A housebuilder who transferred development land worth £250,000 out of his failing construction company to a firm controlled by his partner has been sentenced.
Ishfaq Hussain signed over the two pieces of land from Reeson Homes Ltd, a company where he was sole director, to Paddington Homes Ltd, as creditors closed in and the company faced insolvency.
Paddington Homes Ltd was incorporated on the same day Hussain instructed solicitors to transfer the land, with his partner appointed as its sole director. No money changed hands despite transfer documents falsely recording a payment of £250,250.
The 54-year-old then claimed the land had been sold to an unconnected third party and that payment had been made. Hussain pleaded…