Liam Francis Wainwright was a director of Rawdon Asset Finance Limited, a company which provided finance to small and medium businesses which found it difficult to access finance.
However, Wainwright often allowed loans to customers who did not have enough security to cover the amount they borrowed.
Subsequently the company entered into administration and an investigation into Wainwrights conduct which found that he tried to cover up the fact that he loaned more than he should by making declarations of false loans and therefore causing the accounts to be misleading to the investors.
Last October Wainwright gave an undertaking to the Court which will last 11 years.
Business secretary, Kwasi Kwarteng is backing proposed new legislation which will call company directors to account for serious corporate failings.
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