Kilburn man among six rogue directors banned for misleading people into buying properties
PUBLISHED: 10:11 03 January 2019
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A Kilburn man is among six rogue directors banned after they "ripped off" more than 300 investors to the tune of £12million for a series of developments that weren't fit to live in.
Daniel Mark Harrison has been banned for six years following an investigation by the Insolvency Service into development company Absolute Living Developments (ALD).
The company sold flats in England off-plan to investors largely based in Asia.
It is estimated ALD secured at least £12m from people to invest in schemes that were in various states of development.
Four of the directors are based in Malaysia while the fifth is from The Wirral. They were banned for a total of 54 years.
Harrison, 38, was the last of the group to be disqualified through a court order on November 28.
During his hearing, the court heard that ALD was incorporated in November 2013, with registered offices in Liverpool. The company sought out investments to convert commercial buildings into residential properties, mostly in the north of England.
But people complained that, after they invested through ALD, the developments had not been fully completed and the apartments were “unliveable”.
Absolute Living was wound up in April 2016 after a petition by Bradford Council due to unpaid rates.
But the Insolvency Service alleged ALD had no ability to ensure the terms of contracts with investors could be met, and had failed to provide adequate safeguards for their millions.
An independent insolvency practitioner has now been appointed in to investigate the recovery of assets for the benefit of creditors.
Ken Beasley, official receiver for the Insolvency Service, said: “We want to draw attention to these rogue directors so we can alert people about the risks involved when investing – while also warning we will investigate and tackle those that set out to deliberately rip people off by misrepresenting the investment opportunity on offer.”