Menu
06/08/2010
Company Directors 'Wrapped' Over Insolvency
The directors of a failed wedding gift company, Wrapit Plc, based in Wandsworth, London, have been disqualified from acting as company directors for a combined total of 15 years following an investigation carried out by The Insolvency Service on behalf of the Government.
Managing Director Peter Gelardi and Retail Director Pepita Diamand were each disqualified for eight years and seven years respectively, following an investigation into their conduct as directors.
Insolvency Service investigators found that between June 2008 and July 2008 Wrapit made a number of false credit card refunds totalling £243,445.
These were processed through the company's merchant card processing facility even though no underlying sales transactions had taken place.
The money was then used to pay staff salaries, certain suppliers of goods and services, and Mr Gelardi and Ms Diamand.
This improper action enabled Wrapit to continue trading, and to continue taking advance payments of at least £872,000 from new customers, at a time when the company was already insolvent.
Mr Gelardi made the decision to make the false refunds and Ms Diamand assisted in implementing the decision.
Wrapit began trading in 2001 to provide an Internet based wedding gift service.
Couples used the company's 'virtual department store' to create gift lists which were purchased by their wedding guests.
Wrapit's accounts show that the company never made a profit and when it collapsed in August 2008 there were 72,000 undelivered wedding gifts for which the company owed over £4 million.
The company entered administration in August 2008 with debts of over £7million.
Commenting on the investigation, Vicky Bagnall, Director of Company Investigations for The Insolvency Service said: "In this sad case thousands of newly-weds have had their big day spoilt following the wrong-doing of Wrapits directors.
"The undertakings signed by Gelardi and Diamand send a clear message to other company directors; if you run a business in a way that is detrimental to either its customers or its creditors you could be investigated by the Insolvency Service and as a result removed from the business environment."
(BMcC/CD)
Managing Director Peter Gelardi and Retail Director Pepita Diamand were each disqualified for eight years and seven years respectively, following an investigation into their conduct as directors.
Insolvency Service investigators found that between June 2008 and July 2008 Wrapit made a number of false credit card refunds totalling £243,445.
These were processed through the company's merchant card processing facility even though no underlying sales transactions had taken place.
The money was then used to pay staff salaries, certain suppliers of goods and services, and Mr Gelardi and Ms Diamand.
This improper action enabled Wrapit to continue trading, and to continue taking advance payments of at least £872,000 from new customers, at a time when the company was already insolvent.
Mr Gelardi made the decision to make the false refunds and Ms Diamand assisted in implementing the decision.
Wrapit began trading in 2001 to provide an Internet based wedding gift service.
Couples used the company's 'virtual department store' to create gift lists which were purchased by their wedding guests.
Wrapit's accounts show that the company never made a profit and when it collapsed in August 2008 there were 72,000 undelivered wedding gifts for which the company owed over £4 million.
The company entered administration in August 2008 with debts of over £7million.
Commenting on the investigation, Vicky Bagnall, Director of Company Investigations for The Insolvency Service said: "In this sad case thousands of newly-weds have had their big day spoilt following the wrong-doing of Wrapits directors.
"The undertakings signed by Gelardi and Diamand send a clear message to other company directors; if you run a business in a way that is detrimental to either its customers or its creditors you could be investigated by the Insolvency Service and as a result removed from the business environment."
(BMcC/CD)
Related UK National News Stories
Click here for the latest headlines.
16 October 2007
Postal Strike Called Off
A planned strike by postal workers for tomorrow has been called off as the Communications Workers' Union considers a deal offered by Royal Mail. The union executive is considering the offer of a 6.9% pay rise, and, if accepted, it will be put to a ballot of the union's 130,000 members.
Postal Strike Called Off
A planned strike by postal workers for tomorrow has been called off as the Communications Workers' Union considers a deal offered by Royal Mail. The union executive is considering the offer of a 6.9% pay rise, and, if accepted, it will be put to a ballot of the union's 130,000 members.
31 January 2006
Self assessment tax deadline day
Midnight tonight marks the deadline for self assessment taxpayers to file their returns, and avoid a £100 penalty for missing the 31 January deadline. Almost 10 million self assessment tax returns were issued in 2004/05 - but last year almost a million taxpayers were late filing their returns.
Self assessment tax deadline day
Midnight tonight marks the deadline for self assessment taxpayers to file their returns, and avoid a £100 penalty for missing the 31 January deadline. Almost 10 million self assessment tax returns were issued in 2004/05 - but last year almost a million taxpayers were late filing their returns.
29 August 2012
Countdown To Paralympic Opening Ceremony Begins
The Paralympic Opening Ceremony will take place at the Olympic Stadium tonight. Co-Artistic Directors Jenny Sealey and Bradley Hemmings say the Ceremony will be a celebration of the inspirational spirit of the Paralympic Games that challenges perceptions of human possibility. At 8.
Countdown To Paralympic Opening Ceremony Begins
The Paralympic Opening Ceremony will take place at the Olympic Stadium tonight. Co-Artistic Directors Jenny Sealey and Bradley Hemmings say the Ceremony will be a celebration of the inspirational spirit of the Paralympic Games that challenges perceptions of human possibility. At 8.
15 June 2012
Elderly Warned About Financial Scams
Amid warnings for older people to be on their guard it has been revealed that 78 rogue companies that mainly targeted the elderly and "scammed" more than £28m have been shut down in the past three years The warning was issued by the Insolvency Service, which said thousands of people, some in their 80s and 90s, had been targetted by companies sellin
Elderly Warned About Financial Scams
Amid warnings for older people to be on their guard it has been revealed that 78 rogue companies that mainly targeted the elderly and "scammed" more than £28m have been shut down in the past three years The warning was issued by the Insolvency Service, which said thousands of people, some in their 80s and 90s, had been targetted by companies sellin
01 June 2012
'Support Publishing' Companies Close Down After Insolvency Service Investigation
Three connected companies claiming to sell business-to-business advertising in safety and emergency services booklets and in an online directory have been wound-up by the High Court in Manchester following investigations by Company Investigations of the Insolvency Service.
'Support Publishing' Companies Close Down After Insolvency Service Investigation
Three connected companies claiming to sell business-to-business advertising in safety and emergency services booklets and in an online directory have been wound-up by the High Court in Manchester following investigations by Company Investigations of the Insolvency Service.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
