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Kulbarg Singh, 62, was the director of Aldridge Construction Engineering Ltd when he entered into an asset purchase agreement with Ace Earth Solutions Ltd in 2021.<\/p>\n
At least \u00a31.5m of company assets were sold, with Aldridge Construction Engineering Ltd entering liquidation the following year.<\/p>\n
Among the under-priced sales were two Daimlers from 1936 and 1965; Jaguars from 1969 and 1978; and three Rolls Royces from the 1970s.<\/p>\n
Combined, the seven cars had a value of \u00a3101,500 but Singh sold them to Ace Earth Solutions Ltd for just \u00a31.<\/p>\n
Singh, of Harlaston, Tamworth, has been disqualified as a director for six years following Insolvency Service investigations.<\/p>\n
Kevin Read, Chief Investigator at the Insolvency Service, said: \u201cKulbarg Singh deliberately sold assets worth \u00a31.5m for much less than they were worth, putting the money out of the reach of creditors.<\/p>\n
\u201cDirectors who abuse their position will face serious consequences. Selling historic cars worth over \u00a3100,000 for just \u00a31 shows the extent of Singh\u2019s misconduct.<\/p>\n
\u201cSingh\u2019s six-year disqualification sends a clear message that we will pursue those who breach their responsibilities as a director.\u201d<\/p>\n
Aldridge Construction Engineering Ltd was set up in November 2015. Singh said the company was involved in the resurfacing of roads and later installing gas pipes.<\/p>\n
In April 2021, Singh sold company assets worth at least \u00a31.5m for just more than \u00a3465,000 to Ace Earth Solutions Ltd, a company he was director of between February 2020 and April 2022.<\/p>\n
The sale resulted in Aldridge Construction Engineering Ltd losing more than \u00a31m, leaving it insolvent.<\/p>\n
By the time the company went into liquidation in June 2022, it had no assets and total liabilities to HM Revenue and Customs and other companies of more than \u00a31.5 million.<\/p>\n
The Official Receiver, as liquidator of Aldridge Construction Engineering Ltd, is currently exploring options to pursue recovery action to return money to creditors who lost out as a result of the sales.<\/p>\n
The Secretary of State for Business and Trade accepted a disqualification undertaking from Singh, and his ban started last month.<\/p>\n
It prevents him from being involved in the promotion, formation or management of a company, without the permission of the court.<\/p>\n<\/p><\/div>\n