Ofosuhene Ofori-Duah, the sole director of wine investment firm Vintage International Ltd (Vintage), has been banned from being a UK companionship director for 9 years.
An investigation by the Insolvency Benefit’s Companionship Investigations Team found that he caused ‘Vintage to trade with undue risk to its clients’.
Vintage went below in October 2012 owing £1,121,546, which built-in unfulfilled wine orders of £1,063,424. Its assets were just £21,789.
The companionship had been trading while insolvent since 30th June 2011, when it already had £293,056 in unfulfilled orders. Over half of these had been placed over six months earlier.
Although insolvent, Vintage took further orders totalling £917,410 previous to going into liquidation. Only £148,917 worth of these new orders was fulfilled.
Vintage was formed in August 2008 and used an accommodation address at Canary Wharf. It addition to failing to buy wine, Vintage used cold
Mark Bruce, a Chief Investigator at The Insolvency Benefit said: 'The director in Vintage disastrous to ensure proper corporate governance was in place to clearly monitor client orders and the financial position of the companionship.
‘The Insolvency Benefit will always look to remove from the business community those directors who act below the standards that should be expected of them given the circumstances of their companionship’s trading.’
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