Liam Francis Wainwright (58), from Leeds, was the sole director of Rawdon Asset Finance Limited. The company was incorporated in 2009 and provided finance to small and medium businesses unable to secure funding.
On numerous occasions, however, Liam Wainwright allowed customers to borrow sums in excess of the security they had provided Rawdon Asset Finance.
This practice exposed the company to substantial financial risk and in May 2019, Rawdon Asset Finance entered into administration before an investigation was launched by the Insolvency Service into Liam Wainwright’s conduct.
The investigation found that in an effort to conceal where he had provided additional funding to clients, Liam Wainwright submitted multiple false entries to Rawdon Asset Finance’s accounting records from 2016 until the company entered into administration.
Liam Wainwright’s actions meant that Rawdon Asset Finance’s financial position had been misrepresented to its financiers.
Investigators established that Rawdon Asset Finance’s loan book claimed it had loans of almost £20 million but this figure contained a number of duplicate amounts or debts that had already been written off. The true amount was an estimated £7.2 million and Rawdon Asset Finance’s lenders were owed at least £18.7 million.
On 21 October 2020, the Secretary of State accepted a disqualification undertaking from Liam Wainwright, after he did not dispute making multiple false entries totalling approximately £12,690,522 in RAF’s loan book, causing false accounts to be filed, and thereby misrepresenting
RAF’s position to its financers.
Liam Wainwright is banned from acting as a director or directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company. The ban was effective from 11 November 2020 and lasts for 11 years.
Robert Clarke, Chief Investigator at the Insolvency Service, said:
Liam Wainwright intentionally made multiple false entries worth millions in his company’s loan book. The director was deliberate in his misconduct to conceal RAF’s true financial position from its financiers and exposed them to significant risk of financial harm with claims of more than £18m.
Keeping proper records is a pivotal duty for directors and there is no place in the business environment for those who disregard their responsibilities and cover up the activities of their companies.
Notes to editors
Liam Francis Wainwright is from Leeds and his date of birth is April 1962.
Rawdon Asset Finance Limited (RAF). Company number 06902099
Disqualification undertakings are the administrative equivalent of a disqualification order but do not involve court proceedings.
Persons subject to a disqualification order are bound by a range of restrictions.
You can also follow the Insolvency Service on:
