Norfolk businessman handed a 10 year bankruptcy restriction order for submitting and disposing of money from duplicate insurance claim

LONDON, 02 September 2015 /PRNewswire Policy/ --

Jeremy Taylor, a plant hirer, has been given a 10-year Bankruptcy Restrictions Order by for failing to disclose to one insurer that he continued with a duplicate claim for damages with another insurer for 61,209 pounds which he received in addition to his original claim for 84,409.38 pounds.

Mr Taylor's restriction follows an investigation by the Insolvency service, which also found he personally disposed of 75,000 pounds received, to the detriment of his creditors at a time when he was insolvent. The money was transferred to two limited companies of which Mr Taylor was director and 36,000 pounds was debited in cash from his bank account.

Mr Taylor was given a 10 year Bankruptcy Restriction Order by District Judge Reeves and will be bound by the restrictions set out in insolvency law that a bankrupt is subject to while bankrupt until 18 May 2025. In addition he cannot manage or control a company during this period without leave of the court.

In relation to the duplicate insurance claim, the investigation found Mr Taylor failed to disclose to his insurer that he had continued with a duplicate claim for damages with another insurer, leading to him receiving payment from both insurers for a single insured loss.

As a result, one of the insurers has submitted a claim of 61,209 pounds for the duplicate payment. The settlement of 84,409.38 pounds paid by the other insurer, to the bank account the limited company, in two installments in September and October 2012.

Between 14 May 2013 and 29 May 2013, at a time when Mr Taylor was insolvent and a County Court Judgement had been made against him, disposed of 75,000 pounds received in compensation, to the detriment of his creditors. This money was also transferred to the bank account of two Limited companies of which Mr Taylor was director from which 36,000 pounds cash was debited.

Commenting on the order, Julian Goode, the Deputy Official Receiver, said:

"The Insolvency Service always looks very closely at individuals who disregard their duties and responsibilities whilst bankrupt. They should not imagine that scrutiny ends when the bankruptcy order is made.

"We will investigate and take action where wrongdoing is uncovered."

SOURCE The Insolvency Service, UK