Bike Insurer Services director investigated by the Insolvency Service
Bike Insurer Services director Alexis Jon Stone has been disqualified by the Insolvency Service for eight years for paying himself and his second company ahead of other creditors.
Price comparison website Bike Insurer Services was set up in December 2004, and Stone was a director from March 2005 until the company went into liquidation in August 2011, with debts of at least £281,569.
The Insolvency Service investigated Stone. It found that Stone decided to put Bike Insurer Services into liquidation in May 2011, but delayed this until August 2011 to allow him time to convert company assets into money, totalling £150,000.
Stone, who now lives in the US, removed more than £500,000 from the company accounts between 27 May 2011 and 29 July 2011, which resulted in the company being unable to pay all its debts.
He then transferred these funds to his US company, including £100,000 paid on the morning the company went into liquidation and the balance paid a few days later.
Stone cannot serve as a director of a limited company from 9 May 2013 until May 2021.
The Insolvency Service head of company investigations, Birmingham, Robert Clarke said: “Directors who decide to put themselves or their other companies ahead of creditors when they know that the company is about to fail show a total disregard for creditors and the business community as a whole.
“The disqualification undertaking agreed in this case sends a clear message to other directors that if they act in a way that is detrimental to the company’s creditors, they will be investigated by the Insolvency Service and removed from the business environment.”
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