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Award-winning entrepreneur disqualified for 13 years for misuse of investors’ funds (21 October 2016)

Date: 21/10/2016
Duncan Lewis, Crime Solicitors, Award-winning entrepreneur disqualified for 13 years for misuse of investors’ funds

An entrepreneur who misused investors' funds has been handed a 13-year disqualification, after an investigation by the Insolvency Service.

Business consultant Shazan Izziq Qureshi, 43, from Bury – who described himself as an “Alphapreneur” on his business cards and email account – was a director of Rejuvenate Your Business Ltd and led the EU-funded “Enterprise Village” project in Liverpool’s Albert Dock for small, rapidly growing businesses, championed by the then Mayor of Liverpool, Councillor Joe Anderson.

Rejuvenate Your Business was formed in 2008 by Anna Louise Gilhooley, who gave a disqualification undertaking to the Secretary of State for four years in May 2016, in connection with the failure of the company.

Qureshi was appointed director of the company on in January 2013, but was dismissed by Ms Gilhooley on 2 June 2014, when the extent of his mis-dealings became apparent.

An investigation into the failure of the company by the Insolvency Service found that Mr Qureshi used the company and monies entrusted to it to fund his own personal business dealings, which included the buying and renovating of properties, in partnership with others.

The investigation revealed that Qureshi blatantly disregarded his obligations under the joint venture agreement – and misused funds entrusted to Rejuvenate Your Business by his joint venture partners.

Qureshi only made good the loss by borrowing monies from one of the company’s clients – a prominent surgeon – stating that the loan was for the benefit of Rejuvenate Your Business.

The loan was going to be secured by means of a fixed and floating charge over RYB’s assets – however, no such charge was created.

Qureshi also pledged security for the loan on assets he did not own.

The lender was left with an unpaid unsecured debt of £545,346 when Rejuvenate Your Business entered liquidation.

The Insolvency Service’s investigation further revealed that Qureshi also persuaded an unsuspecting woman to entrust monies to Rejuvenate Your Business, supposedly for the purpose of buying a residential property.

The funds were also expended for other purposes, leaving the depositor with an unpaid, unsecured debt of £125,500 when the company went into liquidation.

Head of Insolvent Investigations North at the Insolvency Service, Robert Clarke, said:

“This was a clear case of abuse of trust, which has caused much financial loss and distress to those who trusted Mr Qureshi with substantial sums of money.

“The circumstances of Mr Qureshi’s dealings with external parties meant that he owed not only a duty of trust, but also an obligation of transparency and probity in relation to such dealings. He clearly failed to provide either.

“The Insolvency Service will not hesitate to use the full force of the disqualification regime to remove such individuals from the marketplace, with a view to maintaining its integrity and reputation – the length of the disqualification is evidence of the seriousness with which such conduct is viewed.”

Duncan Lewis Business Crime Solicitors

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Our specialist business crime team can also liaise with investigating and prosecuting authorities, such as Insolvency Service, SFO, FCA, BEIS, HMRC and City of London Police.

Duncan Lewis can also advise on Confiscation Orders under the Proceeds of Crime Act (POCA).

For expert legal advice on business offences, call Duncan Lewis business crime solicitors on 0333 772 0409.


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