The directors of failed online
finance portal Smartfundit.com Ltd and parent company Corporate
Computer Lease Ltd (CCL), which both went into administration last
year, could face a ban on becoming company directors in the
future.
Vantis Asset Finance, the companies’
administrators, are producing a report under the Companies
Directors Disqualification Act, which will be submitted to the
disqualification unit of the Department for Business Innovation and
Skills, assessing Justin Floyd and Suki Gallagher’s conduct in the
run-up to the company going bust last year.
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Shortly after Smartfundit and CCL went under,
venture capital firm BayTech, which had invested £3.3 million (€3.7
million) into the businesses, claimed to have been “misled”, and
accused them of financial mismanagement.
To-date, Vantis says it has received claims
totalling £886,847 from unsecured creditors of CCL, and £3.2
million from unsecured creditors of Smartfundit – although this
includes a £2.9 million inter-company debt between Smartfundit and
CCL.
In order to raise funds, VAF was appointed
last summer – for a 15 percent commission – to collect both
companies’ secondary income; to date, it has only raised
£128,526.10 from CCL’s brokered leases and £900 from
Smartfundit.
VAF expects that these amounts will increase
“significantly” as the two companies’ portfolios mature over the
next three years, however.
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