The Insolvency Service has announced that two directors involved in a debt management business whose actions caused distress to members of the public who were already in financial difficulty have been disqualified.

Stephen Anthony Wooley and Kevin John Dursley gave disqualification undertakings to the Secretary of State for Business, Energy and Industrial Strategy following an investigation by the Insolvency Service.

Woolley, from Stoke on Trent, who was the director of Security and Wealth Credit Management Limited which traded as Brightsource Financial Solutions, has been banned from acting as a director for eight years from 11 January 2018.

Dursley, from Gloucestershire, who was the director of Corders Administration Limited which handled the day to day administration of the debt management plans, has been banned for three years and six months from 21 November 2017.

Security and Wealth Credit Management Limited went into administration on 16 September 2015 with debts of £2,058,219. The Insolvency Service’s investigation showed that Woolley breached the fiduciary duties he owed to the company by failing to take adequate steps to ensure that debt management plans were properly administered by Corders Administration Limited on behalf of the company, resulting in estimated losses of between £413,657 and £2,042,007 to members of the public already in financial distress.

Corders Administration Limited went into administration on 16 September 2015. The Insolvency Service’s investigation showed that Dursley failed to ensure that Corders Administration Limited adequately managed, supervised and administered debt management plans on behalf of Security and Wealth Credit Management Limited.

Its failures contributed to losses of at least £443,302 to members of the public already in financial distress.

Commenting on the disqualifications, Aldona O’Hara, Head of Insolvent Investigations, Midlands and West, said “This is a serious case where the failures of the directors of both companies have caused distress to members of the public who were already in financial difficulty. The Insolvency Service will look closely at any evidence of misconduct and take appropriate action where others have suffered as a result of directors’ actions, as has happened in this case.”

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