ICSM Business News: director of media company banned for 11 years for ‘a lack of commercial probity’
By Harry Mottram: The Insolvency Service have banned Alan Peterson the sole director of Sage Media National Limited for 11 years for failing to provide services that had been paid for by his clients.
Writing in the trade publication Print Week Jo Francis reported: “Alan Peterson is the sole director and person with significant control of Sage Media National Limited. The business was wound up in the public interest in November 2020. The Insolvency Service has now disqualified Peterson from acting as a director for 11 years.
“The banning order stated that between January 2018 and November 2020 “Sage failed to provide services that had been paid for: Sage charged and received payments of at least £74,000 from clients for advertisements that it failed to publish in specified editions of a magazine or at all.”
The Insolvency Service said in a statement: ““Sage invoiced clients for advertising services that they did not order. Sage claimed that clients had ongoing contracts (which they did not) and demanded further payments from these clients. Sage made false and/or misleading representations and engaged in objectionable sales practices.”
Their investigations held between 16 February 2018 and 18 February 2019 found that at least £32,491 was withdrawn from Sage’s account by way of direct transfers to Peterson’s personal account, unexplained cash withdrawals and non-business expenditure.
“Mr Peterson has failed to explain what these payments were for and/or has failed to provide documentary evidence to support his explanations. Mr Peterson declared one bank account held by Sage and has failed to account for payments with the description “transfer to Sage Media National Limited”.”
The Insolvency Service also said that Peterson had failed to produce any sales invoices issued by Sage adding to the concerns which have led to the ban.
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For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk