Pre-Pack Business Finance is funding arranged specifically for the purpose of buying the functioning business of an insolvent company.
Anthony Ramsden Geary, former councillor and business owner, has been sentenced to 10 years in prison after getting a loan whilst bankrupt and not declaring his bankruptcy status. Tony Ramsden was a high profile planning consultant involved in many property development projects, a director of a number of companies Ramsden has already. He was declared bankrupt however at least of his businesses, AHRG Ltd and PS CTP Ltd, the former being named after himself and his wife, are still trading but under the sole directorship of his wife. Recent evidence came to light that Tony Ramsden was playing an active role in running the companies. Tony Ramsden also borrowed £25,000 from a friend when he was not permitted to take out any loans or credit during bankruptcy especially not without declaring his bankruptcy status. Ramsden was first declared bankrupt in 1993 and then again in 2003. When he was made bankrupt in 2003 a trustee was appointed as Ramsden failed to answer truthfully about his employment, in the recent court hearing Ramsden admitted five counts of bankruptcy and the judge sentenced him to a custodial sentence of 10 months.
“By the time of your second bankruptcy, it should have been painfully obvious that you were a liability in business. “The rules are there to prevent exactly this kind of situation. You ploughed on and continued running and being actively involved in business. You were prepared to lie to your trustee in bankruptcy and acquaintance Mr Wardrop and conceal vital information. You flouted all the rules. “You seemed to have deemed yourself to be unaccountable to the authorities and your creditors. “Your motive was financial gain, there’s no doubt about it.”
Ramsden continued to put himself in decision making positions or companies when after becoming bankrupt more than once should not have been ethically appointed as a director. Ramsden was accused of flouting the rules of bankruptcy. Lines Henry can advise you before and after bankruptcy and in many cases can help find a solution other than bankruptcy.