I read NN Journal article with some surprises. It is not the first time that Mold business was insolvent.
I became aware of his business problems as it was not all he had cracked it up to be. After investigation in Company House, I found out that there was an insolvency notice to the gazette back in 2022 and 2023. What I found difficult to understand was the unsecured loans? Where did they come from? It also appears that Councillors are using public money to fund their business. A £40k debt to a company like Councillor Kilbride would closed most small company. You may recall during the PFCC meeting that I highlighted this and pointed out to Catherine Whitehead. She did not think that Mold actions were unethical nor did she think that it was unsafe for Mold to be running both the Police and Fire services. We know now otherwise.
There are many ways to run several businesses that seem to operate at a loss as a means of shifting them to lower tax thresholds (think Starbucks 10 years or so ago) or in some cases actually lose money but act as a lovely way to launder potential illegal monies through a business. Having other councillors paying cash to a company that is failing and then having this not being his first rodeo and in charge of the police and fire budgets should raise concerns in people. Thankfully he is gone now and never likely to return.
From my experience of insolvency cases though, this company will be wound up and Mold will pay nothing with all his creditors being the ones to lose out, while he is free to set up again.
I've been following this on Companies House, a CVL is not a massive scandal however the bounceback loans being issued when the director was aware the business was not profitable IS worthy of note.
Incurring debts your business cannot pay off and are aware of such amounts to wrongful trading contrary to s.1121 of The Companies Act 2006, something I am familiar with as I've personally taken other directors and businesses to court for this.
Well said Simon. However, Company House could now ban him from ever being a Director. They are aware of the scandal surrounding him and the fact that he was running his business whilst he was insolvent. The law stipulate clearly that if you carry on trading on the understanding that you will become bankrupt it is a offence. However, There has to be a question mark over the Debt owned to Councillor Kilbride.
Sadly from my own experience bringing a case against a similar businessman from Northants undertaking massive fraud, it is the insolvency practitioner that needs to report this and the court to sanction the person. Rarely happens as the company director pics said insolvency practitioner so they will very much work in the interests of the director.
The loans etc cannot be so easily hidden so I'll be keeping a close eye on this case.
It feels like the newly elected PCC is casting a refreshing change after what’s gone before.
Let’s hope WNC can have a good spring clean clear out in elections in 2025 - if we can afford it with the continued state of the finances…. our finances
I read NN Journal article with some surprises. It is not the first time that Mold business was insolvent.
I became aware of his business problems as it was not all he had cracked it up to be. After investigation in Company House, I found out that there was an insolvency notice to the gazette back in 2022 and 2023. What I found difficult to understand was the unsecured loans? Where did they come from? It also appears that Councillors are using public money to fund their business. A £40k debt to a company like Councillor Kilbride would closed most small company. You may recall during the PFCC meeting that I highlighted this and pointed out to Catherine Whitehead. She did not think that Mold actions were unethical nor did she think that it was unsafe for Mold to be running both the Police and Fire services. We know now otherwise.
There are many ways to run several businesses that seem to operate at a loss as a means of shifting them to lower tax thresholds (think Starbucks 10 years or so ago) or in some cases actually lose money but act as a lovely way to launder potential illegal monies through a business. Having other councillors paying cash to a company that is failing and then having this not being his first rodeo and in charge of the police and fire budgets should raise concerns in people. Thankfully he is gone now and never likely to return.
From my experience of insolvency cases though, this company will be wound up and Mold will pay nothing with all his creditors being the ones to lose out, while he is free to set up again.
I've been following this on Companies House, a CVL is not a massive scandal however the bounceback loans being issued when the director was aware the business was not profitable IS worthy of note.
Incurring debts your business cannot pay off and are aware of such amounts to wrongful trading contrary to s.1121 of The Companies Act 2006, something I am familiar with as I've personally taken other directors and businesses to court for this.
Well said Simon. However, Company House could now ban him from ever being a Director. They are aware of the scandal surrounding him and the fact that he was running his business whilst he was insolvent. The law stipulate clearly that if you carry on trading on the understanding that you will become bankrupt it is a offence. However, There has to be a question mark over the Debt owned to Councillor Kilbride.
Sadly from my own experience bringing a case against a similar businessman from Northants undertaking massive fraud, it is the insolvency practitioner that needs to report this and the court to sanction the person. Rarely happens as the company director pics said insolvency practitioner so they will very much work in the interests of the director.
The loans etc cannot be so easily hidden so I'll be keeping a close eye on this case.
It feels like the newly elected PCC is casting a refreshing change after what’s gone before.
Let’s hope WNC can have a good spring clean clear out in elections in 2025 - if we can afford it with the continued state of the finances…. our finances