A businessman who sold seven classic cars for just £1 to another company he controlled has been banned from being a director for six years.
Kulbarg Singh, 62, was director of Aldridge Construction Engineering Ltd when he sold all the company assets to Ace Earth Solutions Ltd, of which he was also a director, in 2021, before the former entered liquidation a year later.
The Insolvency Service said Singh, of Haselour Lane in Harlaston, Staffordshire, sold the assets for more than £465,000 – much less than their £1.5m value.
The seven cars, which had a combined value of £101,500, were two Daimlers from 1936 and 1965, two Jaguars from 1969 and 1978 and three Rolls Royce from the 1970s.
Kevin Read, chief investigator at the Insolvency…