Financial adviser Stephen Benjamin James Todd, 35, of London, has been handed a bankruptcy restriction order of 15 years after he was found to have been acting in the management of a company while an undischarged bankrupt.

Mr Todd was handed the order on 15th December 2016 by Registrar Christine Derrett, who described his actions as one of the worst examples of someone having disregard for the insolvency and directors’ disqualification regime which exists to protect the public.

Mr Todd’s misconduct took place between 8th February 2013 and 14th April 2014 and from 21st January 2015 to 2nd February 2015.

In October 2012, Mr Todd had offered a disqualification undertaking not to act as a director or act in the management of a company for a period of 10 years due to his conduct as a director of an earlier company in liquidation.

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A bankruptcy order was subsequently made against Mr Todd on 29th April 2013, and, on 16th December 2013, his discharge from bankruptcy was suspended indefinitely.

However, it was found that Mr Todd had acted in the management of IPR Capital Limited, which was incorporated on 8th February 2013 and went into provisional liquidation on 2nd February 2015 and was liquidated on 1st April 2015 with liabilities of over £10m.

The court also found Mr Todd had failed to disclose in the bankruptcy proceedings his income from IPR and other parties.

Between 29th April 2013, the date of his bankruptcy, and 15th April 2014, Mr Todd received at least £517,100 from IPR and received payments into his bank account totalling £59,904 during the period 29th April 2013 to 6th January 2014 from other parties.

Mr Todd told the Official Receiver that he had assets with an approximate value of £8,800, and, as of 29th April 2013, had liabilities which amounted to at least £454,107 of which £363,607 were unpaid National Insurance contributions, self-assessed tax and penalties.