Mr Henry’s disqualification took effect on 11 November 2011. If he breaches the undertaking he may be prosecuted.
The investigation found that Mr Henry failed to ensure that Power TV Limited paid the appropriate amount of tax. The court found that the company reclaimed a VAT refund of over £680,000 from Her Majesty’s Revenue and Customs (HMRC), when Mr Henry knew he could not repay the money when the invoice if unpaid (after 6 months). He also did not return the money to HMRC when the invoice was not paid,
The investigation found that instead, he caused Power TV Limited to make use of the funds which should have been returned to HMRC. He used £500,000 of this money in March 2005, to purchase shares in Rapture Television PLC. That company failed in May 2009 with no known assets making the shares purchased worthless. Power TV Limited entered into liquidation in September 2008 with debts of over £1,167,405.
Commenting on the case, Clive Tranter the Head of the Company Investigation Team in Edinburgh,. said:
“ The Insolvency Service carries out a range of investigation and enforcement activities aimed at supporting fair and open markets and, where necessary, taking steps to remove from those markets individuals whose conduct is not in the public interest”.
Notes to Editors
1. Power TV Ltd was incorporated on 18 November 1998 and according to the financial statements commenced trading during the year to 30 April 2004. It carried on business as an audio-visual expert and consultant and was involved in setting up a satellite TV channel.
2. On 30 September 2008 the Company was wound up by Interlocutor of the Sheriff at Edinburgh Sheriff Court following on from the presentation of a petition by Her Majesty's Revenue and Customs.
Further information on director disqualifications and restrictions can be found at http://www.insolvency.gov.uk/directordisqualificationandrestrictions/whatisdisqualification.htm
3. The Insolvency Service administers the insolvency regime, investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver to establish why they became insolvent. The Service also authorises and regulates the insolvency profession; deals with disqualification of directors in corporate failures; assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees; provides banking and investment services for bankruptcy and liquidation estate funds; and advises ministers and other government departments on insolvency law and practice. The Company Investigation Team in Edinburgh contributes to this work by investigating reports about the conduct of directors which have been submitted to the Secretary of State by Insolvency Practitioners appointed to act in the liquidation or administration of companies. Further information about the work of the Insolvency Service is available from http://www.bis.gov.uk/insolvency
4. Media enquiries should be directed to: -
Ade Daramy, Press Officer 020 7596 6187