J. Jones, Irvona, Pa., and Jacob Gomola, Seneca, Pa., both 523; 16. Tyler Drueke, Eagle, Neb., 502; 17. Drew Ritchey, Everett, Pa., 501; 18. Stuart Snyder, Lincoln, Neb., 499; 19. Reed Thompson, Petersburg, Pa., 494; 20. Brandon Bosma, Round Lake, Minn., 487. IMCA Sunoco Hobby Stocks – 1. Jeff Ware, Columbus, Neb., 1,180; 2. Leah Wroten, Independence, Iowa, 1,129; 3. Cory Probst, Brewster, Minn., 1,126; 4. Tathan Burkhart, Hays, Kan., 1,098; 5. Kaden Reynolds, Cedar Rapids, Iowa, 1,081; 6. Cody Williams, Minneapolis, Kan., 1,049; 7. Drew Barglof, Sioux Rapids, Iowa, 1,027; 8. David Norquest, York, Neb., 1,025; 9. Brandon Nielsen, Spencer, Iowa, 1,020; 10. Cody Nielsen, Spencer, Iowa, 1,005; 11. Colby Kaspar, Columbus, Neb., 965; 12. Brady J. Bencken, Oakley, Kan., 908; 13. Adam Goff, Minot, N.D., 887; 14. Brooke Fluckiger, Columbus, Neb., 877; 15. Corey Madden, Avoca, Iowa, 875; 16. Tim Gonska, Brainerd, Minn., 870; 17. John Watson, Des Moines, Iowa, 857; 18. Braxton Berry, Colby, Kan., 853; 19. Chuck Madden Jr., Avoca, Iowa, 828; 20. Cameron Wilkinson, Neligh, Neb., 819. IMCA Sunoco Stock Cars – 1. Jordan Grabouski, Beatrice, Neb., 1,190; 2. Mike Nichols, Harlan, Iowa, 1,179; 3. Westin Abbey, Comanche, Texas, 1,140; 4. Jason Batt, Harker Heights, Texas, 1,121; 5. A.J. Dancer, Red Rock, Texas, 1,087; 6. Austin Brauner, Platte Center, Neb., 1,071; 7. Jay Schmidt, Tama, Iowa, 1,047; 8. Jeffrey Abbey, Comanche, Texas, 1,018; 9. Cody Center, Mesa, Ariz., 1,016; 10. Brian Blessington, Breda, Iowa, 1,010; 11. Calvin Lange, Humboldt, Iowa, 984; 12. George Fronsman, Surprise, Ariz., 968; 13. Mike Petersilie, Hoisington, Kan., 956; 14. Bryan Schutte, Wayne, Okla., 934; 15. Kyle Pfeifer, Hill City, Kan., 930; 16. Kevin Opheim, Mason City, Iowa, 921; 17. Donavon Smith, Lake City, Iowa, 894; 18. Dan Mackenthun, Hamburg, Minn., 857; 19. Troy Burkhart, Hays, Kan., 847; 20. Austin Jahnz, Lewisville, Minn., 838. center_img Karl Kustoms Northern SportMods – 1. Cody Thompson, Sioux City, Iowa, 1,179; 2. Chase Rudolf, Prole, Iowa, 1,167; 3. Jake McBirnie, Boone, Iowa, 1,161; 4. Matt Looft, Swea City, Iowa, 1,069; 5. Guy Ahlwardt, Antioch, Calif., 1,067; 6. Justin Svoboda, David City, Neb., 1,065; 7. Hunter Longnecker, Woodward, Iowa, 1,061; 8. Tyler Soppe, Sherrill, Iowa, 1,059; 9. Taylor Kuehl, Cave Creek, Ariz., 1,005; 10. Brian Osantowski, Columbus, Neb., 1,001; 11. Kyle Olson, Cedar Rapids, Iowa, and Jerry Miles, Bernard, Iowa, both 989; 13. Kevin Johnson, Bakersfield, Calif., 974; 14. Tony Olson, Cedar Rapids, Iowa, 963; 15. Cole Carver, Apache Junction, Ariz., 955; 16. Dakota Sproul, Hays, Kan., 930; 17. Vince Engebregtsen, Algoma, Wis., 926; 18. Luke Stallbaumer, Tecumseh, Kan., 910; 19. Brett Berry, Colby, Kan., 903; 20. Cade Richards, Lincoln, Neb., 896. Mach-1 Sport Compacts – 1. Ramsey Meyer, Pierce, Neb., 1,162; 2. Terry Tritt, York, Neb., 1,126; 3. Steven Bevills, Granbury, Texas, 1,099; 4. John Gill, Marshalltown, Iowa, 1,051; 5. Jade Lange, Humboldt, Iowa, 1,042; 6. Alex Dostal, Glencoe, Minn., 924; 7. Darwin “Bubba” Brown Jr., Jackson, Minn., 871; 8. Kaytee DeVries, Spencer, Iowa, 851; 9. Tyler Fiebelkorn, Creston, Iowa, 815; 10. Tom Meyer, Pierce, Neb., 796; 11. Oliver Monson, Humboldt, Iowa, 787; 12. Jay DeVries, Spencer, Iowa, 750; 13. Shawn Hein, Beatrice, Neb., 745; 14. Parker Vollbrecht, Stanton, Neb., 725; 15. Derek Cates, Woodway, Texas, 708; 16. Anthony Vandenberg, Dublin, Texas, 704; 17. Howard Watson, Weatherford, Texas, 685; 18. Kaleb Watson, Mineral Wells, Texas, 681; 19. Nathan Wahlstrom, Beatrice, Neb., 680; 20. Hailey Nohner, Onamia, Minn., 638. IMCA Late Models – 1. Cory Dumpert, York, Neb., 592; 2. Matt Ryan, Davenport, Iowa, 589; 3. Justin L. Kay, Wheatland, Iowa, 582; 4. Jeff Aikey, Cedar Falls, Iowa, 580; 5. Jeremiah Hurst, Dubuque, Iowa, 579; 6. Andy Nezworski, Buffalo, Iowa, 572; 7. Todd Malmstrom, Hampton, Ill., 553; 8. Dalton Simonsen, Fairfax, Iowa, 521; 9. Jim Johnson, Plainview, Neb., 514; 10. Lake Knutti, Chadwick, Ill., 478; 11. Robert Osborne, Norfolk, Neb., 474; 12. Zachary Zentner, Cedar Rapids, Neb., 470; 13. Les Siebert, York, Neb., 468; 14. Chase Osborne, Battle Creek, Neb., 454; 15. Nelson Vollbrecht, Stanton, Neb., 438; 16. Eric Pollard, Peosta, Iowa, 415; 17. Gary Webb, Blue Grass, Iowa, 413; 18. Curtis Glover, Runnells, Iowa, 412; 19. Todd Cooney, Pleasant Hill, Iowa, 402; 20. William “B.J.” Jackson, Clinton, Iowa, 400.last_img read more