Direct marketing agency chief Chris Stoddard, who was banned from being a company director for 9½ years in June this year, has finally signed an agreement with the liquidator of one if his defunct companies to pay back just £77,000 out of a £226,000 debt to creditors of the business.
According to a report by Third Sector, papers filed by the liquidator of CS Incentive show Stoddard was originally asked to repay £171,449 relating to an overdrawn director’s loan account and £54,937 in “unexplained legal and professional fees”, a previous statement from the liquidator said. CS Incentive went bust over five years ago.
Following an individual voluntary agreement, CS Incentive received just over £52,000 in June this year and a further payment of £25,000 is expected by June 2019 to allow for a property to be sold.
The status of claims against Stoddard’s other defunct businesses is not known, although a £1,030,049 claim against Stoddard in relation to CSDM Fundraising was dropped in 2016.
Since June 15 2010, Stoddard has been director and/or major shareholder in nine companies that have entered into formal insolvency, including CSDM, Millfield Concepts, CSDM Response LLP, CS Incentive, CSDM Fundraising, Listening People, CS Fundraising, Inspire Fundraising and Cleardata Direct Media.
The Insolvency Service issued its 9½ year ban in June, following an investigation into CS Fundraising. At the time, Martin Gitner, deputy head of Insolvent Investigations, said: “Members of the public who donate their money to worthy causes need to be confident that all funds, less agreed costs, are forwarded by the professional fundraising companies employed by the charities.
“In this case, Stoddard failed to fully adhere to legislation directly relevant to the business of his company, he failed to ensure that all due funds due to a charity were paid over and he failed to act in the best interests of the creditors of CS Fundraising Limited.
“Directors who engage in such conduct will be investigated and by the Insolvency Service and enforcement action taken to remove them from the market place.”
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