PETER LEONARD SHUTTLEWORTH

Disqualified from

2020-03-03

Date of birth on record

October 1982

Between 04 February 2014 and 08 March 2017, when Colonial Capital Group PLC [“CC Group”] entered into Administration, Peter Leonard Shuttleworth [“Mr Shuttleworth”] caused or allowed CC Group to misappropriate bondholders’ funds in the sum of at least £8,955,125 in that:<br>Investors were invited to subscribe to one of six series of Bonds. The Bonds were offered on a three year basis with a 12% fixed interest rate per annum, on either a paid or rolling basis and were due to mature on 31 July 2017. Bond holders’ funds were to be secured under a Security Trust Deed which gave a first fixed charge against the shares held in the member company Colonial Capital Properties LLC [“CCP-LLC”]. Bondholder’s funds would subsequently be invested into CCP-LLC who would use the money to acquire and renovate distressed properties in the USA which would then either be rented out or sold. Interest payments would be met from the income stream derived from the rental of properties and/or the net proceeds derived from the sale of the same.<br>Between 04 February 2014 and 08 March 2017, CC Group obtained investments in the total sum of £9,083,625 from Bondholders. Contrary to the terms and conditions stipulated by the Bond agreements, no funds were subsequently invested into CCP-LLC. Instead, funds were misappropriated as follows: - £6,610,691 was paid to Colonial Capital Limited [“CCL”] - a company with common directorship- by way of unsecured loan. This money was used by CCL to pay CCL’s trading expenses and interest payments to CCL’s bondholders. CCL entered Administration on 25 November 2016. It is anticipated that funds of between nil and £165,267 will be recovered. - The net sum of £2,344,434 was paid to Colonial Capital LLC [“CC LLC”], a subsidiary of CCL. This money was used to invest in properties but as the Security Trust Deed did not cover investment into this entity, Bondholders funds were not secured. The office holders of CCL anticipate making nil recoveries from CC LLC. As a consequence, CC Group’s Bondholders lost their capital investment and have claimed in proceedings in the sum of £11,904,150 [including £2,949,025 of unpaid interest due as at the date of Administration and due at the date upon which the bonds matured].