MR Simon Timothy CLIFFORD

Disqualified from

2023-02-13

Date of birth on record

April 1967

That between 12 May 2020 and 29 October 2020, Mr Simon Timothy Clifford (“Mr Clifford”) caused Cogent Tech Limited (“Cogent”) to enter into transactions totalling £32,434 which were to the detriment of creditors and to the benefit of the directors of Cogent. The payments to the directors followed the introduction of funds into Cogent’s bank account by way of a Bounce Back Loan with the express intention of providing economic benefit to Cogent’s business. Mr Clifford caused Cogent to breach such Bounce Back Loan terms and remove those funds for the benefit of the directors of Cogent at a time when Cogent was insolvent. In that: • In the week of 09 March 2020, Cogent’s directors held a meeting with Cogent’s accountants to discuss Cogent’s financial position. • On 16 March 2020, Cogent’s directors held a meeting with an Insolvency Practitioner and at this meeting it was determined that Cogent was insolvent. • On 11 May 2020 Cogent applied for a Government Guaranteed Bounce Back Loan and received £38,000 on 12 May 2020. • Between 12 May 2020 and 29 October 2020 Mr Clifford received payments annotated ‘Loan’ totalling £20,198. • Between 12 May 2020 and 29 October 2020 the co-director, a director of Cogent, received payments annotated ‘Loan’ totalling £12,236. • Between 26 May 2020 and 27 August 2020, Cogent received funds through the Coronavirus Job Retention Scheme totalling £21,557. • Between 26 May 2020 and 29 October 2020, the directors of Cogent, its only employees, received payments annotated ‘Salary’ totalling £16,629 and payments annotated ‘Expenses’ totalling £1,394. • Between 12 May 2020 and 29 October 2020, Cogent made payments to recipients other than the directors totalling £7,975. Of the £7,975, payments to HMRC in respect of PAYE totalled £5,145 and payments in respect of administrative expenses totalled £2,830. • Cogent did not actively trade during the period 12 May 2020 to 29 October 2020. • On 29 October 2020 Cogent entered into creditor’s voluntary liquidation with assets of £3,420 and liabilities of £338,872. Of the liabilities totalling £338,872, Trade and Expense creditors totalled £162,669, monies owed to the directors totalled £148,558, preferential liabilities totalled £15,314 and liabilities owed to HMRC totalled £12,331. • During the period 12 May 2020 to 29 October 2020, payments to directors totalled £50,457, payments to HMRC in respect of PAYE totalled £5,145 and payments in respect of administrative expenses totalled £2,830. No payments were made to the trade and expense creditors as recorded in the Statement of Affairs of Cogent.