TMF SERVICES LTD

Adiel Rashid

July 1988

Disqualified from being a director because of their conduct for the period of

11 Years 0 Month(s)

Disqualification starts from

12 October 2020

Improper conduct which resulted in their disqualification

Between 27 May 2018 and 13 February 2019, Mr Adiel Rashid (“Mr Rashid”) caused or allowed TMF Services Ltd (“TMF”) to trade with a lack of commercial probity, in that: - • Between May 2018 and January 2019, TMF obtained and/or attempted to obtain goods on credit by misrepresentation, and in four successful applications TMF failed to make full or any payment for the goods obtained resulting in losses of at least £441,348. • On 21 September 2018, TMF’s abridged accounts for the year ending 31 July 2018 were approved and filed at Companies House showing net assets of £411,822 (including cash at bank of £113,396) and a profit for the year of £411,821. Despite being TMF’s sole registered director and his name and position as director being shown on those accounts, Mr Rashid stated that he was unable to comment on the veracity of the financial information contained in those accounts. • Mr Rashid was a signatory of TMF’s Barclays and HSBC accounts and in the absence of TMF’s accounting records, it has not been possible to: - o Verify or explain the full nature of TMF’s trading activities o Confirm if receipts of £400,198 into TMF’s Barclays bank account were in respect of genuine trading activities. O Confirm if payments of £395,637 made from TMF’s Barclays bank account represented genuine business expenditure. O Confirm if receipts of £948,470 into TMF’s HSBC bank account were in respect of genuine trading activities. O Confirm if payments of £769,362, which included cash withdrawals of £14,147, made from TMF’s HSBC bank account, represented genuine business expenditure. O Confirm if payments of £168,100, which included cash withdrawals of £8,200, made from TMF’s HSBC bank account whilst Mr Rashid was a joint signatory, represented genuine business expenditure.