Safe as houses?
7 June 2021: Some may consider that all new companies are necessarily high risk. However, some old companies are not as safe as houses.
Walsham Chalet Park was incorporated in 1966 and operated 8 holiday parks across England.
James (23) and William Moir (27) joined their father Simon as directors of the Company in 2017.
The holiday parks company ran an investment scheme where individuals could invest in part or an entire holiday chalet and would receive returns based on the holiday rental income from the chalet.
Investigations following Walsham Chalet Park’s insolvency in September 2019 found that 161 individuals had paid Walsham Chalet Park £14.2m to invest in chalets never built.
30 of those investors further paid the company £1.8m to invest in chalets at a site in Gloucestershire that Walsham Chalet Park did not own.
On 11 March 2021, the Secretary of State accepted disqualification undertakings from James and William Moir after they did not dispute they had breached their duties as directors of the company. They have been banned from acting as directors for 6 years each which means they cannot, directly or indirectly, become involved, without the permission of the court, in the promotion, formation or management of a company.
Their father, Simon Moir (58), previously received a 14 year ban in September 2020 for his role in this scheme. The maximum ban that can be applied to a director is 15 years.
If you are concerned about your role as a director or about the conduct of directors you are currently dealing with, please contact any one of BRI’s experienced management team for advice and assistance.