MR RONALD ALBERT POPELY

Disqualified from

2022-05-12

Date of birth on record

June 1951

From 05 July 2010, the date upon which OFP was incorporated, to 13 February 2017, the date upon which OFP entered into Creditors Voluntary Liquidation (“CVL”), whilst acting as a director of OFP, Ronald Albert Popely (‘Mr R Popely’) breached his duties as a director of OFP. Mr R Popely caused and/or allowed OFP to enter into an agreement with a connected mortgagee whereby OFP would not receive the balance of mortgage funds due from said connected mortgagee until the respective mortgages were paid in full, upon the completion of the 10 year mortgage. This caused OFP’s available cashflow balance to be reduced by at least £4,118,367 and was with full knowledge that OFP’s investors could, on the fourth anniversary of their investment, seek to require OFP to buy back their leasehold interest in the unit at Hever Hotel & Country Club (“Hever Hotel”). No monies were received from the mortgagee and at the date of the CVL the connected mortgagee owed OFP at least £4,118,367. The Statement of Affairs dated 13 February 2017 disclosed liabilities of £7,765,906. As at 4 April 2022 the unsecured creditors' claims totalled £14,851,505 (which includes a number of Room Owners who have instigated buy-backs in accordance with the term of their leases with OFP) but such creditors' claims, as detailed above, have neither been admitted or adjudicated upon by the Joint Liquidators due to ongoing litigation. On 23 May 2013, Mr R Popely caused and/or allowed OFP to enter into a lease for the common parts of Hever Hotel (“Hever Hotel CP lease”) with a connected party, White Linen Hotel & Resorts Limited (“WLHR”), at a time when he knew that two creditors of OFP were seeking repayment of, and contractually due security for, their liabilities, which remained due in full as at the date of the CVL. OFP had forsaken receipt of at least £4,781,000 from a connected company; had made payments totalling £3,550,212 to two connected companies, £1,910,000 of which was due to be repaid but not until January 2023; and had made further payments totalling £5,965,728 from total funds received by OFP totalling £9,640,264. The Solicitors had advised him that entering the agreement would make the freehold worthless. Its immediate consequences was that it reduced the value of OFP’s freehold property by £1,498,284 whilst its consequence at the point upon which OFP entered into Liquidation was to hamper the Joint Liquidators attempts to realise OFP’s assets. Under the terms of the Hever Hotel CP lease dated 23 May 2013, WLHR was required to pay an annual rent of £50,000 to OFP, increasing to £100,000 in 2018 and increasing at a pre-determined rate every following year. On 30 March 2015, Mr R Popely caused and/or allowed OFP to vary the Hever Hotel CP lease for no consideration and in doing so removed OFP’s right to receive any rent from WLHR. This resulted in a reduction in income at a time when he knew that, as per their lease agreements, OFP’s investors could require OFP to buy back their leasehold interest in their units at Hever Hotel within the next five months. OFP did not hold a bank account; had forsaken funds of £4,781,000, due from a connected company; had made payments totalling £11,051,505 from funds received totalling at least £11,051,609, including a balance of £3,550,212 paid to two connected companies, £1,910,000 of which was due for repayment but not until January 2023. 2. From 05 July 2010, the date upon which OFP was incorporated, until 09 September 2012, the date upon which my director disqualification undertaking (“DQU”) ended, Mr R Popely acted as director of OFP, in contravention of the nine year DQU he entered into on 10 September 2003 without leave of the Court. In doing so he knowingly breached the terms of his DQU.