Pay day loan company used 1.2m pension liberation scheme to cover debts

Three directors of an insolvent loan that is payday which received money from retirement liberation schemes have now been disqualified.

Three directors of a insolvent loan that is payday which received money from retirement liberation schemes have already been disqualified.

Speed-e-Loans.com (SEL), utilized 1.2 million from personal investors through the schemes to meet up with its existing debts.

Directors Philip Miller, Robert Alan Davies and Daniel Jonathan Miller have already been prohibited from acting as directors for nine, six and five years correspondingly for breaching duties that are fiduciary the duties of care, skill and diligence.

At management, the company had assets detailed at 150,000 and liabilities to creditors of 4.4 million

SEL proceeded to get personal investment via liberation schemes although it had not been solvent and had ceased financing to new customers. Read more

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