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Two directors of a marketing and distribution business have been banned for 15
years by the High Court from acting as company directors following an
investigation by the Insolvency Service.
Robin Nicholas Grove and Richard Frederick Gunter directors of Vintage Hallmark
Plc each received the maximum penalty company directors can receive for
misconduct in the period leading to a company's insolvency.
The investigation revealed the directors made promises to investors of high
returns for investments in alcoholic products when they knew the investors would
not receive any money for their investment.
They also knowingly purchased an insolvent business and paid £59 million for
assets worth £5 million and then persuaded others to buy shares in the company
by misrepresenting the value of the company's assets.
Vintage Hallmark went into creditors voluntary liquidation in January 2003 with
debts of more than £77 million.
Source:
RedAlert
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