Bolen Ng, National Manager Business Registries at MBIE, said in a statement:
“The Deputy Registrar found that the manner in which [SPQR Ltd’s] affairs were managed contributed to its failure, including continuing to operate while under financial distress and being unable to meet obligations to creditors, including Inland Revenue. The length of the prohibition reflects the scale and duration of that conduct and the protective, forward‑looking purpose of section 385 of the Companies Act.”
Liquidators Christopher McCullagh and Stephen Lawrence of PKF Corporate Recovery & Insolvency confirmed last year that SPQR owed $2.3m to creditors.
McCullagh and Lawrence identified two overdrawn shareholder current accounts with a total value of…