The director sold at least £1.5 million of company assets in total
A Staffordshire businessman who sold seven historic cars including two Jaguars and three Rolls-Royces for just £1 to another company he also controlled has been banned as a director.
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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.
At least £1.5 million of company assets were sold, with Aldridge Construction Engineering Ltd entering liquidation the following year.
Among the under-priced sales were two Daimlers from 1936 and 1965; Jaguars from 1969 and 1978; and three Rolls Royces from the 1970s.
Combined, the seven cars had a value of £101,500 but Singh sold them to Ace Earth Solutions Ltd for just £1.
Singh, of Haselour Lane, Harlaston, Tamworth, has been disqualified as a director for six years following Insolvency Service investigations.
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Kevin Read, Chief Investigator at the Insolvency Service, said:
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.
In April 2021, Singh sold company assets worth at least £1.5 million for just more than £465,000 to Ace Earth Solutions Ltd, a company he was director of between February 2020 and April 2022.
The sale resulted in Aldridge Construction Engineering Ltd losing more than £1 million, leaving it insolvent.
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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 £1.5 million.
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.
The Secretary of State for Business and Trade accepted a disqualification undertaking from Singh, and his ban started on Thursday 24 July.
It prevents him from being involved in the promotion, formation or management of a company, without the permission of the court.
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